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        "text": "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934",
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        "text": "Securities registered pursuant to Section 12(b) of the Act: ",
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        "text": "Name of each exchange on which registered",
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        "text": "Common Stock, $0.01 par value per share",
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        "text": "\u00a0",
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        "text": "New York Stock Exchange",
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        "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange ",
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        "text": "Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject ",
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        "text": "to such filing requirements for the past 90 days.     Yes  ",
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        "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to ",
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        "text": "Rule 405 of Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to ",
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        "text": "submit such files).     Yes  ",
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        "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting ",
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        "text": "company, or an emerging growth company. See the definitions of 'large accelerated filer,' 'accelerated filer,' 'smaller reporting company,' and ",
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        "text": "'emerging growth company' in Rule 12b-2 of the Exchange Act.",
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        "text": "PART I.",
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        "text": "FINANCIAL INFORMATION",
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        "text": "PART II.",
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      {
        "text": "Item 6.",
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        "from_ocr": false,
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      {
        "text": "Exhibits",
        "box": [
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        "from_ocr": false,
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      {
        "text": "64",
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      {
        "text": "Signatures",
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        "text": "66",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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  {
    "page_no": 3,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
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      {
        "text": "The accompanying notes are an integral part of these consolidated financial statements.",
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        "text": "3",
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      {
        "text": "PART I-FINANCIAL INFORMATION",
        "box": [
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      {
        "text": "Item 1. Financial Statements.",
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      {
        "text": "Claros Mortgage Trust, Inc.",
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      {
        "text": "Consolidated Balance Sheets",
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      {
        "text": "(unaudited, in thousands, except share data)",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "December 31, 2025",
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        "text": "\u00a0",
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      {
        "text": "Assets",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Cash and cash equivalents",
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      {
        "text": "\u00a0",
        "box": [
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          175.40390822119775
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      {
        "text": "$",
        "box": [
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      {
        "text": "116,782\u00a0 \u00a0",
        "box": [
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          170.89253458996382,
          465.9111030647016,
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      {
        "text": "$",
        "box": [
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      {
        "text": "173,186\u00a0",
        "box": [
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          546.2647815194665,
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      {
        "text": "Restricted cash",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
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          380.48142519927165,
          185.52890707932283
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          182.28694197408527,
          387.05972472426055,
          186.34819358555842
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,662\u00a0 \u00a0",
        "box": [
          435.8917504670927,
          181.01753344808867,
          465.9111030647016,
          186.34819358555842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          182.28694197408527,
          472.4894025896905,
          186.34819358555842
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,599\u00a0",
        "box": [
          521.3214283325226,
          182.28694197408527,
          546.2647815194665,
          186.34819358555842
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable held-for-investment",
        "box": [
          63.11249225831271,
          192.41194083221035,
          184.5610638116114,
          196.47319244368327
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          191.14253230621375,
          380.48142519927165,
          195.65390593744792
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          192.41194083221035,
          387.05972472426055,
          196.47319244368327
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,504,010\u00a0 \u00a0",
        "box": [
          425.7667516089677,
          191.14253230621375,
          465.9111030647016,
          196.47319244368327
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          192.41194083221035,
          472.4894025896905,
          196.47319244368327
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,054,152\u00a0",
        "box": [
          511.19642947439763,
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          546.2647815194665,
          196.47319244368327
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        "from_ocr": false,
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      {
        "text": "Less: current expected credit loss reserve",
        "box": [
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          202.5369396903352,
          196.4777152376778,
          206.59819130180836
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
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          206.45390471944802
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          201.8619397664604,
          387.05972472426055,
          205.92319137793334
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        "from_ocr": false,
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      {
        "text": "(396,433) \u00a0",
        "box": [
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          465.9111030647016,
          205.92319137793334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          201.8619397664604,
          472.4894025896905,
          205.92319137793334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(438,751)",
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          546.9371446236389,
          205.92319137793334
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        "from_ocr": false,
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      {
        "text": "Loans receivable held-for-investment, net",
        "box": [
          63.11249225831271,
          212.66193854846028,
          198.50666780885703,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          380.48142519927165,
          216.57890357757287
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          212.66193854846028,
          387.05972472426055,
          216.72319015993344
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,107,577\u00a0 \u00a0",
        "box": [
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          465.9111030647016,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          472.4894025896905,
          216.72319015993344
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,615,401\u00a0",
        "box": [
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          546.2647815194665,
          216.72319015993344
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity method investment",
        "box": [
          63.11249225831271,
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          148.60149532705202,
          226.84818901805852
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          222.1925288044638,
          380.48142519927165,
          226.70390243569796
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          222.78693740658537,
          387.05972472426055,
          226.84818901805852
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,158\u00a0 \u00a0",
        "box": [
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          222.1925288044638,
          465.9111030647016,
          226.84818901805852
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          222.78693740658537,
          472.4894025896905,
          226.84818901805852
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42,196\u00a0",
        "box": [
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          222.78693740658537,
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          226.84818901805852
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Real estate owned held-for-investment, net",
        "box": [
          63.11249225831271,
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          202.33913863663946,
          236.97318787618337
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          232.31752766258887,
          380.48142519927165,
          236.82890129382304
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          232.91193626471045,
          387.05972472426055,
          236.97318787618337
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764,763\u00a0 \u00a0",
        "box": [
          431.8417509238427,
          232.31752766258887,
          465.9111030647016,
          236.97318787618337
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          232.91193626471045,
          472.4894025896905,
          236.97318787618337
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "730,005\u00a0",
        "box": [
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          546.2647815194665,
          236.97318787618337
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          63.11249225831271,
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          102.47738216882753,
          247.77318665818348
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          243.11752644458898,
          380.48142519927165,
          247.62890007582314
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          243.03693512283553,
          387.05972472426055,
          247.09818673430846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "119,456\u00a0 \u00a0",
        "box": [
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          242.44252652071395,
          465.9111030647016,
          247.09818673430846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          243.03693512283553,
          472.4894025896905,
          247.09818673430846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,372\u00a0",
        "box": [
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          243.03693512283553,
          546.2647815194665,
          247.09818673430846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          63.11249225831271,
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          103.38704932623727,
          259.9231852879336
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          255.2675250743389,
          380.48142519927165,
          259.77889870557306
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          389.08472449588555,
          257.89818551630856
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,164,398\u00a0 \u00a0",
        "box": [
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        "text": " ",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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          546.2647815194665,
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        "from_ocr": false,
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      {
        "text": "Liabilities and Equity",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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          472.4894025896905,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2397817478414,
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          546.2647815194665,
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        "from_ocr": false,
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      {
        "text": "Repurchase agreements",
        "box": [
          63.11249225831271,
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          139.80145138950155,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
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          380.48142519927165,
          290.1538952799481
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.03472495263554,
          286.2369302508355,
          389.08472449588555,
          290.29818186230864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,593,114\u00a0 \u00a0",
        "box": [
          425.7667516089677,
          285.64252164871414,
          465.9111030647016,
          290.29818186230864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          470.4644028180655,
          286.2369302508355,
          474.5144023613155,
          290.29818186230864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,857,614\u00a0",
        "box": [
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          286.2369302508355,
          546.2647815194665,
          290.29818186230864
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term participation facility",
        "box": [
          63.11249225831271,
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          148.5777647597283,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          300.27889413807316
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          296.36192910896057,
          387.05972472426055,
          300.4231807204337
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "339,160\u00a0 \u00a0",
        "box": [
          431.8417509238427,
          295.767520506839,
          465.9111030647016,
          300.4231807204337
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          296.36192910896057,
          472.4894025896905,
          300.4231807204337
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "329,452\u00a0",
        "box": [
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          546.2647815194665,
          300.4231807204337
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Notes payable, net",
        "box": [
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          123.16639335556658,
          310.5481795785586
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      {
        "text": "\u00a0",
        "box": [
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          380.48142519927165,
          309.7288930723232
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          306.48692796708565,
          387.05972472426055,
          310.5481795785586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          460.8351036540366,
          310.5481795785586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          309.7288930723232
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          472.4894025896905,
          310.5481795785586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "177,522\u00a0",
        "box": [
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          546.2647815194665,
          310.5481795785586
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        "from_ocr": false,
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      {
        "text": "Secured term loan, net",
        "box": [
          63.11249225831271,
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          135.98479904993513,
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      {
        "text": "\u00a0",
        "box": [
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          319.8538919304483
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          387.05972472426055,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "465,577\u00a0 \u00a0",
        "box": [
          431.8417509238427,
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          465.9111030647016,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          472.4894025896905,
          320.67317843668366
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,447\u00a0",
        "box": [
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          546.2647815194665,
          320.67317843668366
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        "from_ocr": false,
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      {
        "text": "Debt related to real estate owned hotel portfolio, net",
        "box": [
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          232.0259511886264,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          329.9788907885734
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          387.05972472426055,
          330.79817729480874
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231,699\u00a0 \u00a0",
        "box": [
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          465.9111030647016,
          330.79817729480874
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          330.79817729480874
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "230,992\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Other liabilities",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          340.9231761529338
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,653\u00a0 \u00a0",
        "box": [
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          465.9111030647016,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          340.9231761529338
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        "from_ocr": false,
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      {
        "text": "37,063\u00a0",
        "box": [
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      {
        "text": "Management fee payable - affiliate",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          387.05972472426055,
          351.0481750110589
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,347\u00a0 \u00a0",
        "box": [
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          345.71751487358915,
          465.9111030647016,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          472.4894025896905,
          351.0481750110589
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,774\u00a0",
        "box": [
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          546.2647815194665,
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        "from_ocr": false,
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      {
        "text": "Total liabilities",
        "box": [
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          115.09012159639066,
          362.5231737169338
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          387.05972472426055,
          361.8481737930588
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,671,550\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3,189,864\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Commitments and Contingencies - Note 14",
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        "from_ocr": false,
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
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        "text": "\u00a0",
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        "text": "\u00a0",
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          465.9111030647016,
          392.0788837850737
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          388.16191875596087,
          472.4894025896905,
          392.223170367434
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2397817478414,
          388.16191875596087,
          546.2647815194665,
          392.223170367434
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Equity",
        "box": [
          63.11249225831271,
          398.28691761408595,
          86.52259607817298,
          402.3481692255589
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          397.69250901196415,
          380.48142519927165,
          402.20388264319854
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          398.28691761408595,
          387.05972472426055,
          402.3481692255589
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          458.81010388241157,
          398.28691761408595,
          460.8351036540366,
          402.3481692255589
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          463.66166583526314,
          397.69250901196415,
          465.9111030647016,
          402.20388264319854
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          398.28691761408595,
          472.4894025896905,
          402.3481692255589
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2397817478414,
          398.28691761408595,
          546.2647815194665,
          402.3481692255589
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01\u00a0par value, 500,000,000\u00a0shares authorized, 140,218,764\u00a0and 140,218,764",
        "box": [
          63.11249225831271,
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          370.4378515988386,
          411.79816815980894
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0shares issued and 140,218,764\u00a0and 140,218,764\u00a0shares outstanding at March 31, 2026 and",
        "box": [
          63.11249225831271,
          415.83691563483603,
          359.4018658234528,
          419.89816724630896
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0December 31, 2025, respectively",
        "box": [
          63.11249225831271,
          424.6119146452111,
          173.9970522929973,
          428.673166256684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          424.01750604308927,
          380.48142519927165,
          428.52887967432366
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          424.6119146452111,
          387.05972472426055,
          428.673166256684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,402\u00a0 \u00a0",
        "box": [
          439.94175001034273,
          424.01750604308927,
          465.9111030647016,
          428.673166256684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          424.6119146452111,
          472.4894025896905,
          428.673166256684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,402\u00a0",
        "box": [
          525.3714278757726,
          424.6119146452111,
          546.2647815194665,
          428.673166256684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          63.11249225831271,
          434.7369135033359,
          146.33919150218964,
          438.7981651148091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          434.14250490121435,
          380.48142519927165,
          438.65387853244874
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          434.7369135033359,
          387.05972472426055,
          438.7981651148091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,768,131\u00a0 \u00a0",
        "box": [
          425.7667516089677,
          434.14250490121435,
          465.9111030647016,
          438.7981651148091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          434.7369135033359,
          472.4894025896905,
          438.7981651148091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,752,884\u00a0",
        "box": [
          511.19642947439763,
          434.7369135033359,
          546.2647815194665,
          438.7981651148091
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          63.11249225831271,
          445.53691228533603,
          129.00804222675833,
          449.5981638968092
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          444.94250368321445,
          380.48142519927165,
          449.45387731444885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          444.861912361461,
          387.05972472426055,
          448.92316397293416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,276,685) \u00a0",
        "box": [
          423.06675191346767,
          444.26750375933943,
          465.9111030647016,
          448.92316397293416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          444.861912361461,
          472.4894025896905,
          448.92316397293416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,222,391)",
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          444.861912361461,
          546.9371446236389,
          448.92316397293416
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total equity",
        "box": [
          63.11249225831271,
          456.33691106733613,
          105.19056272284102,
          460.39816267880906
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          455.0675025413393,
          380.48142519927165,
          459.5788761725739
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.03472495263554,
          455.6619111434611,
          387.05972472426055,
          459.72316275493404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492,848\u00a0 \u00a0",
        "box": [
          425.7667516089677,
          454.3925026174645,
          465.9111030647016,
          459.72316275493404
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          470.4644028180655,
          455.6619111434611,
          472.4894025896905,
          459.72316275493404
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,531,895\u00a0",
        "box": [
          511.19642947439763,
          455.6619111434611,
          546.2647815194665,
          459.72316275493404
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total liabilities and equity",
        "box": [
          63.11249225831271,
          468.48690969708605,
          153.80242050050325,
          472.5481613085592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.2319879698332,
          467.21750117108945,
          380.48142519927165,
          471.72887480232384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.03472495263554,
          466.461909925461,
          389.08472449588555,
          470.52316153693414
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,164,398\u00a0 \u00a0",
        "box": [
          425.7667516089677,
          465.1925013994644,
          465.9111030647016,
          470.52316153693414
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          466.461909925461,
          474.5144023613155,
          470.52316153693414
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,721,759\u00a0",
        "box": [
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          466.461909925461,
          546.2647815194665,
          470.52316153693414
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          304.9839527305845,
          477.34250002921453,
          307.233389960023,
          481.8538736604489
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        "from_ocr": false,
        "confidence": 1.0
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  },
  {
    "page_no": 4,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "The accompanying notes are an integral part of these consolidated financial statements.",
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      {
        "text": "4",
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        "from_ocr": false,
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      {
        "text": " Claros Mortgage Trust, Inc.",
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      {
        "text": "Consolidated Statements of Operations",
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      {
        "text": "(unaudited, in thousands, except share and per share data)",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          124.31750110659004,
          365.9267393407169,
          128.82887473782466
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        "from_ocr": false,
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      {
        "text": "Three Months Ended",
        "box": [
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          125.51078768285652,
          490.5432128631915,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          125.51078768285652,
          547.2515503744308,
          129.11853279669413
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          65.13749202993772,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "March 31, 2026",
        "box": [
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          136.3107864648564,
          435.28523198549453,
          139.91853157869423
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          452.73510456753655,
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          454.53397933091344,
          139.91853157869423
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      {
        "text": "\u00a0",
        "box": [
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          458.6337601354242,
          138.95387359594952
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      {
        "text": "March 31, 2025",
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          136.3107864648564,
          527.9922527802019,
          139.91853157869423
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      {
        "text": "\u00a0",
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        "text": "Revenue",
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      {
        "text": "\u00a0",
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          365.9267393407169,
          149.75387237794962
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      {
        "text": "  ",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          458.6337601354242,
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        "text": "  ",
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      {
        "text": "\u00a0",
        "box": [
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          546.48921897728,
          149.75387237794962
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      {
        "text": "Interest and related income",
        "box": [
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          155.28690628308686,
          151.045735661396,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          160.02315781843504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "58,999\u00a0 \u00a0",
        "box": [
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          458.6337601354242,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          160.02315781843504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "118,038\u00a0",
        "box": [
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          546.2647815194665,
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        "from_ocr": false,
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      {
        "text": "Less: interest and related expense",
        "box": [
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          169.47315675268487
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          373.9605074515613,
          170.1481566765599
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "50,894\u00a0 \u00a0",
        "box": [
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          165.49249646296516,
          458.6337601354242,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          166.08690506508697,
          466.6675282462686,
          170.1481566765599
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,227\u00a0",
        "box": [
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          546.2647815194665,
          170.1481566765599
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net interest income",
        "box": [
          72.10897561870922,
          176.21190392321182,
          135.5365571154869,
          180.27315553468497
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          365.9267393407169,
          180.80386887619966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "8,105\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          176.29249524496527,
          458.6337601354242,
          180.94815545856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          176.88690384708684,
          466.6675282462686,
          180.94815545856
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,811\u00a0",
        "box": [
          521.3214283325226,
          176.88690384708684,
          546.2647815194665,
          180.94815545856
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          63.11249225831271,
          186.3369027813369,
          167.4672193994174,
          190.39815439281006
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          187.09249402696537,
          365.9267393407169,
          191.60386765819976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          187.01190270521192,
          373.9605074515613,
          191.07315431668508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,414\u00a0 \u00a0",
        "box": [
          428.61440753781534,
          186.41749410309035,
          458.6337601354242,
          191.07315431668508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          187.01190270521192,
          466.6675282462686,
          191.07315431668508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,564\u00a0",
        "box": [
          521.3214283325226,
          187.01190270521192,
          546.2647815194665,
          191.07315431668508
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          72.10897561870922,
          196.46190163946198,
          128.78128423733162,
          200.52315325093514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          197.21749288509045,
          365.9267393407169,
          201.72886651632484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          197.81190148721203,
          373.9605074515613,
          201.87315309868495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,519\u00a0 \u00a0",
        "box": [
          428.61440753781534,
          196.54249296121543,
          458.6337601354242,
          201.87315309868495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          197.81190148721203,
          466.6675282462686,
          201.87315309868495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,375\u00a0",
        "box": [
          521.3214283325226,
          197.81190148721203,
          546.2647815194665,
          201.87315309868495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          72.10897561870922,
          207.2619004214621,
          74.13397539033423,
          211.323152032935
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          207.3424917432153,
          365.9267393407169,
          211.8538653744497
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
          208.61190026921213,
          450.88940502569045,
          212.67315188068505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          453.715967206917,
          207.3424917432153,
          458.6337601354242,
          212.67315188068505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5714260487728,
          208.61190026921213,
          543.5964258203977,
          212.67315188068505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          208.61190026921213,
          548.4690815208704,
          212.67315188068505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          63.11249225831271,
          217.38689927958694,
          95.06952071426976,
          221.4481508910601
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          217.4674906013404,
          365.9267393407169,
          221.97886423257478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
          218.73689912733698,
          450.88940502569045,
          222.79815073881014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          453.715967206917,
          217.4674906013404,
          458.6337601354242,
          222.79815073881014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5714260487728,
          218.73689912733698,
          543.5964258203977,
          222.79815073881014
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          218.73689912733698,
          548.4690815208704,
          222.79815073881014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - affiliate",
        "box": [
          63.11249225831271,
          227.51189813771202,
          152.39046267974064,
          231.57314974918518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          227.59248945946547,
          365.9267393407169,
          232.10386309069986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          228.86189798546206,
          373.9605074515613,
          232.92314959693522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,347\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          227.59248945946547,
          458.6337601354242,
          232.92314959693522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          228.86189798546206,
          466.6675282462686,
          232.92314959693522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,397\u00a0",
        "box": [
          525.3714278757726,
          228.86189798546206,
          546.2647815194665,
          232.92314959693522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          63.11249225831271,
          237.6368969958371,
          182.09309695994324,
          241.69814860731026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          237.71748831759055,
          365.9267393407169,
          242.22886194882494
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          238.98689684358715,
          373.9605074515613,
          243.04814845506007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,212\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          237.71748831759055,
          458.6337601354242,
          243.04814845506007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          238.98689684358715,
          466.6675282462686,
          243.04814845506007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,270\u00a0",
        "box": [
          525.3714278757726,
          238.98689684358715,
          546.2647815194665,
          243.04814845506007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-based compensation expense",
        "box": [
          63.11249225831271,
          247.7618958539622,
          177.8295231207797,
          251.8231474654351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          247.8424871757154,
          365.9267393407169,
          252.35386080695002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          249.11189570171223,
          373.9605074515613,
          253.17314731318515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,317\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          247.8424871757154,
          458.6337601354242,
          253.17314731318515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          249.11189570171223,
          466.6675282462686,
          253.17314731318515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,074\u00a0",
        "box": [
          525.3714278757726,
          249.11189570171223,
          546.2647815194665,
          253.17314731318515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned:",
        "box": [
          63.11249225831271,
          257.88689471208727,
          124.28963561888983,
          261.9481463235602
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          257.9674860338405,
          365.9267393407169,
          262.4788596650749
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
          258.56189463596206,
          450.88940502569045,
          262.6231462474352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          453.715967206917,
          257.9674860338405,
          458.6337601354242,
          262.6231462474352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5714260487728,
          258.56189463596206,
          543.5964258203977,
          262.6231462474352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          258.56189463596206,
          548.4690815208704,
          262.6231462474352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          67.60546050160569,
          268.0118935702121,
          131.25848279295866,
          272.0731451816853
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          268.09248489196557,
          365.9267393407169,
          272.60385852319996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          268.68689349408714,
          373.9605074515613,
          272.7481451055603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,054\u00a0 \u00a0",
        "box": [
          428.61440753781534,
          268.09248489196557,
          458.6337601354242,
          272.7481451055603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          268.68689349408714,
          466.6675282462686,
          272.7481451055603
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,915\u00a0",
        "box": [
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          268.68689349408714,
          546.2647815194665,
          272.7481451055603
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          67.60546050160569,
          278.1368924283372,
          120.00628644195646,
          282.19814403981036
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          278.21748375009065,
          365.9267393407169,
          282.72885738132504
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          278.8118923522122,
          373.9605074515613,
          282.8731439636854
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,176\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          278.21748375009065,
          458.6337601354242,
          282.8731439636854
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          278.8118923522122,
          466.6675282462686,
          282.8731439636854
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,554\u00a0",
        "box": [
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          278.8118923522122,
          546.2647815194665,
          282.8731439636854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          67.60546050160569,
          288.2618912864623,
          166.11458111196495,
          292.3231428979352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          289.0174825320905,
          365.9267393407169,
          293.52885616332514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          288.9368912103373,
          373.9605074515613,
          292.99814282181023
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,399\u00a0 \u00a0",
        "box": [
          432.66440708106535,
          288.34248260821573,
          458.6337601354242,
          292.99814282181023
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          288.9368912103373,
          466.6675282462686,
          292.99814282181023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438\u00a0",
        "box": [
          531.4464271906477,
          288.9368912103373,
          546.2647815194665,
          292.99814282181023
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total expenses",
        "box": [
          72.10897561870922,
          299.0618900684624,
          120.46771166491794,
          303.1231416799353
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        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          299.8174813140906,
          365.9267393407169,
          304.328854945325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          299.7368899923372,
          373.9605074515613,
          303.79814160381034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,505\u00a0 \u00a0",
        "box": [
          428.61440753781534,
          299.1424813902156,
          458.6337601354242,
          303.79814160381034
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          299.7368899923372,
          466.6675282462686,
          303.79814160381034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,648\u00a0",
        "box": [
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          299.7368899923372,
          546.2647815194665,
          303.79814160381034
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          74.13397539033423,
          313.9231404619354
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          309.9424801722157,
          365.9267393407169,
          314.4538538034501
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
          310.5368887743373,
          450.88940502569045,
          314.59814038581044
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
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          309.9424801722157,
          458.6337601354242,
          314.59814038581044
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          310.5368887743373,
          543.5964258203977,
          314.59814038581044
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          310.5368887743373,
          548.4690815208704,
          314.59814038581044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from equity method investment",
        "box": [
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          319.98688770858735,
          182.34621869139676,
          324.0481393200605
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          320.0674790303408,
          365.9267393407169,
          324.5788526615752
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          320.66188763246237,
          373.9605074515613,
          324.7231392439355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38) \u00a0",
        "box": [
          440.0894062436904,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
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          466.6675282462686,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37)",
        "box": [
          532.7964270383977,
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          324.7231392439355
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
          63.11249225831271,
          330.1118865667124,
          165.25237346920284,
          334.17313817818535
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          330.19247788846565,
          365.9267393407169,
          334.70385151970004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          330.78688649058745,
          373.9605074515613,
          334.8481381020604
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5,898) \u00a0",
        "box": [
          429.9644073855654,
          330.19247788846565,
          458.6337601354242,
          334.8481381020604
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          330.78688649058745,
          466.6675282462686,
          334.8481381020604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(547)",
        "box": [
          528.7464274951477,
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          546.9371446236389,
          334.8481381020604
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on real estate owned held-for-sale",
        "box": [
          63.11249225831271,
          340.2368854248375,
          190.18914081688933,
          344.29813703631044
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          340.3174767465907,
          365.9267393407169,
          344.8288503778251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          340.9118853487123,
          373.9605074515613,
          344.97313696018546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          448.1894053301904,
          340.9118853487123,
          453.5577607247592,
          344.97313696018546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          456.38432290598575,
          340.3174767465907,
          458.6337601354242,
          344.8288503778251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          340.9118853487123,
          466.6675282462686,
          344.97313696018546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49)",
        "box": [
          532.7964270383977,
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          546.9371446236389,
          344.97313696018546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for current expected credit loss reserve",
        "box": [
          63.11249225831271,
          350.36188428296236,
          221.90490837005527,
          354.4231358944355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          350.4424756047158,
          365.9267393407169,
          354.9538492359502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          351.0368842068374,
          373.9605074515613,
          355.09813581831054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,372) \u00a0",
        "box": [
          425.91440784231537,
          350.4424756047158,
          458.6337601354242,
          355.09813581831054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          351.0368842068374,
          466.6675282462686,
          355.09813581831054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(41,123)",
        "box": [
          518.6214286370226,
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          546.9371446236389,
          355.09813581831054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation adjustment for loan receivable held-for-sale",
        "box": [
          63.11249225831271,
          359.8118832172124,
          238.76540395856588,
          363.8731348286856
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          359.89247453896587,
          365.9267393407169,
          364.40384817020026
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.9355076799363,
          361.16188306496247,
          373.9605074515613,
          365.2231346764356
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          448.1894053301904,
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          365.2231346764356
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          456.38432290598575,
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          458.6337601354242,
          364.40384817020026
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          464.6425284746436,
          361.16188306496247,
          466.6675282462686,
          365.2231346764356
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(42,594)",
        "box": [
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          546.9371446236389,
          365.2231346764356
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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          65.13749202993772,
          373.99813368681066
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          375.20384695220037
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
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          450.88940502569045,
          375.3481335345605
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          453.715967206917,
          370.01747339709095,
          458.6337601354242,
          375.3481335345605
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5714260487728,
          371.28688192308755,
          543.5964258203977,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Net Loss",
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          384.79813246881054
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          375.9855072231863,
          386.1481323165606
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        "from_ocr": false,
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      {
        "text": "(54,294) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          464.6425284746436,
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        "from_ocr": false,
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      {
        "text": "(78,623)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          450.88940502569045,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Net Loss per share of common stock:",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          548.4690815208704,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and diluted",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          418.4038420802003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.39) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.56)",
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        "from_ocr": false,
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      {
        "text": "Weighted average shares of common stock outstanding:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          428.5288409383254
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          448.86440525406545,
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          450.88940502569045,
          428.67312752068574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
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          424.017467307091,
          458.6337601354242,
          428.67312752068574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5714260487728,
          424.6118759092126,
          543.5964258203977,
          428.67312752068574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          424.6118759092126,
          548.4690815208704,
          428.67312752068574
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and diluted",
        "box": [
          63.11249225831271,
          434.06187484346265,
          119.34974263600003,
          438.1231264549358
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          363.67730211127844,
          436.16746593684115,
          365.9267393407169,
          440.67883956807555
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          438.7981263788108
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,456,493\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "139,475,685\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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  },
  {
    "page_no": 5,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "The accompanying notes are an integral part of these consolidated financial statements.",
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      {
        "text": "5",
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      {
        "text": "Claros Mortgage Trust, Inc.",
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      {
        "text": "Consolidated Statements of Changes in Equity",
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        "confidence": 1.0
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      {
        "text": "(unaudited, in thousands, except share data)",
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          384.9327053566128,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          233.5845667659743,
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        "from_ocr": false,
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      {
        "text": "Common Stock",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          432.03159465243255,
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          434.05659442405755,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(78,623) \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(78,623)",
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      {
        "text": "Balance at March 31, 2025",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          231.33512953653585,
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      {
        "text": "\u00a0",
        "box": [
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          238.21169126101245,
          278.14822494455666
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        "from_ocr": false,
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      {
        "text": "139,362,657\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,394\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2,745,136\u00a0 \u00a0",
        "box": [
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          427.4542514186552,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
          432.03159465243255,
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          436.08159419568256,
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        "from_ocr": false,
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      {
        "text": "(811,945) \u00a0",
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "1,934,585\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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  {
    "page_no": 6,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "The accompanying notes are an integral part of these consolidated financial statements.",
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        "text": "6",
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      {
        "text": "Claros Mortgage Trust, Inc.",
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        "text": "Consolidated Statements of Cash Flows",
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        "text": "(unaudited, in thousands)",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Three Months Ended",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          125.06858643744181
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "March 31, 2025",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Net Loss",
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        "text": "$",
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      {
        "text": "(54,294) \u00a0",
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        "text": "(78,623)",
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        "text": "Adjustments to reconcile net loss to net cash used in operating activities:",
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Accretion of fees and discounts on loans receivable",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "(1,660) \u00a0",
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        "text": "\u00a0",
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        "text": "(2,797)",
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      {
        "text": "Amortization of deferred financing costs on secured financings",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "6,487\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "Amortization of deferred financing costs on debt related to real estate owned hotel portfolio",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "707\u00a0 \u00a0",
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        "text": "396\u00a0",
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        "text": "Amortization of discount on secured term loan",
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        "text": "569\u00a0 \u00a0",
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        "text": "Non-cash stock-based compensation expense",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          216.04820468405796
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,369\u00a0 \u00a0",
        "box": [
          445.90073033830214,
          211.98695307258458,
          471.64565268484677,
          216.04820468405796
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          216.04820468405796
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        "from_ocr": false,
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      {
        "text": "5,122\u00a0",
        "box": [
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          546.2542380206555,
          216.04820468405796
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Depreciation and amortization on real estate owned, in-place lease values, and",
        "box": [
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          325.79952869805004,
          225.4982036183078
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0deferred leasing costs",
        "box": [
          72.10897561870922,
          229.53695109333466,
          146.3299654682301,
          233.59820270480805
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          399.2730045968739,
          233.59820270480805
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,399\u00a0 \u00a0",
        "box": [
          445.90073033830214,
          229.53695109333466,
          471.64565268484677,
          233.59820270480805
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          233.59820270480805
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        "from_ocr": false,
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      {
        "text": "438\u00a0",
        "box": [
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          229.53695109333466,
          546.2542380206555,
          233.59820270480805
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        "from_ocr": false,
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      {
        "text": "Amortization of above and below market lease values, net",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          239.66194995145997,
          399.2730045968739,
          243.7232015629329
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "258\u00a0 \u00a0",
        "box": [
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          239.66194995145997,
          471.64565268484677,
          243.7232015629329
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          243.7232015629329
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "354\u00a0",
        "box": [
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          239.66194995145997,
          546.2542380206555,
          243.7232015629329
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        "from_ocr": false,
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      {
        "text": "Straight-line rent adjustment",
        "box": [
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          164.78830980653885,
          253.84820042105775
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          249.78694880958483,
          399.2730045968739,
          253.84820042105775
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(201) \u00a0",
        "box": [
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          471.64565268484677,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          253.84820042105775
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loss from equity method investment",
        "box": [
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          191.34270205179325,
          263.97319927918306
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
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          392.4099428539998,
          263.8289126968225
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          259.91194766771014,
          399.2730045968739,
          263.97319927918306
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "38\u00a0 \u00a0",
        "box": [
          456.02572919642716,
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          471.64565268484677,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          263.97319927918306
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "37\u00a0",
        "box": [
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          546.2542380206555,
          263.97319927918306
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
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          270.036946525835,
          174.24885682959933,
          274.0981981373079
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          269.4425379237132,
          392.4099428539998,
          273.9539115549478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          270.036946525835,
          399.2730045968739,
          274.0981981373079
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,898\u00a0 \u00a0",
        "box": [
          445.90073033830214,
          270.036946525835,
          471.64565268484677,
          274.0981981373079
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
          270.036946525835,
          478.73315188553426,
          274.0981981373079
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "547\u00a0",
        "box": [
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          270.036946525835,
          546.2542380206555,
          274.0981981373079
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on real estate owned held-for-sale",
        "box": [
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          199.18562417728586,
          284.2231969954332
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          279.5675367818385,
          392.4099428539998,
          284.07891041307266
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          280.1619453839603,
          399.2730045968739,
          284.2231969954332
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          461.42572858742716,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          469.62065291322176,
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          284.2231969954332
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
          280.1619453839603,
          478.73315188553426,
          284.2231969954332
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "49\u00a0",
        "box": [
          535.4858764850876,
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          546.2542380206555,
          284.2231969954332
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-cash advances on loans receivable in lieu of interest",
        "box": [
          72.10897561870922,
          290.28694424208516,
          256.53820716918847,
          294.3481958535581
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          289.0175357160888,
          392.4099428539998,
          293.5289093473225
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          399.2730045968739,
          294.3481958535581
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(964) \u00a0",
        "box": [
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          294.3481958535581
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
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          478.73315188553426,
          294.3481958535581
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        "from_ocr": false,
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      {
        "text": "(14,487)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-cash advances on secured financings in lieu of interest",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
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          392.4099428539998,
          303.65390820544735
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          304.47319471168294
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          461.42572858742716,
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          466.79409073199514,
          304.47319471168294
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          304.47319471168294
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,188\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repayment of non-cash advances on loans receivable in lieu of interest",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          314.59819356980825
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,036\u00a0 \u00a0",
        "box": [
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          471.64565268484677,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          314.59819356980825
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,423\u00a0",
        "box": [
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          546.2542380206555,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision for current expected credit loss reserve",
        "box": [
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          324.7231924279331
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          324.7231924279331
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,372\u00a0 \u00a0",
        "box": [
          441.85073079505213,
          320.6619408164606,
          471.64565268484677,
          324.7231924279331
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          324.7231924279331
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "41,123\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation adjustment for loan receivable held-for-sale",
        "box": [
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          247.76188731896235,
          334.8481912860584
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          334.8481912860584
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "42,594\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Changes in operating assets and liabilities:",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other assets",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          351.03693739083565,
          399.2730045968739,
          355.0981890023081
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,026) \u00a0",
        "box": [
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          471.64565268484677,
          355.0981890023081
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          355.0981890023081
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(15,737)",
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          546.9266011248279,
          355.0981890023081
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other liabilities",
        "box": [
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          122.72210422067249,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          399.2730045968739,
          364.5481879365584
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(11,039) \u00a0",
        "box": [
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          364.5481879365584
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
          360.4869363250855,
          478.73315188553426,
          364.5481879365584
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,554)",
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          522.6608779314624,
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          546.9266011248279,
          364.5481879365584
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        "from_ocr": false,
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      {
        "text": "Management fee payable - affiliate",
        "box": [
          72.10897561870922,
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          185.4456840168459,
          374.67318679468326
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
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          392.4099428539998,
          374.5289002123227
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          399.2730045968739,
          373.99818687080824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(427) \u00a0",
        "box": [
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          369.93693525933577,
          471.64565268484677,
          373.99818687080824
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
          369.93693525933577,
          478.73315188553426,
          373.99818687080824
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(18,623)",
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          518.6108783882124,
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          546.9266011248279,
          373.99818687080824
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        "from_ocr": false,
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      {
        "text": "Net cash used in operating activities",
        "box": [
          72.10897561870922,
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          189.29792937239816,
          384.79818565280857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          380.14252543921384,
          392.4099428539998,
          384.65389907044755
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
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          399.2730045968739,
          384.12318572893355
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(6,478) \u00a0",
        "box": [
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          471.64565268484677,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
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          478.73315188553426,
          384.12318572893355
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(35,785)",
        "box": [
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          546.9266011248279,
          384.12318572893355
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
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          74.13397539033423,
          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          390.26752429733915,
          392.4099428539998,
          394.77889792857286
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          390.8619328994605,
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          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          464.76909096037014,
          390.8619328994605,
          466.79409073199514,
          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          469.62065291322176,
          390.8619328994605,
          471.64565268484677,
          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
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          478.73315188553426,
          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
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          546.2542380206555,
          394.9231845109334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash flows from investing activities",
        "box": [
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          400.3119318337108,
          185.50237118545286,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
          404.9038967866977
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          405.0481833690583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          400.9869317575858,
          466.79409073199514,
          405.0481833690583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          405.0481833690583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          405.0481833690583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
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          546.2542380206555,
          405.0481833690583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan originations, acquisitions and advances, net of fees",
        "box": [
          63.11249225831271,
          410.43693069183564,
          246.43430084368467,
          414.49818230330857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          410.51752201358886,
          392.4099428539998,
          415.028895644823
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          411.11193061571066,
          399.2730045968739,
          415.1731822271836
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(21,212) \u00a0",
        "box": [
          439.1507310995521,
          411.11193061571066,
          471.64565268484677,
          415.1731822271836
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
          411.11193061571066,
          478.73315188553426,
          415.1731822271836
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,404)",
        "box": [
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          411.11193061571066,
          546.9266011248279,
          415.1731822271836
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Advances on loan receivable held-for-sale",
        "box": [
          63.11249225831271,
          420.5619295499605,
          199.8474412176476,
          424.6231811614334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.1605056245613,
          420.64252087171417,
          392.4099428539998,
          425.1538945029479
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.24800482524887,
          421.2369294738355,
          399.2730045968739,
          425.29818108530844
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          466.79409073199514,
          425.29818108530844
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          471.64565268484677,
          425.29818108530844
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          476.70815211390925,
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          478.73315188553426,
          425.29818108530844
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,079)",
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          546.9266011248279,
          425.29818108530844
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repayments of loans receivable",
        "box": [
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          430.6869284080858,
          166.34793236564812,
          434.7481800195583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          430.767519729839,
          392.4099428539998,
          435.27889336107273
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          435.4231799434333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,693\u00a0 \u00a0",
        "box": [
          437.8007312518021,
          431.3619283319608,
          471.64565268484677,
          435.4231799434333
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          431.3619283319608,
          478.73315188553426,
          435.4231799434333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "213,001\u00a0",
        "box": [
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          546.2542380206555,
          435.4231799434333
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Proceeds from sales of loans receivable",
        "box": [
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          191.08694390563707,
          444.8731788776836
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
          445.40389221919804
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          445.5481788015586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "197,500\u00a0 \u00a0",
        "box": [
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          471.64565268484677,
          445.5481788015586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          445.5481788015586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100,985\u00a0",
        "box": [
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          546.2542380206555,
          445.5481788015586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Extension and exit fees received from loans receivable",
        "box": [
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          240.11013178691047,
          454.3231778119334
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          455.67317765968346
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "168\u00a0 \u00a0",
        "box": [
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          471.64565268484677,
          455.67317765968346
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          455.67317765968346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "341\u00a0",
        "box": [
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          546.2542380206555,
          455.67317765968346
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Capital expenditures on real estate owned",
        "box": [
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          460.3869250585858,
          198.28913990338938,
          464.44817667005873
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          392.4099428539998,
          464.9788900115732
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          465.79817651780877
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,264) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          478.73315188553426,
          465.79817651780877
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        "confidence": 1.0
      },
      {
        "text": "(49)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Cash and restricted cash acquired from foreclosures on real estate owned",
        "box": [
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          299.26623141541654,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          475.10388886969804
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          475.9231753759336
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,933\u00a0 \u00a0",
        "box": [
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          471.64565268484677,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          475.9231753759336
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      {
        "text": "-\u00a0",
        "box": [
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          546.2542380206555,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Payment of transaction costs from foreclosures on real estate owned",
        "box": [
          63.11249225831271,
          480.63692277483597,
          283.76627971346676,
          484.69817438630844
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          399.2730045968739,
          485.37317431018346
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(269) \u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "-\u00a0",
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        "text": "Net cash provided by investing activities",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "400,549\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "274,795\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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  {
    "page_no": 7,
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        "text": "\u00a0",
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        "text": "The accompanying notes are an integral part of these consolidated financial statements.",
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        "text": "7",
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        "text": "Claros Mortgage Trust, Inc.",
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        "text": "Consolidated Statements of Cash Flows",
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        "text": "(unaudited, in thousands)",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Three Months Ended",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "March 31, 2026",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "March 31, 2025",
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        "text": "\u00a0",
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        "text": "Cash flows from financing activities",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "Proceeds from secured financings",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "10,708\u00a0 \u00a0",
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        "text": "Proceeds from secured term loan and issuance of warrants",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "500,000\u00a0 \u00a0",
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        "text": "Payment of deferred financing costs",
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        "text": "(18,513) \u00a0",
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        "text": "(493) \u00a0",
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        "text": "Payment of fees on secured financing",
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        "text": "(387,334) \u00a0",
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        "text": "\u00a0",
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      {
        "text": "(438,794)",
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        "text": "Repayments of secured term loan",
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        "text": "\u00a0",
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        "text": "(556,188) \u00a0",
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        "text": "\u00a0",
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      {
        "text": "(1,907)",
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        "text": "(454,412) \u00a0",
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        "text": "(223,638)",
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        "text": "\u00a0",
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        "box": [
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          464.1257282829272,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "Net (decrease) increase in cash, cash equivalents and restricted cash",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(60,341) \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "15,372\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash, cash equivalents and restricted cash, beginning of period",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "190,785\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "133,500\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "130,444\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "text": "148,872\u00a0",
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        "from_ocr": false,
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      {
        "text": " ",
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash and cash equivalents, end of period",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "116,782\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "text": "127,829\u00a0",
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        "text": "Restricted cash, end of period",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "13,662\u00a0 \u00a0",
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "21,043\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash, cash equivalents and restricted cash, end of period",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "130,444\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
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        "text": "148,872\u00a0",
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        "text": " ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "Supplemental disclosure of cash flow information:",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Cash paid for interest",
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        "text": "\u00a0 $",
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        "text": "54,222\u00a0 \u00a0",
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        "text": "$",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "Accrued deferred financing costs",
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        "text": "\u00a0",
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        "text": "$",
        "box": [
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        "from_ocr": false,
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        "text": "333\u00a0 \u00a0",
        "box": [
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        "text": "$",
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        "text": "1,851\u00a0",
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        "confidence": 1.0
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      {
        "text": "Accrued equity issuance costs",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "$",
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        "text": "8",
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        "text": "Claros Mortgage Trust, Inc.",
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        "text": "Notes to Consolidated Financial Statements",
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        "text": "(unaudited)",
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        "text": "Note",
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      {
        "text": " ",
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      {
        "text": "1.  Organization",
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      {
        "text": "Claros  Mortgage  Trust,  Inc.  (referred  to  throughout  this  report  as  the  'Company,'  'we,'  'us'  and  'our')  is  a  Maryland ",
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        "text": "Corporation formed on April 29, 2015 for the purpose of creating a diversified portfolio of income-producing loans collateralized by ",
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        "text": "institutional quality commercial real estate. We commenced operations on August 25, 2015 ('Commencement of Operations') and ",
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      {
        "text": "generally  conduct  our  business  through  wholly-owned  subsidiaries.  Unless  the  context  requires  otherwise,  any  references  to  the ",
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        "text": "Company refer  to  the  Company  and  its  consolidated  subsidiaries.  The  Company  is  traded  on  the  New  York  Stock  Exchange,  or ",
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        "text": "NYSE, under the symbol 'CMTG'.",
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        "text": "We elected and intend to maintain our qualification to be taxed as a real estate investment trust ('REIT') under the requirements ",
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        "text": "of the Internal Revenue Code of 1986, as amended (the 'Internal Revenue Code'), for U.S. federal income tax purposes. As such, we ",
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        "text": "generally are not subject to U.S. federal income tax on that portion of our income that we distribute to stockholders. See Note 13 - ",
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      {
        "text": "Income Taxes for further detail.",
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        "text": "We are externally managed by Claros REIT Management LP (the 'Manager'), our affiliate, through a management agreement ",
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        "text": "(the  'Management  Agreement')  pursuant  to  which  our  Manager  provides  a  management  team  and  other  professionals  who  are ",
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        "text": "responsible for implementing our business strategy, subject to the supervision of our board of directors (the 'Board'). In exchange for ",
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        "text": "its services, our Manager is entitled to management fees and, upon the achievement of required performance hurdles, incentive fees. ",
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        "text": "See Note 11 - Related Party Transactions for further detail.",
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        "text": "Note",
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        "text": " ",
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        "text": "2.  Summary of Significant Accounting Policies",
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        "text": "Basis of Presentation and Principles of Consolidation",
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        "text": "The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally ",
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        "text": "accepted in the United States of America ('GAAP').",
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        "text": "These unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and ",
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        "text": "should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-",
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      {
        "text": "K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the 'SEC'). In the opinion of ",
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        "text": "management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of our financial position, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "results of operations and cash flows have been included. Our results of operations for the three months ended March 31, 2026 are not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "necessarily indicative of the results to be expected for the full year or any other future period.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "which control is achieved through means other than through voting rights (a variable interest entity or 'VIE') using the analysis as set ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "forth in Accounting Standards Codification ('ASC') 810, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidation of Variable Interest Entities,",
        "box": [
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          432.6428263716241,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " and determine when and which ",
        "box": [
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          504.8038057922013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "variable interest holder, if any, should consolidate the VIE. We do not have any consolidated variable interest entities as of March 31, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025. All significant intercompany transactions and balances have been eliminated in consolidation.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Use of Estimates",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements  and  the  reported  amounts  of  revenue  and  expenses  during  the  reporting  period.  Actual  results  could  differ  from  those ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimates.  Estimates  that  are  particularly  susceptible  to  our  judgment  include,  but  are  not  limited  to,  the  adequacy  of  our  current ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected  credit  loss  reserve,  the  determination  of  the  fair  value  of  real  estate  assets  acquired  and  liabilities  assumed,  and  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment of certain assets.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss ('CECL') reserve required under ASC 326, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financial Instruments - Credit Losses, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reflects our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "current  estimate  of  potential  credit  losses  related  to  our  loan  portfolio.  Changes  to  the  CECL  reserve  are  recognized  through  a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reserve should ",
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    ]
  },
  {
    "page_no": 9,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reasonable and supportable macroeconomic forecasts through each loan within our loan portfolio's expected remaining duration.",
        "box": [
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      {
        "text": "General CECL Reserve",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including: the capitalization of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "type; geographic region; use and occupancy of the property; property market value; loan-to-value ('LTV') ratio; loan amount and lien ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "position;  our  risk  ratings;  and  prior  experience  with  the  borrower/sponsor.  This  information  is  used  to  assess  the  financial  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "changes, general economic conditions, performance of the collateral asset, financial wherewithal of the borrower/sponsor, LTV ratio, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "existence of a liquid investment sales market for commercial properties, and availability of replacement financing.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We regularly evaluate on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and/or value of the collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "guarantors,  if  any,  and  the  overall  economic  environment,  real  estate  sector,  and  geographic  sub-market  in  which  the  borrower ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management on at least a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "quarterly basis, utilizing various data sources, including, to the extent available, (i) periodic financial data such as property occupancy, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections, (iii) ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "sales and financing comparables, (iv) current credit spreads for refinancing and (v) other relevant market data.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We primarily arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "is considered an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board ('FASB'). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and our expectations of performance and market conditions over the relevant time period.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of  our  loans  over  their  expected  remaining  duration,  taking  into  consideration  expected  economic  conditions  over  the  forecasted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "performance of the commercial real estate assets securing our loans and each borrower's ultimate ability to repay. These estimates ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, timing of the loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "initial maturity, or the economic conditions specific to the property type of a loan's collateral property.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the 1990s through March 31, 2026. We believe this CMBS data is the most relevant, available, and comparable data set to our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio.",
        "box": [
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          96.84960066164128,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events ",
        "box": [
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          551.5926143434599,
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          556.1039879746932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that, while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded  loan  commitments  through  their  expected  remaining  duration,  adjusted  for  projected  fundings  from  interest  reserves,  if ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by ",
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        "confidence": 1.0
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      {
        "text": "real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  location,  loan  type,  structure,  collateral  cash  flow  volatility  and  other  more  subjective  variables  that  include,  but  are  not ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limited  to,  as-is  or  as-stabilized  collateral  value,  market  conditions,  industry  conditions,  borrower/sponsor  financial  stability,  and ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrower/sponsor ",
        "box": [
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        "confidence": 1.0
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    ]
  },
  {
    "page_no": 10,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "10",
        "box": [
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      {
        "text": "exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and qualitative factors as a ",
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      {
        "text": "whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, based upon the facts ",
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        "confidence": 1.0
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      {
        "text": "and circumstances for each loan and the overall market conditions, we may consider certain previously mentioned factors more or less ",
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        "text": "relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide a determination as to whether ",
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      {
        "text": "an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point scale, the loans are graded '1' ",
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        "confidence": 1.0
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      {
        "text": "through '5,' from less risk to greater risk, which gradings are defined as follows: ",
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      {
        "text": "1.",
        "box": [
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      {
        "text": "Very Low Risk ",
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        "confidence": 1.0
      },
      {
        "text": "2.",
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        "confidence": 1.0
      },
      {
        "text": "Low Risk ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "3.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medium Risk ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Specific CECL Reserve",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In certain circumstances, we may determine that a loan is no longer suited for the WARM method because (i) it has unique risk ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "characteristics,  (ii)  we  have  deemed  the  borrower/sponsor  to  be  experiencing  financial  difficulty  and  the  repayment  of  the  loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal is collateral-dependent, (iii) we anticipate assuming legal title and/or physical possession of the collateral property and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of the collateral asset is determined to be below the carrying value of our loan, and/or (iv) recovery of our loan may occur at ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an  amount  below  our  loan's  carrying  value.  We  may  instead  elect  to  employ  different  methods  to  estimate  credit  losses  that  also ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conform to ASC 326 and related guidance. For such loans, we would separately measure the specific reserve for each loan by using ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the estimated fair value of the loan's collateral. In certain circumstances, we may recognize a specific reserve based upon anticipated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds from the disposition of our loan. If the estimated fair value of the collateral or anticipated proceeds from the disposition of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loan is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "credit loss reserve. Specific reserves are equal to the excess of a loan's carrying value over the estimated fair value of the collateral or ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "anticipated  proceeds  from  the  disposition  of  our  loan.  If  recovery  of  our  loan  is  expected  from  the  sale  of  the  collateral,  specific ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves are equal to the excess of a loan's carrying value over the estimated fair value of the collateral less estimated costs to sell.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "If  we have determined that a loan or a portion of a loan is uncollectible, we will write off the amount deemed uncollectible ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through an adjustment to our CECL reserve. If we have determined that accrued interest receivable previously recognized under our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue recognition policy is uncollectible, we will either reverse such amount against interest income or reserve for such amount ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  an  adjustment  to  our  CECL  reserve.  Significant  judgment  is  required  in  determining  impairment  and  in  estimating  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 3 - Loan Portfolio - Current Expected Credit Losses for further detail.",
        "box": [
          85.15545852235574,
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          443.3788280315748
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned (and Related Debt)",
        "box": [
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          202.77515189493894,
          464.9788255955755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To maximize recovery from certain defaulted loans, we may from time to time assume legal title and/or physical possession of ",
        "box": [
          85.15545852235574,
          475.9924502134663,
          551.3618746777526,
          480.5038238447005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the collateral property of a defaulted loan through foreclosure, a deed-in-lieu of foreclosure, or an assignment-in-lieu of foreclosure. ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          491.3038226267008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We account for acquisitions of real estate, including foreclosures, deed-in-lieu of foreclosures, or assignment-in-lieu of foreclosures, ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          501.4288214848257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in  accordance  with  ASC  805, ",
        "box": [
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          511.55382034295053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business  Combinations",
        "box": [
          178.948810694549,
          507.04244671171637,
          264.7610121151203,
          511.55382034295053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ",  which  first  requires  that  we  determine  if  the  real  estate  investment  is  the ",
        "box": [
          264.76871951596956,
          507.04244671171637,
          551.3724249265628,
          511.55382034295053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition of an asset or a business combination. Under this model, we identify and determine the estimated fair value of any assets ",
        "box": [
          63.11249225831271,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquired and liabilities assumed. This generally results in the allocation of the purchase price to the assets acquired and liabilities ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assumed based on the relative estimated fair values of each respective asset and liability. ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In such instances, the asset is classified as real estate owned held-for-investment, net on our consolidated balance sheets. Real ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate  owned  is  initially  recorded  at  estimated  fair  value,  plus  acquisition  costs  in  the  instance  of  an  asset  acquisition,  and  is ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "subsequently presented net of accumulated depreciation. Depreciation on real estate assets held-for-investment, except for land, is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "computed using a straight-line method over estimated useful lives ranging from 5 to 40 years and is recognized in depreciation and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization  expense  on  our  consolidated  statements  of  operations.  If  the  held-for-sale  criteria  prescribed  by  ASC  360, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plant, and Equipment",
        "box": [
          63.11249225831271,
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          142.24715541542682,
          615.503808619701
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", are met, the asset is classified as real estate owned held-for-sale and reflected at the lower of (i) amortized cost ",
        "box": [
          142.2562333326567,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and (ii) estimated fair value less estimated transaction costs on our consolidated balance sheets. Once classified as real estate owned ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held-for-sale, we cease recognition of the related depreciation and amortization. If a real estate owned asset no longer meets the held-",
        "box": [
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          636.4288062598262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for-sale criteria, the asset is reclassified as real estate owned held-for-investment and reflected at the lower of (i) amortized cost prior ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to classification to held-for-sale with adjustments for depreciation during the held-for-sale period, if applicable, and (ii) estimated fair ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 11,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "11",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Assets  acquired  and  liabilities  assumed  generally  include  land,  building,  building  improvements,  tenant  improvements, ",
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      },
      {
        "text": "furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consists of above ",
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          108.57881481357708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or below market lease values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          119.37881359557741
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar ",
        "box": [
          63.11249225831271,
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          129.50381245370227
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          139.62881131182712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired ",
        "box": [
          63.11249225831271,
          145.9174364625933,
          551.3618746777526,
          150.42881009382745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimation of total lease-up time, including lost rents. In-place, above market, and other lease values, net are included within other ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets on our consolidated balance sheets. Below market lease values, net, are included within other liabilities on our consolidated ",
        "box": [
          63.11249225831271,
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          191.60380545020234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance  sheets.  Amortization  of  in-place  and  other  lease  values  is  recognized  in  depreciation  and  amortization  expense  on  our ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          201.7288043083272
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated statements of operations. Amortization of above and below market lease values is recognized in revenue from real estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned on our consolidated statements of operations.",
        "box": [
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          252.271484573505,
          222.65380194845238
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  held-for-investment  are  evaluated  for  indicators  of  impairment  on  a  quarterly  basis.  Factors  that  we  may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consider  in  our  impairment  analysis  include,  among  others:  (i)  significant  underperformance  relative  to  historical  or  anticipated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating results; (ii) significant negative industry or economic trends; (iii) costs necessary to extend the life or improve the real estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset;  (iv)  significant  increase  in  competition;  and  (v)  ability  to  hold  and  dispose  of  the  real  estate  asset  in  the  ordinary  course  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "business.  A  real  estate  asset  is  considered  impaired  when  the  sum  of  estimated  future  undiscounted  cash  flows  expected  to  be ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows include operating cash flows and anticipated capital proceeds generated by the sale of the real estate asset. If the sum of ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equal to the excess of the carrying value of the real estate asset over its estimated fair value. When determining the estimated fair ",
        "box": [
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          326.60379022520283
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value of a real estate asset, we make certain assumptions including consideration of projected operating cash flows, comparable selling ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate ",
        "box": [
          63.11249225831271,
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          346.85378794145254
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and discount rate. There were no impairments of our real estate owned held-for-investment assets through March 31, 2026.",
        "box": [
          63.11249225831271,
          353.1424130922187,
          505.88079877950764,
          357.65378672345287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt assumed in a foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure of real estate is recorded at its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimated fair value at the time of the acquisition.",
        "box": [
          63.11249225831271,
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          388.7037832217029
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 5 - Real Estate Owned for further detail.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recent Accounting Guidance",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  FASB  issued  ASU  2025-11,  'Interim  Reporting  (Topic  270):  Narrow-Scope  Improvements'  ('ASU  2025-11').  The ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "standard clarifies required form and content of interim financial statements and notes and requires entities issuing condensed financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements to disclose certain events occurring since the end of the most recent fiscal year that have a material impact on the entity. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adoption permitted. The adoption of ASU 2025-11 is not expected to have a material impact on our consolidated financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The FASB issued ASU 2024-03, 'Disaggregation of Income Statement Expenses' ('ASU 2024-03'). The standard provides ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvements to disclosure of the nature of expenses included in the statement of operations via tabular disclosure in the footnotes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that disaggregates relevant expenses into certain expense categories. Further, the FASB issued ASU 2025-01, 'Clarifying the Effective ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Date,' which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for annual periods beginning after December 15, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is not expected to have a material impact on our consolidated financial statements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
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      },
      {
        "text": "12",
        "box": [
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      {
        "text": "Note 3.  Loan Portfolio",
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      {
        "text": "Loans Receivable",
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        "from_ocr": false,
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      },
      {
        "text": "Our loan receivable held-for-investment portfolio as of March 31, 2026 was comprised of the following loans ($ in thousands):",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          136.6406591822187,
          182.443540750819
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          211.68166296926032,
          182.443540750819
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number",
        "box": [
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        "from_ocr": false,
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      {
        "text": "of",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loans",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan",
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      {
        "text": "Commitment",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Unpaid ",
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      {
        "text": "Principal ",
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        "text": "Balance",
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "text": "Carrying",
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      {
        "text": "Value",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Weighted ",
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        "from_ocr": false,
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        "text": "Average ",
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        "from_ocr": false,
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      {
        "text": "Spread",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Weighted ",
        "box": [
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      {
        "text": "Average ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Interest ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Rate",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          544.7565819395579,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable held-for-investment:",
        "box": [
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          190.398168360809
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          209.77731946777797,
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          211.80231923940298,
          190.398168360809
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          249.4441152442445,
          186.33691674933652,
          254.89684562929764,
          190.398168360809
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        "box": [
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        "text": "\u00a0\u00a0",
        "box": [
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        "text": "8.50%",
        "box": [
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      {
        "text": " ",
        "box": [
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        "text": "\u00a0",
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        "text": "2",
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          234.36208569516242,
          251.8231614334345
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          258.324582992725,
          251.8231614334345
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "126,607\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "126,607\u00a0 \u00a0 \u00a0",
        "box": [
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        ],
        "from_ocr": false,
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      {
        "text": "126,561\u00a0 \u00a0",
        "box": [
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          439.28784383408885,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          490.9464317581476,
          251.8231614334345
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          500.3753369447765,
          251.8231614334345
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        "from_ocr": false,
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      {
        "text": "8.39%",
        "box": [
          528.0397835748414,
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          251.8231614334345
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          63.11249225831271,
          257.2119087562114,
          143.4005701536009,
          261.2731603676848
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          208.37458862597484,
          259.23690852783693,
          210.39958839759987,
          263.2981601393094
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
          228.2870863802874,
          257.2119087562114,
          236.38708546678743,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          251.4691150158695,
          257.2119087562114,
          260.34958276435003,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,710,319\u00a0 \u00a0 $",
        "box": [
          283.3628614189634,
          257.2119087562114,
          329.4737937186745,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,506,048\u00a0 \u00a0 $",
        "box": [
          336.80386764200495,
          257.2119087562114,
          382.914799941716,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,155,195\u00a0 \u00a0",
        "box": [
          400.02182926242307,
          257.2119087562114,
          439.28784383408885,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          458.40932267761076,
          257.2119087562114,
          472.35888190441034,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          488.9214319865226,
          257.2119087562114,
          490.9464317581476,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          496.3253374015265,
          257.2119087562114,
          500.3753369447765,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.93%",
        "box": [
          528.0397835748414,
          257.2119087562114,
          548.9621443952639,
          261.2731603676848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserve",
        "box": [
          63.11249225831271,
          268.01190753821174,
          136.87864771912888,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          208.37458862597484,
          268.01190753821174,
          210.39958839759987,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          249.4441152442445,
          268.01190753821174,
          253.4941147874945,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          313.7378579933385,
          268.01190753821174,
          315.7628577649635,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          318.56832619856897,
          268.01190753821174,
          322.618325741819,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          367.17886421638,
          268.01190753821174,
          369.203863988005,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          372.0093324216105,
          268.01190753821174,
          376.0593319648605,
          272.0731591496842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          378.864800398466,
          267.33690761433627,
          380.889800170091,
          271.39815922580965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,618) \u00a0",
        "box": [
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          439.28784383408885,
          271.39815922580965
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          485.4936946230952,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          490.3241628283257,
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          492.3491625999507,
          272.0731591496842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          500.3753369447765,
          272.0731591496842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loans receivable held-for-investment, net",
        "box": [
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          198.50666780885703,
          282.87315793168455
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          282.87315793168455
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          322.618325741819,
          282.87315793168455
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          367.17886421638,
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          369.203863988005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
          372.0093324216105,
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          376.0593319648605,
          282.87315793168455
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,107,577",
        "box": [
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          432.4218256084232,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          490.3241628283257,
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          492.3491625999507,
          282.87315793168455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          496.3253374015265,
          278.8119063202121,
          500.3753369447765,
          282.87315793168455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          542.2147819762165,
          278.8119063202121,
          544.2397817478414,
          282.87315793168455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          286.9119054067114,
          65.13749202993772,
          290.9731570181848
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          296.3619043409617,
          72.55721755315749,
          300.4231559524342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.",
        "box": [
          79.30194355750221,
          296.3619043409617,
          391.5355510744867,
          300.4231559524342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          305.811903275212,
          72.55721755315749,
          309.87315488668446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $348.8 million.",
        "box": [
          79.30194355750221,
          305.811903275212,
          238.80099994455145,
          309.87315488668446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          315.26190220946137,
          72.55721755315749,
          319.32315382093475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing ",
        "box": [
          79.30194355750221,
          315.26190220946137,
          551.1374372199391,
          319.32315382093475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate ('SOFR') as of March 31, 2026 was 3.66%. Weighted average is based on unpaid principal balance as of March 31, 2026. For loans placed ",
        "box": [
          79.30194355750221,
          324.71190114371166,
          551.1585309675603,
          328.7731527551841
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on non-accrual, the spread used in calculating the weighted average spread is 0%.",
        "box": [
          79.30194355750221,
          333.48690015408647,
          343.80435503250544,
          337.54815176555985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          63.11249225831271,
          342.93689908833676,
          72.55721755315749,
          346.99815069980923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects  the  weighted  average  interest  rate  based  on  the  applicable  floating  benchmark  rate  (if  applicable),  including  SOFR  floors  (if ",
        "box": [
          79.30194355750221,
          342.93689908833676,
          551.1374372199391,
          346.99815069980923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable). Weighted average is based on unpaid principal balance as of March 31, 2026 and includes loans on non-accrual status. For loans ",
        "box": [
          79.30194355750221,
          352.38689802258705,
          551.1268937211282,
          356.4481496340595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.",
        "box": [
          79.30194355750221,
          361.83689695683734,
          400.6941923665955,
          365.8981485683098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          63.11249225831271,
          371.2868958910867,
          72.55721755315749,
          375.3481475025601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu ",
        "box": [
          79.30194355750221,
          371.2868958910867,
          551.1374372199391,
          375.3481475025601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participations in senior mortgage loans.",
        "box": [
          79.30194355750221,
          380.06189490146244,
          207.2961681125967,
          384.1231465129349
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  loans  receivable  held-for-investment  portfolio  as  of  December  31,  2025  was  comprised  of  the  following  loans  ($  in ",
        "box": [
          85.15545852235574,
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          551.3618746777526,
          405.57885749457546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          63.11249225831271,
          411.19248272146615,
          104.59962575873193,
          415.7038563527003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          134.37772197117778,
          445.46076556760727,
          136.17659673455466,
          449.06851068144533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          209.29216327249281,
          445.46076556760727,
          211.0910380358697,
          449.06851068144533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number",
        "box": [
          219.1534936603538,
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          244.73473115328895,
          432.86851250844484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of",
        "box": [
          228.95153605535225,
          436.68576655723245,
          234.94543391431765,
          440.2935116710705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans",
        "box": [
          222.5495870273499,
          444.7857656437318,
          241.3463889865515,
          448.39351075756986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.80856461480934,
          444.7857656437318,
          254.60743937818623,
          448.39351075756986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
          277.60426831840476,
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          293.6008750464122,
          440.9685115949451
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment",
        "box": [
          263.8511448694516,
          444.40573533490624,
          302.0901538069408,
          447.79011167780027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.6066076698072,
          444.7857656437318,
          318.4054824331841,
          448.39351075756986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          321.4370758750377,
          444.7857656437318,
          323.2359506384146,
          448.39351075756986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid ",
        "box": [
          335.20074282280183,
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          359.8019587645811,
          432.86851250844484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
          332.4163681368174,
          436.68576655723245,
          362.5968836993756,
          440.2935116710705
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Carrying",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Weighted ",
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        "text": "Average ",
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        "text": "Spread",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Weighted ",
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        "text": "Interest ",
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        "text": "Rate",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Senior loans",
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        "text": "\u00a0",
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        "text": "4,202,628\u00a0 \u00a0 $",
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        "text": "3,930,750\u00a0 \u00a0 $",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          538.8925201008938,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
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          548.4690815208704,
          495.4981339523101
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior loans",
        "box": [
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          103.38309328668342,
          504.27313296268494
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          210.12536967852563,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
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          233.97184798917257,
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
          252.69255237789295,
          500.21188135121247,
          260.49723899769765,
          504.27313296268494
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,607\u00a0",
        "box": [
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          500.21188135121247,
          317.43980732584083,
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      {
        "text": "\u00a0$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,607\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          413.03667154463795,
          500.21188135121247,
          438.77104364237243,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "N/A",
        "box": [
          457.5444790251459,
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          471.4940382519455,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          490.03940061044057,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          499.7952555101968,
          504.27313296268494
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.00%",
        "box": [
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          548.3082382190099,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Subordinate loans",
        "box": [
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          121.37869682717906,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "1",
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          233.97184798917257,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          509.66188028546276,
          258.47223922607265,
          513.7231318969352
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "125,000\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "125,000\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "124,939\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "N/A",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          499.7952555101968,
          513.7231318969352
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        "from_ocr": false,
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      {
        "text": "8.50%",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
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        "text": "\u00a0",
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        "text": "2",
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          233.97184798917257,
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          258.47223922607265,
          523.8481307550601
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        "from_ocr": false,
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        "text": "126,607\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "126,607\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "126,546\u00a0 \u00a0",
        "box": [
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          438.77104364237243,
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          523.8481307550601
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        "from_ocr": false,
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      {
        "text": "8.39%",
        "box": [
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          548.3082382190099,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total/Weighted Average",
        "box": [
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          143.4005701536009,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "33",
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
          251.61677124921715,
          529.236878077837,
          260.49723899769765,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,329,235\u00a0 \u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4,057,357\u00a0 \u00a0 $",
        "box": [
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          529.236878077837,
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        "from_ocr": false,
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        "text": "3,688,729\u00a0 \u00a0",
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          438.77104364237243,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
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          471.4940382519455,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          490.03940061044057,
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          499.7952555101968,
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        "from_ocr": false,
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      {
        "text": "5.55%",
        "box": [
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          548.3082382190099,
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        "from_ocr": false,
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      {
        "text": "General CECL reserve",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "text": "(73,328) \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "text": "Loans receivable held-for-investment, net",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "$",
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        "text": "3,615,401",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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          64.46249210606271,
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      {
        "text": "(1)",
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        "from_ocr": false,
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        "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.",
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        "text": "(2)",
        "box": [
          63.11249225831271,
          576.4868727490875,
          72.55721755315749,
          580.54812436056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $365.4 million.",
        "box": [
          79.30194355750221,
          576.4868727490875,
          238.7904496957413,
          580.54812436056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          585.9368716833378,
          72.55721755315749,
          589.9981232948103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The weighted average spread is expressed as a spread over the relevant floating benchmark rates. SOFR as of December 31, 2025 was 3.69%. ",
        "box": [
          79.30194355750221,
          585.9368716833378,
          551.1374372199391,
          589.9981232948103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average is based on unpaid principal balance as of December 31, 2025. For loans placed on non-accrual, the spread used in calculating ",
        "box": [
          79.30194355750221,
          594.7118706937126,
          551.1374372199391,
          598.7731223051851
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the weighted average spread is 0%.",
        "box": [
          79.30194355750221,
          604.1618696279629,
          193.56414097626435,
          608.2231212394354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          63.11249225831271,
          613.6118685622123,
          72.55721755315749,
          617.6731201736857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects  the  weighted  average  interest  rate  based  on  the  applicable  floating  benchmark  rate  (if  applicable),  including  SOFR  floors  (if ",
        "box": [
          79.30194355750221,
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          551.1374372199391,
          617.6731201736857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable). Weighted average is based on unpaid principal balance as of December 31, 2025 and includes loans on non-accrual status. For loans ",
        "box": [
          79.30194355750221,
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          551.116343472318,
          627.123119107935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.",
        "box": [
          79.30194355750221,
          632.5118664307129,
          400.6941923665955,
          636.5731180421853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          63.11249225831271,
          641.2868654410877,
          72.55721755315749,
          645.3481170525602
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu ",
        "box": [
          79.30194355750221,
          641.2868654410877,
          551.1374372199391,
          645.3481170525602
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participations in senior mortgage loans.",
        "box": [
          79.30194355750221,
          650.736864375338,
          207.2961681125967,
          654.7981159868104
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          302.51598425891655,
          176.55561432033483,
          307.7892747522505,
          178.82314640238656
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          411.2226092492239,
          175.68396788214432,
          418.0470788391973,
          178.10041255712804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          473.5757272171772,
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          479.1953297730328,
          178.10041255712804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          524.6647839554664,
          175.68396788214432,
          530.284386511322,
          178.10041255712804
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          103.39100334079134,
          200.93173352956637,
          109.71895206773928,
          203.6527721092525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          103.39100334079134,
          227.9317304845663,
          109.71895206773928,
          230.65276906425242
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          302.09410930649466,
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          307.3673997998286,
          445.44811633301197
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          410.4315970884325,
          442.30893781277064,
          417.2560666784059,
          444.72538248775436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          472.7108835647124,
          442.30893781277064,
          478.330486120568,
          444.72538248775436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          523.7261155613273,
          442.30893781277064,
          529.345718117183,
          444.72538248775436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          103.39100334079134,
          470.25670315569187,
          109.71895206773928,
          472.977741735378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          103.39100334079134,
          498.6066999584418,
          109.71895206773928,
          501.32773853812887
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 13,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
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          310.6066975402138,
          676.928776780328
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity  relating  to  our  loans  receivable  held-for-investment  portfolio  for  the  three  months  ended  March  31,  2026  ($  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "thousands):",
        "box": [
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          104.59962575873193,
          108.57884087757702
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          137.893495663071
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      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
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          294.2109539117895,
          137.893495663071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid ",
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          335.1750117919537,
          122.36849741394599
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
          307.77887091537985,
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          337.95938647793804,
          129.79349657657167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          309.7827769393838,
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          334.1659246674368,
          137.21849573919644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          347.6566041680573,
          133.61075062535838,
          353.33082227813156,
          137.74812418656074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Fees ",
        "box": [
          362.3589462599597,
          126.1857514627336,
          407.1046911798836,
          129.79349657657167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Discounts",
        "box": [
          362.1374585349386,
          133.61075062535838,
          405.52469847588526,
          137.21849573919644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          412.4776906076786,
          133.61075062535838,
          418.15190871775286,
          137.74812418656074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL ",
        "box": [
          425.7667516089677,
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          473.3390587101182,
          129.79349657657167
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          436.4612816528623,
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          460.8303908674987,
          137.21849573919644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          477.2987770472999,
          133.61075062535838,
          482.9729951573741,
          137.74812418656074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          500.93431788173586,
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          529.3122358538371,
          129.79349657657167
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Value ",
        "box": [
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          522.198478244861,
          137.21849573919644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          133.61075062535838,
          547.2410001256208,
          137.21849573919644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025",
        "box": [
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          143.13687150933856,
          166.81067559346099,
          147.19812312081103
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          292.4120791484126,
          142.54246290721767,
          302.18902779578997,
          147.19812312081103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,057,357\u00a0 \u00a0 $",
        "box": [
          313.4109015302119,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,204) \u00a0 $",
        "box": [
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          425.9038575935052,
          147.19812312081103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(365,424) \u00a0 $",
        "box": [
          446.4280740288295,
          143.13687150933856,
          490.72494403312646,
          147.19812312081103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,688,729\u00a0",
        "box": [
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          546.2436877718454,
          147.19812312081103
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Advances on existing loans",
        "box": [
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          151.97122454702142,
          157.3231219789359
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
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          294.66151637785106,
          157.1788353965767
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.13902825253996,
          153.26187036746342,
          300.16402802416496,
          157.3231219789359
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21,212\u00a0 \u00a0",
        "box": [
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          353.555259735945,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          359.0577713822589,
          157.3231219789359
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          418.3763461755663,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          421.8538580502552,
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          423.8788578218802,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          480.9479953857491,
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          483.19743261518755,
          157.1788353965767
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          486.67494448987645,
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          488.69994426150146,
          157.3231219789359
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21,212\u00a0",
        "box": [
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          546.2436877718454,
          157.3231219789359
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-cash advances in lieu of interest",
        "box": [
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          167.44812083706074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
          162.79246062346738,
          294.66151637785106,
          167.30383425470154
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.13902825253996,
          163.38686922558827,
          300.16402802416496,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "964\u00a0 \u00a0",
        "box": [
          333.66089924646195,
          162.79246062346738,
          353.555259735945,
          167.44812083706074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          357.0327716106339,
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          359.0577713822589,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          407.93198462033325,
          163.38686922558827,
          413.30034676490124,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          416.12690894612786,
          162.79246062346738,
          418.3763461755663,
          167.30383425470154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.8538580502552,
          163.38686922558827,
          423.8788578218802,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          472.75307105995455,
          163.38686922558827,
          478.12143320452253,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          480.9479953857491,
          162.79246062346738,
          483.19743261518755,
          167.30383425470154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          486.67494448987645,
          163.38686922558827,
          488.69994426150146,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "964\u00a0",
        "box": [
          531.4253334430266,
          163.38686922558827,
          546.2436877718454,
          167.44812083706074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination fees, discounts, extension fees and exit fees",
        "box": [
          63.11249225831271,
          173.51186808371313,
          243.28605961873637,
          177.5731196951865
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
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          294.66151637785106,
          177.4288331128264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.13902825253996,
          173.51186808371313,
          300.16402802416496,
          177.5731196951865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          343.110898180712,
          173.51186808371313,
          348.47926032528,
          177.5731196951865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.30582250650656,
          172.91745948159223,
          353.555259735945,
          177.4288331128264
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          357.0327716106339,
          173.51186808371313,
          359.0577713822589,
          177.5731196951865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(168) \u00a0",
        "box": [
          395.7819859905832,
          172.91745948159223,
          418.3763461755663,
          177.5731196951865
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "text": "-\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "(168)",
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        "from_ocr": false,
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        "text": "Repayments of loans receivable",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
          298.13902825253996,
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          187.69811855331136
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      {
        "text": "(224,693) \u00a0",
        "box": [
          316.7859011495869,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          357.0327716106339,
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        "from_ocr": false,
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        "text": "-\u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "-\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "(224,693)",
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        "from_ocr": false,
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      {
        "text": "Assignment of loan receivable to lender",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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          300.16402802416496,
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        "from_ocr": false,
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      {
        "text": "(71,356) \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "17,784\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
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          488.69994426150146,
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      {
        "text": "(53,572)",
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        "from_ocr": false,
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      {
        "text": "Repayments of non-cash advances in lieu of interest",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "(20,036) \u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "(20,036)",
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        "from_ocr": false,
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      {
        "text": "Accretion of fees and discounts",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "1,660\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
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          218.07311512768592
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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        "text": "1,660\u00a0",
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        "from_ocr": false,
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      {
        "text": "Sales of loans receivable",
        "box": [
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          143.4045261931547,
          228.1981139858117
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        "text": "\u00a0",
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          228.05382740345158
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "(220,000) \u00a0",
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        "text": "\u00a0",
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      {
        "text": "(326) \u00a0",
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        "text": "\u00a0",
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          423.8788578218802,
          228.1981139858117
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        "from_ocr": false,
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      {
        "text": "29,855\u00a0 \u00a0",
        "box": [
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          483.19743261518755,
          228.1981139858117
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0",
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      {
        "text": "(190,471)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to real estate owned, held-for-investment (See Note 5)",
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      {
        "text": "(37,400) \u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,338\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(36,062)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision for specific CECL reserve",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
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        "from_ocr": false,
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        "text": "-\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          423.8788578218802,
          247.77311177818683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,368) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,368)",
        "box": [
          518.6003348894016,
          243.71186016671345,
          546.9160508760177,
          247.77311177818683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at March 31, 2026",
        "box": [
          63.11249225831271,
          255.18685887258835,
          155.12342019152382,
          259.2481104840617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          292.4120791484126,
          254.51185894871378,
          302.18902779578997,
          259.1038239017025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,506,048\u00a0 \u00a0 $",
        "box": [
          313.4109015302119,
          254.51185894871378,
          361.0827711538839,
          258.57311056018625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,038) \u00a0 $",
        "box": [
          389.7069866757082,
          254.51185894871378,
          425.9038575935052,
          258.57311056018625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(348,815) \u00a0 $",
        "box": [
          446.4280740288295,
          254.51185894871378,
          490.72494403312646,
          258.57311056018625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,155,195\u00a0",
        "box": [
          511.17533572677655,
          254.51185894871378,
          546.2436877718454,
          258.57311056018625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserve",
        "box": [
          63.11249225831271,
          265.9868576545887,
          136.87864771912888,
          270.04810926606115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
          265.3924490524678,
          294.66151637785106,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          343.553866880755,
          265.3924490524678,
          345.80330411019344,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          348.40542883360655,
          265.3924490524678,
          353.555259735945,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          408.3749533203762,
          265.3924490524678,
          410.6243905498147,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          413.2265152732278,
          265.3924490524678,
          418.3763461755663,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          473.1960397599975,
          265.3924490524678,
          475.445476989436,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          478.0476017128491,
          265.3924490524678,
          483.19743261518755,
          269.90382268370195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          486.67494448987645,
          265.3118577307141,
          488.69994426150146,
          269.3731093421866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,618)",
        "box": [
          518.6003348894016,
          265.3118577307141,
          546.9160508760177,
          269.3731093421866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          63.11249225831271,
          276.786856436589,
          113.27078809157106,
          280.8481080480615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          292.4120791484126,
          276.1924478344681,
          294.66151637785106,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          343.553866880755,
          276.1924478344681,
          345.80330411019344,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          348.40542883360655,
          276.1924478344681,
          353.555259735945,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          408.3749533203762,
          276.1924478344681,
          410.6243905498147,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          413.2265152732278,
          276.1924478344681,
          418.3763461755663,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0\u00a0 $",
        "box": [
          473.1960397599975,
          275.43685658883896,
          490.72494403312646,
          280.7038214657023
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,107,577\u00a0",
        "box": [
          511.17533572677655,
          275.43685658883896,
          546.2436877718454,
          279.49810820031144
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          285.99955077760205,
          64.46249210606271,
          288.70705185191673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          292.311854685714,
          72.55721755315749,
          296.3731062971865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance at December 31, 2025 does not include general CECL reserve.",
        "box": [
          79.30194355750221,
          292.311854685714,
          309.965026901955,
          296.4457920354416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sales of Loans Receivable",
        "box": [
          63.11249225831271,
          318.71744303859305,
          157.31635609442466,
          323.2288166698272
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our loan receivable sold during the three months ended March 31, 2026 ($ in thousands): ",
        "box": [
          85.15545852235574,
          334.24244128771807,
          525.9439087943346,
          338.75381491895223
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          344.3674401458429,
          65.36192948775115,
          348.8788137770771
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          74.7351471975354,
          384.71072230685877,
          119.69640963233425,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          139.6722526240723,
          384.71072230685877,
          141.4711273874492,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          149.33318903453326,
          384.71072230685877,
          176.51652704342604,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          184.29607234149665,
          384.71072230685877,
          186.09494710487354,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          206.54997608175063,
          377.285723144234,
          224.34846179072676,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment",
        "box": [
          194.16794622816855,
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          234.9306745009821,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          242.23005355783042,
          384.71072230685877,
          244.0289283212073,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          247.86208417266246,
          385.38572223073425,
          249.66095893603935,
          388.9934673445723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid ",
        "box": [
          266.71989454592034,
          355.0107256563588,
          291.3211104876996,
          358.61847077019684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
          263.9249696111258,
          362.43572481898354,
          294.10548517368403,
          366.0434699328216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Before ",
        "box": [
          254.83356438643435,
          369.8607239816092,
          303.19689039837544,
          373.4684690954473
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
          263.9249696111258,
          377.285723144234,
          294.10548517368403,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-Off",
        "box": [
          260.3284890167289,
          384.71072230685877,
          295.8948632155758,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          305.796058638997,
          384.71072230685877,
          307.5949334023739,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          311.42808925382906,
          385.38572223073425,
          313.22696401720594,
          388.9934673445723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value ",
        "box": [
          318.76871342596974,
          369.8607239816092,
          368.735164257114,
          373.4684690954473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Before Principal ",
        "box": [
          317.56636981156737,
          377.285723144234,
          369.92695762270614,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-Off",
        "box": [
          325.06520046586587,
          384.71072230685877,
          360.63157466471273,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          371.6929262072941,
          384.71072230685877,
          373.491800970671,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          377.3249568221261,
          385.38572223073425,
          379.12383158550307,
          388.9934673445723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal ",
        "box": [
          393.3878490105887,
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          423.5683578231477,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-Off",
        "box": [
          389.7913616661926,
          384.71072230685877,
          425.3577358650398,
          388.31846742069683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          435.2589380384599,
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          437.0578128018368,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          440.89096865329196,
          385.38572223073425,
          442.68984341666885,
          388.9934673445723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Sale ",
        "box": [
          458.451510172853,
          377.285723144234,
          485.63671357321584,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Proceeds",
        "box": [
          457.35463529655607,
          384.71072230685877,
          484.92447930635353,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          498.8249431196265,
          384.71072230685877,
          500.6238178830034,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          504.5518989737531,
          385.38572223073425,
          506.35077373713,
          388.9934673445723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk",
        "box": [
          521.7643970325656,
          377.285723144234,
          535.7618767360303,
          380.89346825807206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating ",
        "box": [
          514.6663475830679,
          384.71072230685877,
          537.2541303494179,
          388.31846742069683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hospitality",
        "box": [
          78.85897485745924,
          394.23684319083895,
          114.85809158755849,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          139.55623363715668,
          394.23684319083895,
          141.58123340878169,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          157.30662563530674,
          394.23684319083895,
          168.55882198630894,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          184.18006010458026,
          394.23684319083895,
          192.77575888517637,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0",
        "box": [
          214.05935023486003,
          394.23684319083895,
          243.05270971505308,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          247.74606518574683,
          394.23684319083895,
          256.3417707163422,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,000\u00a0 \u00a0",
        "box": [
          277.62536206602584,
          394.23684319083895,
          311.4702767490713,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          315.8577762542588,
          394.23684319083895,
          319.9077757975088,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "220,326\u00a0 \u00a0",
        "box": [
          343.5222296343229,
          394.23684319083895,
          377.36714431736834,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          381.75464382255586,
          394.23684319083895,
          385.8046433658059,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(29,855) \u00a0",
        "box": [
          408.4382345632395,
          394.23684319083895,
          440.9331561485341,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          445.32065565372164,
          394.23684319083895,
          449.37065519697165,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "190,471\u00a0 \u00a0",
        "box": [
          470.6542465466553,
          394.23684319083895,
          504.49916122970075,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          526.7425214711437,
          394.23684319083895,
          530.7925210143937,
          398.2980948023114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          402.09953768410196,
          64.46249210606271,
          404.80703875841664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          408.41184159221393,
          72.55721755315749,
          412.4730932036873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For each loan receivable sold, the financial asset was legally isolated, control of the financial asset was transferred to the transferee, the transfer ",
        "box": [
          79.30194355750221,
          408.41184159221393,
          551.1374372199391,
          412.4730932036873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "imposed no condition that would constrain the transferee from pledging the financial asset received, and we have no continuing involvement ",
        "box": [
          79.30194355750221,
          417.8618405264642,
          551.1374372199391,
          421.9230921379367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with the transferred financial asset. As such, we have determined each transaction constituted a sale.",
        "box": [
          79.30194355750221,
          427.3118394607145,
          404.302549314653,
          431.373091072187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          436.7618383949639,
          72.55721755315749,
          440.82309000643727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects risk rating of the loan receivable prior to the loan sale or reclassification to held-for-sale.",
        "box": [
          79.30194355750221,
          436.7618383949639,
          395.0793039148301,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
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          450.27308894068665
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In March 2026, this loan was sold for a gross sales price of $197.5 million. Pursuant to the terms of the sale, a reconciliation of working capital ",
        "box": [
          79.30194355750221,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was required by May 24, 2026 to determine any necessary purchase price adjustments. The maximum liability due to the purchaser was $6.75 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million, which is included within other liabilities on our consolidated balance sheet as of March 31, 2026 and within the principal charge-off. In ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May 2026, the reconciliation was completed and $6.75 million was paid to the purchaser.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the year ended December 31, 2023, we sold a senior loan collateralized by a portfolio of multifamily properties located ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in San Francisco, CA. We obtained a true-sale-at-law opinion and determined the transaction constituted a sale. Concurrent with the ",
        "box": [
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          509.52879565932744
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sale,  we  entered  into  an  agreement  with  the  transferee  which  provides  for  a  share  of  cash  flows  from  the  senior  loan  upon  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transferee  achieving  certain  financial  metrics.  As  of  March  31,  2026,  we  have  not  recognized  any  value  to  this  interest  on  our ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
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      {
        "text": "consolidated financial statements.",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          87.40489575179419,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          527.8269682884642,
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        "from_ocr": false,
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      {
        "text": "(1)",
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        "from_ocr": false,
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      {
        "text": "(2)",
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      {
        "text": "(3)",
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  },
  {
    "page_no": 14,
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        "text": "\u00a0",
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      {
        "text": "14",
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      {
        "text": "Concentration of Risk",
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      {
        "text": "The following table presents our loans receivable held-for-investment by loan type, as well as property type and geographic ",
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      {
        "text": "location of the properties collateralizing these loans as of March 31, 2026 and December 31, 2025 ($ in thousands):",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "March 31, 2026",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "December 31, 2025",
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        "text": "\u00a0",
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      {
        "text": "Loan Type",
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        "text": "\u00a0",
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        "text": "Carrying Value ",
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      {
        "text": "\u00a0 \u00a0",
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        "text": "Percentage",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Carrying Value ",
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      {
        "text": "\u00a0 \u00a0",
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      {
        "text": "Percentage",
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        "text": "\u00a0",
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      {
        "text": "Senior loans ",
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        "text": "\u00a0",
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        "text": "$",
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      {
        "text": "3,030,241\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "96%\u00a0",
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      {
        "text": "$",
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          157.3230721549371
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        "text": "3,563,790\u00a0 \u00a0",
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        "text": "\u00a0",
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          472.63705882303816,
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      {
        "text": "97%",
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          548.3926132094944,
          157.3230721549371
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        "from_ocr": false,
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      {
        "text": "Subordinate loans",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "124,954\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "4%\u00a0",
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        "text": "\u00a0",
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        "text": "124,939\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "3%",
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      {
        "text": "  ",
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        "text": "\u00a0",
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        "text": "$",
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      {
        "text": "3,155,195\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "100% \u00a0",
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      {
        "text": "$",
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        "text": "3,688,729\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "100%",
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        "from_ocr": false,
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      {
        "text": "General CECL reserve",
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        "text": "\u00a0",
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        "text": "(47,618) \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          538.9768950913782,
          411.7867913875907,
          541.0018948630031,
          415.8480429990632
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          411.7867913875907,
          548.4690815208704,
          415.8480429990632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserve",
        "box": [
          63.11249225831271,
          423.2617900934656,
          136.87864771912888,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          207.00349503060374,
          423.2617900934656,
          209.02849480222875,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          214.25974421226002,
          422.58679016959104,
          216.28474398388502,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(47,618)",
        "box": [
          257.5335640819344,
          422.58679016959104,
          285.84928681854984,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          296.9261411393267,
          422.58679016959104,
          298.9511409109517,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          367.9593328783605,
          423.2617900934656,
          369.9843326499855,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          375.3526947945535,
          423.2617900934656,
          380.04605026524723,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.2772996752785,
          422.58679016959104,
          387.30229944690353,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,328)",
        "box": [
          428.5511262949521,
          422.58679016959104,
          456.86684228156827,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          467.94369660234514,
          422.58679016959104,
          469.96869637397015,
          426.6480417810635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          538.9768950913782,
          423.2617900934656,
          541.0018948630031,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          423.2617900934656,
          548.4690815208704,
          427.3230417049381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.11249225831271,
          432.711789027715,
          65.13749202993772,
          436.77304063918746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          207.00349503060374,
          434.7367887993405,
          209.02849480222875,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          214.25974421226002,
          432.711789027715,
          218.30974375551003,
          436.77304063918746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,107,577\u00a0 \u00a0",
        "box": [
          250.10856491930934,
          432.711789027715,
          289.95465417555556,
          438.798040410813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          367.9593328783605,
          434.7367887993405,
          369.9843326499855,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          375.3526947945535,
          434.7367887993405,
          380.04605026524723,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.2772996752785,
          432.711789027715,
          389.32729921852854,
          436.77304063918746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,615,401\u00a0 \u00a0",
        "box": [
          421.12612713232704,
          432.711789027715,
          460.97221638857326,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          538.9768950913782,
          434.7367887993405,
          541.0018948630031,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          434.7367887993405,
          548.4690815208704,
          438.798040410813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          79.31249043131275,
          442.5994832926026,
          80.66249027906277,
          445.3069843669182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          449.58678712459005,
          72.55721755315749,
          453.6480387360625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $348.8 million at March 31, 2026.",
        "box": [
          79.30194355750221,
          449.58678712459005,
          300.21676576821733,
          453.6480387360625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          458.36178613496486,
          72.55721755315749,
          462.42303774643733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $365.4 million at December 31, 2025.",
        "box": [
          79.30194355750221,
          458.36178613496486,
          312.3456706503463,
          462.42303774643733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          467.81178506921606,
          72.55721755315749,
          471.87303668068853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior  loans  include  senior  mortgages  and  similar  credit  quality  loans,  including  related  contiguous  subordinate  loans  and  pari  passu ",
        "box": [
          79.30194355750221,
          467.81178506921606,
          551.1374372199391,
          471.87303668068853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participations in senior mortgage loans.",
        "box": [
          79.30194355750221,
          477.26178400346544,
          207.2961681125967,
          481.3230356149379
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          63.11249225831271,
          486.7117829377148,
          72.55721755315749,
          490.7730345491873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At March 31, 2026, mixed-use consists of 3% office, 2% life science, 2% hospitality, 2% multifamily, and 1% retail. At December 31, 2025, ",
        "box": [
          79.30194355750221,
          486.7117829377148,
          551.1376947999102,
          490.7730345491873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mixed-use consists of 2% office, 2% life science, 2% hospitality, 1% multifamily, and 1% retail.",
        "box": [
          79.30194355750221,
          495.48678194808963,
          392.22110084217195,
          499.5480335595639
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Income and Accretion",
        "box": [
          63.11249225831271,
          521.8923703009696,
          172.28476321235556,
          526.4037439322037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our interest and accretion income from our loan portfolio and interest on cash balances for the ",
        "box": [
          85.15545852235574,
          538.09236847397,
          551.3534694437002,
          542.6037421052042
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026 and 2025, respectively ($ in thousands):",
        "box": [
          63.11249225831271,
          548.217367332094,
          339.2305608350741,
          552.7287409633282
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          557.3494703513534,
          86.50545837010574,
          560.056971425669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          564.9356521574846,
          64.9113670216896,
          568.5433972713236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          564.9356521574846,
          347.93672910271545,
          568.5433972713236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          416.3483899211497,
          564.26065223361,
          481.91587008616415,
          567.868397347449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          564.26065223361,
          547.2410001256208,
          567.868397347449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          573.7106511678612,
          64.9113670216896,
          577.3183962816984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          573.7106511678612,
          347.93672910271545,
          577.3183962816984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          374.5194883885207,
          573.7106511678612,
          422.2809332020906,
          577.3183962816984
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          443.9601055571615,
          573.7106511678612,
          445.7589803205384,
          577.3183962816984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          447.6093238956107,
          573.7106511678612,
          449.40819865898766,
          577.3183962816984
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          475.99096469479207,
          573.7106511678612,
          523.752409508362,
          577.3183962816984
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          573.7106511678612,
          547.2410001256208,
          577.3183962816984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Coupon interest",
        "box": [
          63.11249225831271,
          582.561772127965,
          114.63133440813166,
          586.6230237394375
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          582.561772127965,
          348.16285411096356,
          586.6230237394375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          354.6913656246925,
          582.561772127965,
          358.7413651679425,
          586.6230237394375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,167\u00a0 \u00a0",
        "box": [
          419.83940852744036,
          582.561772127965,
          449.6343236672357,
          586.6230237394375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          456.1628419309639,
          582.561772127965,
          460.2128414742139,
          586.6230237394375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "114,477\u00a0",
        "box": [
          517.2608785404625,
          582.561772127965,
          546.2542380206555,
          586.6230237394375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accretion of fees and discounts",
        "box": [
          63.11249225831271,
          591.3367711383398,
          165.22864533187882,
          595.3980227498141
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          591.3367711383398,
          348.16285411096356,
          595.3980227498141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          354.6913656246925,
          591.3367711383398,
          356.7163653963175,
          595.3980227498141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,660\u00a0 \u00a0",
        "box": [
          423.88940807069037,
          591.3367711383398,
          449.6343236672357,
          595.3980227498141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          456.1628419309639,
          591.3367711383398,
          458.1878417025889,
          595.3980227498141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,797\u00a0",
        "box": [
          525.3608776269625,
          591.3367711383398,
          546.2542380206555,
          595.3980227498141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest on cash, cash equivalents, and other income",
        "box": [
          63.11249225831271,
          600.786770072591,
          231.57902968902923,
          604.8480216840635
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          600.786770072591,
          348.16285411096356,
          604.8480216840635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          354.6913656246925,
          600.786770072591,
          356.7163653963175,
          604.8480216840635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,172\u00a0",
        "box": [
          423.88940807069037,
          600.786770072591,
          444.78276171438415,
          604.8480216840635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          453.4944794818959,
          600.786770072591,
          458.1878417025889,
          604.8480216840635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764\u00a0",
        "box": [
          531.4358769418376,
          600.786770072591,
          546.2542380206555,
          604.8480216840635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest and related income ",
        "box": [
          63.11249225831271,
          611.5867688545914,
          171.74265649724305,
          615.6480204660638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.13785433933856,
          611.5867688545914,
          348.16285411096356,
          615.6480204660638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          354.6913656246925,
          610.2367690068404,
          358.7413651679425,
          614.2980206183129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,999\u00a0 \u00a0",
        "box": [
          419.83940852744036,
          610.2367690068404,
          449.6343236672357,
          615.6480204660638
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          456.1628419309639,
          610.2367690068404,
          460.2128414742139,
          614.2980206183129
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,038\u00a0",
        "box": [
          517.2608785404625,
          610.2367690068404,
          546.2542380206555,
          614.2980206183129
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          620.7994631956044,
          64.46249210606271,
          623.5069642699182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          627.1117671037155,
          72.55721755315749,
          631.1730187151879
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended March 31, 2026 and 2025, we recognized $0.5 million and $0.0 million, respectively, of default interest, late fees, ",
        "box": [
          79.30194355750221,
          627.1117671037155,
          551.1479874687493,
          631.1730187151879
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pre-payment penalties, and/or accelerated fees following repayments prior to maturity.",
        "box": [
          79.30194355750221,
          636.5617660379667,
          359.7749588013761,
          640.6230176494391
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          270.55895661295943,
          141.93387175239786,
          276.178559168815,
          144.35031642738068
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          441.5765120759779,
          141.93387175239786,
          447.19611463183355,
          144.35031642738068
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          105.41600311241635,
          150.98163922681852,
          111.74395183936429,
          153.70267780650556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          270.55895661295943,
          211.4588639115227,
          276.178559168815,
          213.87530858650643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          441.5765120759779,
          211.4588639115227,
          447.19611463183355,
          213.87530858650643
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
        "box": [
          269.0507502830516,
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          275.87521987302495,
          329.3002955691318
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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          447.19611463183355,
          329.3002955691318
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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  {
    "page_no": 15,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "15",
        "box": [
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      {
        "text": "Loan Risk Ratings",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  further  described  in  Note  2  -  Summary  of  Significant  Accounting  Policies,  we  evaluate  the  credit  quality  of  our  loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio  on  a  quarterly  basis.  In  conjunction  with  our  quarterly  loan  portfolio  review,  we  assess  the  risk  factors  of  each  loan  and ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "assign a risk rating based on several factors including, but not limited to, as-is or as-stabilized debt yield, term of loan, property type, ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based  upon  the  facts  and  circumstances  for  each  loan  and  the  current  market  conditions,  we  may  consider  certain  previously ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mentioned factors more or less relevant than others. Loans are rated '1' (less risk) through '5' (greater risk), which ratings are defined ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in Note 2 - Summary of Significant Accounting Policies.",
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        "confidence": 1.0
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      {
        "text": "The following tables allocate the principal balance and carrying value of our loans receivable held-for-investment based on our ",
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          551.3618746777526,
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      {
        "text": "internal risk ratings as of March 31, 2026 and December 31, 2025 ($ in thousands):",
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          362.96933210786796,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          86.95433328573262,
          252.64374379380934
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      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "Risk Rating",
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      {
        "text": "\u00a0",
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      {
        "text": "Number of Loans",
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      {
        "text": "\u00a0",
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      {
        "text": "Unpaid Principal Balance",
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          341.9679128400457,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
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        "text": "Carrying Value ",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          453.71201197736303,
          276.65670152155326
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      {
        "text": "% of Total of Carrying ",
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          534.2156143445949,
          268.84374196680983
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      {
        "text": "Value",
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        "text": "1",
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          286.2483685110492
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          162.26365632626377,
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          164.51309355570223,
          286.10408192869
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
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          207.07731977227797,
          282.1871168995767,
          209.77468264807536,
          286.2483685110492
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
          249.73942771093982,
          281.59270829745583,
          258.6409892070414,
          286.2483685110492
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0 \u00a0 $",
        "box": [
          347.48785418708854,
          282.1871168995767,
          363.6983958588996,
          286.2483685110492
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          444.57182423817324,
          282.1871168995767,
          449.2968237052982,
          286.2483685110492
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          451.88081116388184,
          281.59270829745583,
          454.1302483933203,
          286.10408192869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0%",
        "box": [
          491.44213145224364,
          282.1871168995767,
          502.2394934145411,
          286.2483685110492
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          116.73279871113317,
          291.6371158338261,
          120.7827982543832,
          295.6983674452986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          162.26365632626377,
          291.0427072317052,
          164.51309355570223,
          295.5540808629394
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          206.40231984840298,
          291.6371158338261,
          210.452319391653,
          295.6983674452986
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          249.73942771093982,
          291.0427072317052,
          251.98886494037828,
          295.5540808629394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          254.5909896637914,
          291.6371158338261,
          256.6159894354164,
          295.6983674452986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "130,000\u00a0 \u00a0 \u00a0",
        "box": [
          323.8628568514635,
          291.6371158338261,
          361.67339608727457,
          295.6983674452986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,764\u00a0 \u00a0",
        "box": [
          420.94682690254814,
          291.0427072317052,
          454.1302483933203,
          295.6983674452986
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4%",
        "box": [
          491.44213145224364,
          291.6371158338261,
          502.2394934145411,
          295.6983674452986
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          116.73279871113317,
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          120.7827982543832,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          162.26365632626377,
          300.4927061659564,
          164.51309355570223,
          305.00407979719057
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          204.37732007677798,
          301.0871147680773,
          212.477319163278,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          249.73942771093982,
          300.4927061659564,
          251.98886494037828,
          305.00407979719057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.5909896637914,
          301.0871147680773,
          256.6159894354164,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,624,306\u00a0 \u00a0 \u00a0",
        "box": [
          317.7878575365885,
          301.0871147680773,
          361.67339608727457,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,624,262\u00a0 \u00a0",
        "box": [
          414.8718275876731,
          300.4927061659564,
          454.1302483933203,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "52%",
        "box": [
          489.41713168061864,
          301.0871147680773,
          504.2644931861661,
          305.14836637954977
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          116.73279871113317,
          310.5371137023267,
          120.7827982543832,
          314.59836531379915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          162.26365632626377,
          309.9427051002058,
          164.51309355570223,
          314.45407873143995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          206.40231984840298,
          310.5371137023267,
          210.452319391653,
          314.59836531379915
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          249.73942771093982,
          309.9427051002058,
          251.98886494037828,
          314.45407873143995
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          254.5909896637914,
          310.5371137023267,
          256.6159894354164,
          314.59836531379915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,549\u00a0 \u00a0 \u00a0",
        "box": [
          323.8628568514635,
          310.5371137023267,
          361.67339608727457,
          314.59836531379915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451,162\u00a0 \u00a0",
        "box": [
          420.94682690254814,
          309.9427051002058,
          454.1302483933203,
          314.59836531379915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14%",
        "box": [
          489.41713168061864,
          310.5371137023267,
          504.2644931861661,
          314.59836531379915
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
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          120.7827982543832,
          324.7233641719249
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0",
        "box": [
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          320.06770395832973,
          164.51309355570223,
          324.5790775895657
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9",
        "box": [
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          319.98711263657606,
          210.452319391653,
          324.04836424804853
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          251.98886494037828,
          323.90407766568933
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.5909896637914,
          319.98711263657606,
          256.6159894354164,
          324.04836424804853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,300,193\u00a0 \u00a0 \u00a0",
        "box": [
          317.7878575365885,
          319.98711263657606,
          361.67339608727457,
          324.04836424804853
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "950,007\u00a0 \u00a0",
        "box": [
          420.94682690254814,
          319.98711263657606,
          454.1302483933203,
          324.5790775895657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "30%",
        "box": [
          489.41713168061864,
          319.98711263657606,
          504.2644931861661,
          324.04836424804853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          75.26249088806274,
          331.54270266420644,
          77.5119281175012,
          336.0540762954406
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          162.26365632626377,
          331.54270266420644,
          164.51309355570223,
          336.0540762954406
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28",
        "box": [
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          330.1121114947018,
          212.477319163278,
          334.1733631061743
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          249.73942771093982,
          329.5177028925809,
          258.6409892070414,
          334.1733631061743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,506,048\u00a0 \u00a0 $",
        "box": [
          317.7878575365885,
          330.1121114947018,
          363.6983958588996,
          334.1733631061743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,155,195\u00a0 \u00a0",
        "box": [
          414.8718275876731,
          330.1121114947018,
          454.1302483933203,
          336.0540762954406
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
          487.39213190899363,
          330.1121114947018,
          506.2894929577911,
          334.1733631061743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserve",
        "box": [
          75.26249088806274,
          341.5871102005767,
          149.0286463488789,
          345.6483618120492
        ],
        "from_ocr": false,
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "text": "(47,618) \u00a0",
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        "text": "\u00a0",
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      {
        "text": " ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0 \u00a0 $",
        "box": [
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        "text": "3,107,577\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Net of specific CECL reserves of $348.8 million.",
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      {
        "text": "December 31, 2025",
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        "text": "\u00a0",
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        "text": "Number of Loans",
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        "text": "\u00a0 \u00a0",
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        "text": "Carrying Value ",
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          466.3290616033155
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          262.82809473482894,
          462.4120965742022,
          266.87809427807895,
          466.4733481856747
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,057,357\u00a0 \u00a0",
        "box": [
          312.1980144169986,
          462.4120965742022,
          351.45642847264656,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          466.4733481856747
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        "from_ocr": false,
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      {
        "text": "3,688,729\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
          443.06362465826464,
          464.1150810955678,
          445.09778354664667,
          468.1966917780828
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
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          503.29418079559576,
          466.4733481856747
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      {
        "text": "General CECL reserve",
        "box": [
          75.26249088806274,
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          149.0286463488789,
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      {
        "text": "\u00a0",
        "box": [
          342.3515232663526,
          473.6728493810879,
          344.5886402296355,
          478.1617025122396
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        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          478.1617025122396
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      {
        "text": "\u00a0",
        "box": [
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          358.7097279215105,
          478.62334681542416
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(73,328)",
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          441.1520003038534,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          443.06362465826464,
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          445.30074162154756,
          478.1617025122396
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          473.9676866018308,
          494.9677437877579,
          478.47906023306496
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      {
        "text": " ",
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      {
        "text": "\u00a0",
        "box": [
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          163.70975437875603,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
          255.35036457815076,
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          488.9617012942381
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          265.0652116981118,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          344.59801076299874,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          349.2069912432081,
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          351.44410820649097,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          483.3370942143265,
          360.7347276931355,
          487.3983458258008
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      {
        "text": "3,615,401\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "(1)",
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        "text": "Net of specific CECL reserves of $365.4 million.",
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      {
        "text": "As of March 31, 2026 and December 31, 2025, the average risk rating of our loans receivable held-for-investment portfolio was ",
        "box": [
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      {
        "text": "3.7 and 3.6, respectively, weighted by carrying value net of specific CECL reserves. ",
        "box": [
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      {
        "text": "(1)",
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          431.2492414302866,
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      {
        "text": "(1)",
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  {
    "page_no": 16,
    "width": 612.0,
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      {
        "text": "\u00a0",
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        "text": "16",
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        "text": "The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on ",
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        "text": "non-accrual status as of March 31, 2026 ($ in thousands):",
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        "text": "\u00a0",
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        "text": "Property Type",
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        "text": "Location",
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        "text": "\u00a0",
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        "text": "Risk ",
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        "text": "Rating",
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        "text": "\u00a0",
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        "text": "Unpaid ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Value Before",
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        "text": "Specific",
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        "text": "CECL ",
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        "text": "Reserve",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Net Carrying ",
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "Interest Recognition Method /",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "as of Date",
        "box": [
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          515.3715095364719,
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          132.69021878649065,
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      {
        "text": "CA",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "5",
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,341\u00a0 \u00a0",
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "402,223\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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      {
        "text": "(102,223) \u00a0",
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        "text": "300,000\u00a0 \u00a0",
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      {
        "text": "Cash Basis/ 6/30/2025",
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        "from_ocr": false,
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "GA",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "5",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "text": "(34,946) \u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cost Recovery/ 12/31/2025",
        "box": [
          455.63549824043656,
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "CO",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "5",
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "Cash Basis/ 9/30/2025",
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        "text": "Land",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cost Recovery/ 1/1/2023",
        "box": [
          459.68549778368657,
          182.9620864259541,
          540.6933982977947,
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        "from_ocr": false,
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      {
        "text": "Multifamily",
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        "from_ocr": false,
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        "text": "TX",
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        "text": "5",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "(48,722) \u00a0",
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        "from_ocr": false,
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      {
        "text": "Cash Basis/ 7/1/2024",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Office",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "5",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cost Recovery/ 4/1/2023",
        "box": [
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        "text": "\u00a0",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "(27,044) \u00a0",
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          387.9562056231574,
          214.69833491630197
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          210.6370833048295,
          394.8538610952551,
          214.69833491630197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,200\u00a0 \u00a0",
        "box": [
          417.05503384145595,
          210.6370833048295,
          446.8499489812514,
          214.69833491630197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 9/1/2023",
        "box": [
          459.68549778368657,
          210.6370833048295,
          540.6933982977947,
          214.69833491630197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          72.04569437584594,
          219.41208231520432,
          111.19305233089351,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          130.66521901486564,
          219.41208231520432,
          132.69021878649065,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX",
        "box": [
          151.16834507756843,
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          161.96570703986586,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          180.43591652683648,
          219.41208231520432,
          182.46091629846148,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          201.10778919550842,
          219.41208231520432,
          205.15778873875843,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          219.41208231520432,
          225.7241926693249,
          223.4733339266768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          219.41208231520432,
          230.5124733793132,
          223.4733339266768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,434\u00a0 \u00a0",
        "box": [
          252.71364612551403,
          219.41208231520432,
          282.5085612653095,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          219.41208231520432,
          289.40621673740714,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25,373\u00a0 \u00a0",
        "box": [
          307.7261399213267,
          219.41208231520432,
          337.5210550611221,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          219.41208231520432,
          344.4187105332198,
          223.4733339266768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,973) \u00a0",
        "box": [
          359.51129033111204,
          219.41208231520432,
          387.9562056231574,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          219.41208231520432,
          394.8538610952551,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,400\u00a0 \u00a0",
        "box": [
          417.05503384145595,
          219.41208231520432,
          446.8499489812514,
          223.4733339266768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Basis/ 7/1/2024",
        "box": [
          465.7499468497514,
          219.41208231520432,
          534.6183989829198,
          223.4733339266768
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          82.39217758399245,
          229.53708117332826,
          100.834705054085,
          233.59833278480073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          130.66521901486564,
          229.53708117332826,
          132.69021878649065,
          233.59833278480073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          147.3398265093403,
          229.53708117332826,
          165.78235397943286,
          233.59833278480073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          180.43591652683648,
          229.53708117332826,
          182.46091629846148,
          233.59833278480073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          201.10778919550842,
          229.53708117332826,
          205.15778873875843,
          233.59833278480073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          229.53708117332826,
          225.7241926693249,
          233.59833278480073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          228.8620812494537,
          230.5124733793132,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          256.76364566876407,
          228.8620812494537,
          282.5085612653095,
          232.92333286092617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          228.8620812494537,
          289.40621673740714,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          311.7761394645767,
          228.8620812494537,
          337.5210550611221,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          228.8620812494537,
          344.4187105332198,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          228.8620812494537,
          383.10464367030585,
          232.92333286092617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          228.8620812494537,
          387.9562056231574,
          232.92333286092617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          228.8620812494537,
          394.8538610952551,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          421.10503338470596,
          228.8620812494537,
          446.8499489812514,
          232.92333286092617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 7/1/2020",
        "box": [
          459.68549778368657,
          229.53708117332826,
          540.6933982977947,
          233.59833278480073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total risk rated 5\u00a0loans",
        "box": [
          63.11249225831271,
          238.98708010757946,
          137.7962245256466,
          243.04833171905193
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          238.98708010757946,
          225.7241926693249,
          243.04833171905193
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          238.31208018370307,
          230.5124733793132,
          242.37333179517736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,300,193\u00a0 \u00a0",
        "box": [
          242.588647267389,
          238.31208018370307,
          282.5085612653095,
          242.37333179517736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          238.31208018370307,
          289.40621673740714,
          242.37333179517736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,298,822\u00a0 \u00a0",
        "box": [
          297.6011410632017,
          238.31208018370307,
          337.5210550611221,
          242.37333179517736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          238.31208018370307,
          344.4187105332198,
          242.37333179517736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(348,815) \u00a0",
        "box": [
          351.411291244612,
          238.31208018370307,
          387.9562056231574,
          242.37333179517736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          238.31208018370307,
          394.8538610952551,
          242.37333179517736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "950,007\u00a0 \u00a0",
        "box": [
          413.00503429820594,
          238.31208018370307,
          446.8499489812514,
          242.37333179517736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          499.17299333037414,
          238.98708010757946,
          501.19799310199915,
          243.04833171905193
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          75.88475644288502,
          248.43707904182884,
          115.03211439793257,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          130.66521901486564,
          248.43707904182884,
          132.69021878649065,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ",
        "box": [
          151.16834507756843,
          248.43707904182884,
          161.96570703986586,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          180.43591652683648,
          248.43707904182884,
          182.46091629846148,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          201.10778919550842,
          248.43707904182884,
          205.15778873875843,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          248.43707904182884,
          225.7241926693249,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          248.43707904182884,
          230.5124733793132,
          252.4983306533013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,000\u00a0 \u00a0",
        "box": [
          248.66364658226402,
          248.43707904182884,
          282.5085612653095,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          248.43707904182884,
          289.40621673740714,
          252.4983306533013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,000\u00a0 \u00a0",
        "box": [
          303.6761403780767,
          248.43707904182884,
          337.5210550611221,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          248.43707904182884,
          344.4187105332198,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          248.43707904182884,
          383.10464367030585,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          248.43707904182884,
          387.9562056231574,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          248.43707904182884,
          394.8538610952551,
          252.4983306533013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "155,000\u00a0 \u00a0",
        "box": [
          413.00503429820594,
          248.43707904182884,
          446.8499489812514,
          252.4983306533013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Basis/ 3/31/2026",
        "box": [
          463.7354973269366,
          248.43707904182884,
          536.6433987545447,
          252.4983306533013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          85.11327102711356,
          257.8870779760782,
          105.79832779429861,
          261.9483295875525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          130.66521901486564,
          257.8870779760782,
          132.69021878649065,
          261.9483295875525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          150.9363138537364,
          257.8870779760782,
          162.1885102047386,
          261.9483295875525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          180.43591652683648,
          257.8870779760782,
          182.46091629846148,
          261.9483295875525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          201.10778919550842,
          257.8870779760782,
          205.15778873875843,
          261.9483295875525
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          257.8870779760782,
          225.7241926693249,
          261.9483295875525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          257.21207805220365,
          230.5124733793132,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,514\u00a0 \u00a0",
        "box": [
          252.71364612551403,
          257.21207805220365,
          282.5085612653095,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          257.21207805220365,
          289.40621673740714,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,127\u00a0 \u00a0",
        "box": [
          307.7261399213267,
          257.21207805220365,
          337.5210550611221,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          257.21207805220365,
          344.4187105332198,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          257.21207805220365,
          383.10464367030585,
          261.2733296636761
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          257.21207805220365,
          387.9562056231574,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          257.21207805220365,
          394.8538610952551,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,127\u00a0 \u00a0",
        "box": [
          417.05503384145595,
          257.21207805220365,
          446.8499489812514,
          261.2733296636761
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 9/1/2023",
        "box": [
          459.68549778368657,
          257.8870779760782,
          540.6933982977947,
          261.9483295875525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total risk rated 4\u00a0loans",
        "box": [
          63.11249225831271,
          268.012076834204,
          137.7962245256466,
          272.07332844567645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          221.58981813559052,
          268.012076834204,
          223.61481790721552,
          272.07332844567645
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          267.3370769103294,
          230.5124733793132,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "246,514\u00a0 \u00a0",
        "box": [
          248.66364658226402,
          267.3370769103294,
          282.5085612653095,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          267.3370769103294,
          289.40621673740714,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "246,127\u00a0 \u00a0",
        "box": [
          303.6761403780767,
          267.3370769103294,
          337.5210550611221,
          271.3983285218019
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          267.3370769103294,
          344.4187105332198,
          271.3983285218019
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          267.3370769103294,
          383.10464367030585,
          271.3983285218019
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          267.3370769103294,
          387.9562056231574,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          267.3370769103294,
          394.8538610952551,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "246,127\u00a0 \u00a0",
        "box": [
          413.00503429820594,
          267.3370769103294,
          446.8499489812514,
          271.3983285218019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          451.91244841031386,
          268.012076834204,
          453.93744818193886,
          272.07332844567645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-accrual",
        "box": [
          63.11249225831271,
          278.8120756162043,
          120.45716398110748,
          282.8733272276768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          221.58981813559052,
          278.8120756162043,
          223.61481790721552,
          282.8733272276768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          228.4874736076882,
          276.7870758445788,
          232.5374731509382,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,546,707\u00a0 \u00a0",
        "box": [
          242.588647267389,
          276.7870758445788,
          282.5085612653095,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.38121696578213,
          276.7870758445788,
          291.43121650903214,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,544,949\u00a0 \u00a0",
        "box": [
          297.6011410632017,
          276.7870758445788,
          337.5210550611221,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          342.3937107615948,
          276.7870758445788,
          346.4437103048448,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(348,815) \u00a0",
        "box": [
          351.411291244612,
          276.7870758445788,
          387.9562056231574,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          392.8288613236301,
          276.7870758445788,
          396.87886086688013,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,196,134\u00a0 \u00a0",
        "box": [
          406.9300349833309,
          276.7870758445788,
          446.8499489812514,
          280.84832745605127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          451.91244841031386,
          278.8120756162043,
          453.93744818193886,
          282.8733272276768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          287.3497700333428,
          64.46249210606271,
          290.05727110765656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          293.66207394145385,
          72.55721755315749,
          297.7233255529263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure.",
        "box": [
          79.30194355750221,
          293.66207394145385,
          384.74072995079166,
          297.7233255529263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          303.11207287570323,
          72.55721755315749,
          307.1733244871775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts deemed uncollectible have been charged-off as of March 31, 2026.",
        "box": [
          79.30194355750221,
          303.11207287570323,
          327.62808742682915,
          307.1733244871775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  loans  receivable  classified  as  non-accrual  represented  37.9%  of  our  total  loans  receivable  held-for-",
        "box": [
          85.15545852235574,
          324.117661837583,
          549.1139744506125,
          328.62903546881716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, based on carrying value net of specific CECL reserves. During the three months ended March 31, 2026, we (i) recognized ",
        "box": [
          63.11249225831271,
          334.24266069570876,
          551.3547874485516,
          338.75403432694293
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.0  million  of  interest  income  on  a  cash  basis  upon  the  repayment  of  a  non-accrual  loan  in  January  2026  and  (ii)  received  $3.6 ",
        "box": [
          63.11249225831271,
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          551.3513311789417,
          348.8790331850669
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of cost recovery proceeds for loans on non-accrual status, of which $0.7 million was applied against past due interest and ",
        "box": [
          63.11249225831271,
          355.16765833583304,
          551.3513311789417,
          359.6790319670672
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reduced the related CECL reserve. Further, the above table excludes one loan with an aggregate carrying value of $78.5 million that is ",
        "box": [
          63.11249225831271,
          365.2926571939588,
          551.3618746777526,
          369.80403082519297
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in maturity default but remains on accrual status as interest is deemed collectible based on the collateral property's value.",
        "box": [
          63.11249225831271,
          375.41765605208275,
          499.5993827329117,
          379.9290296833169
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on ",
        "box": [
          85.15545852235574,
          397.0176536160834,
          551.3618746777526,
          401.5290272473176
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-accrual status as of December 31, 2025 ($ in thousands):",
        "box": [
          63.11249225831271,
          407.14265247420917,
          283.49556507574374,
          411.65402610544334
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          416.11804222198407,
          86.05489590404419,
          417.92191477890265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
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          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          130.78123462678167,
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          132.58010939015855,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
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          170.15675876066663,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          180.5519355137521,
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          182.350810277129,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk ",
        "box": [
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          211.93478794071345,
          447.7186801296866
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        "from_ocr": false,
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      },
      {
        "text": "Rating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.8152118846155,
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          455.1436792923123
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        "from_ocr": false,
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      },
      {
        "text": "Unpaid ",
        "box": [
          240.33161627193198,
          436.6859358532238,
          264.93283221371127,
          440.29368096706276
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Balance",
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          239.54059736114135,
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          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          276.8343431552352,
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          278.6332179186121,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.70895524270946,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying",
        "box": [
          294.5003601629009,
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          424.7686827179368
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value Before",
        "box": [
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          328.76658448136243,
          432.8686818044371
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Specific ",
        "box": [
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          322.4765757240552,
          440.29368096706276
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        "from_ocr": false,
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      {
        "text": "CECL",
        "box": [
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          318.6788478636606,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Reserve",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          331.8468369510479,
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      {
        "text": "\u00a0",
        "box": [
          337.7214490385221,
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          339.520323801899,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Specific",
        "box": [
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          373.3970405280385,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CECL ",
        "box": [
          351.411291244612,
          444.11093501584946,
          373.2070387527859,
          447.7186801296866
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          349.2280849908292,
          451.53593417847515,
          373.5971942054655,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.2819875130832,
          451.53593417847515,
          384.0808622764601,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          388.15659960055746,
          451.53593417847515,
          389.95547436393434,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Carrying ",
        "box": [
          395.5921422619934,
          444.11093501584946,
          438.3550749055345,
          447.7186801296866
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Value",
        "box": [
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          425.0664155583807,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          441.1757308711771,
          451.53593417847515,
          442.97460563455405,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          444.82494920962637,
          451.53593417847515,
          446.62382397300325,
          455.1436792923123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Recognition Method /",
        "box": [
          454.11674841171777,
          444.11093501584946,
          546.2456818326136,
          447.7186801296866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as of Date",
        "box": [
          484.9979949289991,
          451.53593417847515,
          515.3715095364719,
          455.1436792923123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          75.88475644288502,
          460.38705513857894,
          115.03211439793257,
          464.4483067500514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          128.46092238846134,
          460.38705513857894,
          130.48592216008635,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          150.9363138537364,
          460.38705513857894,
          162.1885102047386,
          464.4483067500514
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          180.43591652683648,
          460.38705513857894,
          182.46091629846148,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          201.10778919550842,
          460.38705513857894,
          205.15778873875843,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          223.6991928976999,
          460.38705513857894,
          232.5374731509382,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,341\u00a0 \u00a0",
        "box": [
          248.66364658226402,
          460.38705513857894,
          282.5085612653095,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.38121696578213,
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          291.43121650903214,
          464.4483067500514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,223\u00a0 \u00a0",
        "box": [
          303.6761403780767,
          460.38705513857894,
          337.5210550611221,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          342.3937107615948,
          460.38705513857894,
          346.4437103048448,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,223) \u00a0",
        "box": [
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          460.38705513857894,
          387.9562056231574,
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          464.4483067500514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300,000\u00a0 \u00a0",
        "box": [
          413.00503429820594,
          460.38705513857894,
          446.8499489812514,
          464.4483067500514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Basis/ 6/30/2025",
        "box": [
          463.7354973269366,
          460.38705513857894,
          536.6433987545447,
          464.4483067500514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          85.11327102711356,
          469.83705407283014,
          105.79832779429861,
          473.8983056843026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          128.46092238846134,
          469.83705407283014,
          130.48592216008635,
          473.8983056843026
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GA",
        "box": [
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          162.41394640931443,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          469.83705407283014,
          182.46091629846148,
          473.8983056843026
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
        "box": [
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          469.83705407283014,
          205.15778873875843,
          473.8983056843026
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
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          225.7241926693249,
          473.8983056843026
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "225,497\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "225,497\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(34,697) \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "190,800\u00a0 \u00a0",
        "box": [
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          446.8499489812514,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 12/31/2025",
        "box": [
          455.63549824043656,
          469.83705407283014,
          544.7433978410447,
          473.8983056843026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          75.88475644288502,
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          115.03211439793257,
          482.6733046946774
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          128.46092238846134,
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        "from_ocr": false,
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      {
        "text": "CO",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "170,000\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "170,000\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(72,000) \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash Basis/ 9/30/2025",
        "box": [
          463.7354973269366,
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        "from_ocr": false,
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      {
        "text": "Land",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "VA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "157,129\u00a0 \u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "157,129\u00a0 \u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(37,029) \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 1/1/2023",
        "box": [
          459.68549778368657,
          488.06205201745433,
          540.6933982977947,
          492.1233036289268
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "TX",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "137,696\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "137,181\u00a0 \u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(47,181) \u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash Basis/ 7/1/2024",
        "box": [
          465.7499468497514,
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        "from_ocr": false,
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      {
        "text": "Office",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "text": "CA",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,542\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "(23,363) \u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 4/1/2023",
        "box": [
          459.68549778368657,
          506.28704996208035,
          540.6933982977947,
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        "from_ocr": false,
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        "text": "Office",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "GA",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,892\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "67,494\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(28,294) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          515.7370488963297,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "39,200\u00a0 \u00a0",
        "box": [
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          446.8499489812514,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 9/1/2023",
        "box": [
          459.68549778368657,
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          540.6933982977947,
          519.7983005078022
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
          69.55663215655687,
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          108.70399011160445,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          128.46092238846134,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "TX",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          225.7241926693249,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          230.5124733793132,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "37,400\u00a0 \u00a0",
        "box": [
          252.71364612551403,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "37,400\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "-\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "37,400\u00a0 \u00a0",
        "box": [
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          446.8499489812514,
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        "from_ocr": false,
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      {
        "text": "Cash Basis/ 6/30/2025",
        "box": [
          463.7354973269366,
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "TX",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "25,373\u00a0 \u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "text": "(2,912) \u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "Cash Basis/ 7/1/2024",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "5",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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          230.5124733793132,
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        "from_ocr": false,
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      {
        "text": "1,607\u00a0 \u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
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          337.5210550611221,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          387.9562056231574,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cost Recovery/ 7/1/2020",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total risk rated 5 loans",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "1,336,477\u00a0 \u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
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        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(347,699) \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "987,407\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Office",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "CA",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "4",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "93,214\u00a0 \u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "92,827\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "-\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "92,827\u00a0 \u00a0",
        "box": [
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          446.8499489812514,
          566.3732952551782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cost Recovery/ 9/1/2023",
        "box": [
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          540.6933982977947,
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        "from_ocr": false,
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      {
        "text": "Land",
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "NY",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          225.7241926693249,
          576.4982941133021
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
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          230.5124733793132,
          575.8232941894275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,000\u00a0 \u00a0",
        "box": [
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          282.5085612653095,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,000\u00a0 \u00a0",
        "box": [
          307.7261399213267,
          571.7620425779551,
          337.5210550611221,
          575.8232941894275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          571.7620425779551,
          344.4187105332198,
          575.8232941894275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          571.7620425779551,
          383.10464367030585,
          575.8232941894275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          571.7620425779551,
          387.9562056231574,
          575.8232941894275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          571.7620425779551,
          394.8538610952551,
          575.8232941894275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "67,000\u00a0 \u00a0",
        "box": [
          417.05503384145595,
          571.7620425779551,
          446.8499489812514,
          575.8232941894275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Basis/ 11/1/2021",
        "box": [
          463.7249470781264,
          572.4370425018296,
          536.6433987545447,
          576.4982941133021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total risk rated 4 loans",
        "box": [
          63.11249225831271,
          581.887041436079,
          137.79226929609266,
          585.9482930475533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          223.6991928976999,
          581.887041436079,
          225.7241926693249,
          585.9482930475533
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          228.4874736076882,
          581.2120415122045,
          230.5124733793132,
          585.2732931236769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "160,214\u00a0 \u00a0",
        "box": [
          248.66364658226402,
          581.2120415122045,
          282.5085612653095,
          585.2732931236769
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.38121696578213,
          581.2120415122045,
          289.40621673740714,
          585.2732931236769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,827\u00a0 \u00a0",
        "box": [
          303.6761403780767,
          581.2120415122045,
          337.5210550611221,
          585.2732931236769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          342.3937107615948,
          581.2120415122045,
          344.4187105332198,
          585.2732931236769
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          377.7362882757371,
          581.2120415122045,
          383.10464367030585,
          585.2732931236769
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.9312058515324,
          581.2120415122045,
          387.9562056231574,
          585.2732931236769
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.8288613236301,
          581.2120415122045,
          394.8538610952551,
          585.2732931236769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "159,827\u00a0 \u00a0",
        "box": [
          413.00503429820594,
          581.2120415122045,
          446.8499489812514,
          585.2732931236769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          499.17299333037414,
          581.887041436079,
          501.19799310199915,
          585.9482930475533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total non-accrual",
        "box": [
          63.11249225831271,
          593.3620401419557,
          120.45716398110748,
          597.4232917534282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          178.2316232754318,
          593.3620401419557,
          180.2566230470568,
          597.4232917534282
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          185.3191224761193,
          593.3620401419557,
          187.3441222477443,
          597.4232917534282
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          221.58981813559052,
          593.3620401419557,
          223.61481790721552,
          597.4232917534282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          228.4874736076882,
          591.3370403703302,
          232.5374731509382,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,496,691\u00a0 \u00a0",
        "box": [
          242.588647267389,
          591.3370403703302,
          282.5085612653095,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          287.38121696578213,
          591.3370403703302,
          291.43121650903214,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,494,933\u00a0 \u00a0",
        "box": [
          297.6011410632017,
          591.3370403703302,
          337.5210550611221,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          342.3937107615948,
          591.3370403703302,
          346.4437103048448,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(347,699) \u00a0",
        "box": [
          351.411291244612,
          591.3370403703302,
          387.9562056231574,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          392.8288613236301,
          591.3370403703302,
          396.87886086688013,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,147,234\u00a0 \u00a0",
        "box": [
          406.9300349833309,
          591.3370403703302,
          446.8499489812514,
          595.3982919818027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          451.91244841031386,
          593.3620401419557,
          453.93744818193886,
          597.4232917534282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          601.8997345590924,
          64.46249210606271,
          604.607235633408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          608.2120384672053,
          72.55721755315749,
          612.2732900786777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  January  2026,  we  acquired  legal  title  to  the  collateral  property  through  a  mortgage  foreclosure.  In  anticipation  of  such  foreclosure,  we ",
        "box": [
          79.30194355750221,
          608.2120384672053,
          551.1374372199391,
          612.2732900786777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized a principal charge-off of $39.1 million as of December 31, 2025.",
        "box": [
          79.30194355750221,
          617.6620374014547,
          326.73160652793223,
          621.7232890129271
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          626.4370364118295,
          72.55721755315749,
          630.4982880233019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts deemed uncollectible have been charged-off as of December 31, 2025.",
        "box": [
          79.30194355750221,
          626.4370364118295,
          339.76754255776825,
          630.4982880233019
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          635.8870353460807,
          72.55721755315749,
          639.9482869575531
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amount excludes one risk rated 5 loan with an unpaid principal balance of $71.3 million and a carrying value net of specific CECL reserves of ",
        "box": [
          79.30194355750221,
          635.8870353460807,
          551.1374372199391,
          639.9482869575531
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$53.5 million that remained on accrual status as monthly debt service was satisfied through borrower funded reserves. In February 2026, we ",
        "box": [
          79.30194355750221,
          645.33703428033,
          535.477973315979,
          649.3982858918025
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          111.19568996059606,
          217.1319009985582,
          118.88038482203316,
          219.85293957824433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          100.83865987863899,
          227.25689985668396,
          108.5233547400761,
          229.9779384363701
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)(2)",
        "box": [
          108.70662774130699,
          522.9068665139348,
          121.36251539960396,
          525.6279050936209
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          100.83865987863899,
          541.8068643824336,
          108.5233547400761,
          544.5279029621215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          137.79490908579496,
          551.2568633166848,
          144.1228578127429,
          553.9779018963709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          100.61717552861751,
          570.1568611851835,
          106.94512425556545,
          572.8778997648715
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          56.81764225508414,
          65.36192948775115,
          61.32901588632012
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          301.60895311120953,
          683.2175716110869,
          310.6066975402138,
          687.7289452423211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assigned our right, title, and interest in this loan receivable and the collateral property to our financing counterparty in exchange for the full ",
        "box": [
          79.30194355750221,
          82.38704804058034,
          551.1374372199391,
          86.44829965205463
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extinguishment of amounts due under the related financing. Upon assignment, we recognized a principal charge-off of $17.8 million which ",
        "box": [
          79.30194355750221,
          91.83704697483154,
          551.1268937211282,
          95.89829858630401
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes $2.6 million paid to our financing counterparty under the terms of our guarantee. See Note 6 - Debt Obligations - Notes Payable for ",
        "box": [
          79.30194355750221,
          100.61204598520635,
          551.1479874687493,
          104.67329759667882
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further detail.",
        "box": [
          79.30194355750221,
          110.06204491945573,
          123.38128403633166,
          114.1232965309282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          63.11249225831271,
          119.51204385370693,
          72.55721755315749,
          123.5732954651794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In January 2026, this loan was repaid in full. During the year ended December 31, 2025, we recognized $3.0 million of interest income on a cash ",
        "box": [
          79.30194355750221,
          119.51204385370693,
          551.1374372199391,
          123.5732954651794
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "basis from this loan, which is included in the $6.0 million of interest income recognized on a cash basis as discussed below for the year ended ",
        "box": [
          79.30194355750221,
          128.9620427879563,
          551.1328674704545,
          133.02329439942878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025. Upon repayment in January 2026, we recognized an additional $3.0 million of interest income on a cash basis from this ",
        "box": [
          79.30194355750221,
          138.4120417222057,
          551.1374372199391,
          142.47329333367816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan, which is included in cash basis interest income discussed above for the three months ended March 31, 2026.",
        "box": [
          79.30194355750221,
          147.1870407325805,
          447.9995616016006,
          151.2482923440548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025, loans receivable classified as non-accrual represented 31.1% of our total loans receivable held-for-",
        "box": [
          85.15545852235574,
          173.59262908546043,
          549.1060023640116,
          178.1040027166946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment, based on carrying value net of specific CECL reserves. During the year ended December 31, 2025, we (i) recognized $6.0 ",
        "box": [
          63.11249225831271,
          184.39262786746076,
          551.3618746777526,
          188.90400149869492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of interest income on a cash basis for loans on non-accrual status and (ii) received $16.2 million of cost recovery proceeds for ",
        "box": [
          63.11249225831271,
          194.5176267255847,
          551.3618746777526,
          199.0290003568207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans  on  non-accrual  status,  of  which  $13.6  million  was  applied  against  past  due  interest  and  reduced  the  related  CECL  reserve. ",
        "box": [
          63.11249225831271,
          204.64262558371047,
          551.3513311789417,
          209.15399921494463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Further, the above table excludes three loans with an aggregate carrying value of $453.8 million that are in maturity default but remain ",
        "box": [
          63.11249225831271,
          214.76762444183623,
          551.3513311789417,
          219.2789980730704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on accrual status as the borrower is current on interest payments and/or interest is deemed collectible based on the collateral property's ",
        "box": [
          63.11249225831271,
          225.56762322383474,
          551.3618746777526,
          230.07899685507073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value.",
        "box": [
          63.11249225831271,
          235.6926220819605,
          84.84678441529233,
          240.20399571319467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses",
        "box": [
          63.11249225831271,
          262.01761911308495,
          177.80288885706526,
          266.5289927443191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to ",
        "box": [
          85.15545852235574,
          278.89261720996,
          551.3618746777526,
          283.4039908411942
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our loan commitments. See Note 2 for further detail of our current expected credit loss reserve methodology.",
        "box": [
          63.11249225831271,
          289.69261599196034,
          454.8874771454215,
          294.2039896231945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  illustrates  the  changes  in  the  current  expected  credit  loss  reserve  for  our  loans  receivable  held-for-",
        "box": [
          85.15545852235574,
          311.96761347983556,
          549.108171746267,
          316.4789871110697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment for the three months ended March 31, 2026 and 2025, respectively ($ in thousands):",
        "box": [
          63.11249225831271,
          322.7676122618359,
          406.9520375725957,
          327.27898589307006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.11249225831271,
          338.9676104348364,
          65.36192948775115,
          343.47898406607055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          338.9676104348364,
          200.54121449253046,
          343.47898406607055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          226.38864909438897,
          340.8358969349774,
          228.18752385776583,
          344.4436420488146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          253.10387708150466,
          340.8358969349774,
          254.90275184488155,
          344.4436420488146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          258.0503642736508,
          340.8358969349774,
          259.84923903702764,
          344.4436420488146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL Reserve",
        "box": [
          307.84215215824315,
          340.16089701110104,
          380.5770411782938,
          343.76864212494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          428.4878450520888,
          338.9676104348364,
          434.3865006199765,
          343.76864212494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          437.17846907197946,
          338.9676104348364,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "Specific CECL ",
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        "text": "Reserve",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Loans ",
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        "from_ocr": false,
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        "text": "Receivable",
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        "text": "Held-for-",
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      {
        "text": "Investment",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Unfunded Loan",
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        "from_ocr": false,
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "Total General",
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        "from_ocr": false,
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      {
        "text": "CECL Reserve",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Accrued",
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      {
        "text": "Interest",
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      {
        "text": "Receivable",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Total CECL",
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        "from_ocr": false,
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      {
        "text": "Reserve",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Total reserve, December 31, 2024",
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "120,920\u00a0 \u00a0 $",
        "box": [
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        "from_ocr": false,
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        "text": "122,110\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,546\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "127,656\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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        "text": "17,794\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "266,370\u00a0",
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        "from_ocr": false,
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      {
        "text": "Provision (reversal)",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "41,458\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(3,975)",
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        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "100\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(3,875)",
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        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "3,540\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "41,123\u00a0",
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        "text": "Charge-offs",
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        "text": "(43,113) \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "-\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "text": "-\u00a0",
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        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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      {
        "text": "(3,540)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "(46,653)",
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      {
        "text": "Total reserve, March 31, 2025",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "119,265\u00a0 \u00a0 $",
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        "from_ocr": false,
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        "text": "118,135\u00a0",
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        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,646\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "123,781\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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          440.7762185987332,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,794\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "260,840\u00a0",
        "box": [
          520.1718157121734,
          404.28588977922664,
          546.0070192647863,
          407.8936348930656
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          63.11249225831271,
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          66.71023729631699,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          412.3858888657269,
          200.0906520264689,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          249.45465874305543,
          412.3858888657269,
          251.25353350643232,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          254.306220695907,
          412.3858888657269,
          258.5519701833308,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          307.9159836499166,
          412.3858888657269,
          309.7148584132934,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          312.76754560276817,
          412.3858888657269,
          314.566420366145,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.80895128420957,
          412.3858888657269,
          319.60782604758646,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          366.37730180677846,
          412.3858888657269,
          368.17617657015535,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          371.22886375963003,
          412.3858888657269,
          373.027738523007,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          376.27026944107143,
          412.3858888657269,
          378.0691442044484,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          424.8386267136396,
          412.3858888657269,
          426.6375014770165,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          429.69018866649117,
          412.3858888657269,
          431.48906342986805,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          434.73159434793257,
          412.3858888657269,
          436.53046911130946,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          483.29994487050146,
          412.3858888657269,
          485.09881963387835,
          415.99363397956586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          488.15150682335303,
          412.3858888657269,
          489.9503815867299,
          415.99363397956586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          493.19291250479444,
          412.3858888657269,
          494.9917872681714,
          415.99363397956586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.7612697773626,
          412.3858888657269,
          543.5601445407394,
          415.99363397956586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.6655627242673,
          412.3858888657269,
          548.4644374876442,
          415.99363397956586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total reserve, December 31, 2025",
        "box": [
          63.11249225831271,
          420.48588795222713,
          161.01047941259438,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          198.291777263092,
          420.48588795222713,
          206.9309324712872,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365,424\u00a0 \u00a0 $",
        "box": [
          227.86521142786555,
          420.48588795222713,
          265.3922506281491,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,328\u00a0",
        "box": [
          289.92301692912355,
          420.48588795222713,
          312.1617331373403,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          317.80895128420957,
          420.48588795222713,
          323.85357553501024,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,340\u00a0",
        "box": [
          351.9808224303815,
          420.48588795222713,
          370.62305129420224,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          376.27026944107143,
          420.48588795222713,
          382.3148936918721,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,668\u00a0",
        "box": [
          406.84565999284655,
          420.48588795222713,
          429.0843762010634,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          420.48588795222713,
          440.7762185987332,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,782\u00a0",
        "box": [
          465.3069781497084,
          420.48588795222713,
          487.54569435792524,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          493.19291250479444,
          420.48588795222713,
          499.2375367555951,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469,874\u00a0",
        "box": [
          520.1718157121734,
          420.48588795222713,
          546.0070192647863,
          424.0936330660643
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision (reversal)",
        "box": [
          63.11249225831271,
          428.5858870387274,
          120.06152032317128,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          428.5858870387274,
          200.0906520264689,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.33318294453343,
          428.5858870387274,
          205.1320577079103,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,368\u00a0 \u00a0",
        "box": [
          231.4616920222624,
          428.5858870387274,
          258.5519701833308,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          261.7945011013953,
          428.5858870387274,
          263.5933758647722,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,710)",
        "box": [
          287.5183297003189,
          428.5858870387274,
          312.7590156836741,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          317.80895128420957,
          428.5858870387274,
          322.05470077163335,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,864)",
        "box": [
          349.57613520157685,
          428.5858870387274,
          371.220333840536,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          376.27026944107143,
          428.5858870387274,
          380.51601892849527,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,574)",
        "box": [
          404.4409727640419,
          428.5858870387274,
          429.68165874739714,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          434.73159434793257,
          428.5858870387274,
          438.97734383535635,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,578\u00a0",
        "box": [
          465.3069781497084,
          428.5858870387274,
          487.54569435792524,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          493.19291250479444,
          428.5858870387274,
          497.4386619922183,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,372\u00a0",
        "box": [
          523.7683030565695,
          428.5858870387274,
          546.0070192647863,
          432.19363215256453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs",
        "box": [
          63.11249225831271,
          436.6858861252276,
          97.47725256679445,
          440.2936312390648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          436.6858861252276,
          200.0906520264689,
          440.2936312390648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.33318294453343,
          436.6858861252276,
          205.1320577079103,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,977) \u00a0",
        "box": [
          229.05700479345774,
          436.6858861252276,
          258.5519701833308,
          440.96863116293935
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          261.7945011013953,
          436.6858861252276,
          263.5933758647722,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          307.3148084677158,
          436.6858861252276,
          312.1617331373403,
          440.2936312390648
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          317.80895128420957,
          436.6858861252276,
          322.05470077163335,
          440.96863116293935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          365.7761333745769,
          436.6858861252276,
          370.62305129420224,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          376.27026944107143,
          436.6858861252276,
          380.51601892849527,
          440.96863116293935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          424.2374515314388,
          436.6858861252276,
          429.0843762010634,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          434.73159434793257,
          436.6858861252276,
          438.97734383535635,
          440.96863116293935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,884)",
        "box": [
          462.90229092090374,
          436.6858861252276,
          488.142976904259,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          493.19291250479444,
          436.6858861252276,
          497.4386619922183,
          440.96863116293935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,861)",
        "box": [
          521.3636158277649,
          436.6858861252276,
          546.6043018111201,
          440.2936312390648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total reserve, March 31, 2026",
        "box": [
          63.11249225831271,
          446.135885059477,
          150.22777379114405,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          198.291777263092,
          446.135885059477,
          206.9309324712872,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,815\u00a0 \u00a0 $",
        "box": [
          227.86521142786555,
          446.135885059477,
          265.3922506281491,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,618\u00a0",
        "box": [
          289.92301692912355,
          446.135885059477,
          312.1617331373403,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          317.80895128420957,
          446.135885059477,
          323.85357553501024,
          450.41863009719054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,476\u00a0",
        "box": [
          351.9808224303815,
          446.135885059477,
          370.62305129420224,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          376.27026944107143,
          446.135885059477,
          382.3148936918721,
          450.41863009719054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,094\u00a0",
        "box": [
          406.84565999284655,
          446.135885059477,
          429.0843762010634,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          446.135885059477,
          440.7762185987332,
          450.41863009719054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,476\u00a0",
        "box": [
          465.3069781497084,
          446.135885059477,
          487.54569435792524,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          493.19291250479444,
          446.135885059477,
          499.2375367555951,
          450.41863009719054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439,385\u00a0",
        "box": [
          520.1718157121734,
          446.135885059477,
          546.0070192647863,
          449.743630173316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          463.76200502995744,
          72.55721755315749,
          467.8232566414299
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves for accrued interest receivable, if any, are included in other assets on our consolidated balance sheets.",
        "box": [
          79.30194355750221,
          463.76200502995744,
          459.40073732080134,
          467.8232566414299
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          473.2120039642068,
          72.55721755315749,
          477.2732555756793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserve for unfunded commitments is included in other liabilities on our consolidated balance sheets.",
        "box": [
          79.30194355750221,
          473.2120039642068,
          428.6381371601392,
          477.2732555756793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table illustrates our specific and general CECL reserves as a percentage of total unpaid principal balance of loans ",
        "box": [
          85.15545852235574,
          493.542593002212,
          551.3618746777526,
          498.0539666334462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable held-for-investment as of March 31, 2026, December 31, 2025, March 31, 2025, and December 31, 2024:",
        "box": [
          63.11249225831271,
          504.3425917842105,
          482.6301451002862,
          508.8539654154465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          513.711999396708,
          65.13749202993772,
          517.7732510081805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          531.8608753916014,
          64.9113670216896,
          535.4686205054404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL",
        "box": [
          276.8343431552352,
          523.760876305103,
          322.60370633602366,
          527.3686214189402
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          284.1116860845126,
          531.1858754677269,
          308.4807952991489,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          347.40347919660417,
          531.1858754677269,
          349.20235395998105,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL",
        "box": [
          373.6019137420027,
          523.760876305103,
          420.1688327353449,
          527.3686214189402
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          381.2800378760808,
          531.1858754677269,
          405.6491470907173,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          444.57182423817324,
          531.1858754677269,
          446.3706990015501,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL",
        "box": [
          476.34955840435066,
          523.760876305103,
          514.5299103335112,
          527.3686214189402
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          479.8405702606421,
          531.1858754677269,
          504.2096794752785,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.545644463347,
          531.1858754677269,
          546.3445192267238,
          534.7936205815658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at December 31, 2024",
        "box": [
          63.11249225831271,
          539.9608744781017,
          151.62261840633653,
          543.5686195919407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          539.9608744781017,
          256.5797081557581,
          543.5686195919407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.2%\u00a0",
        "box": [
          332.068324676069,
          539.9608744781017,
          353.7480531973272,
          543.5686195919407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3%\u00a0",
        "box": [
          432.8331570620341,
          539.9608744781017,
          450.91640498889547,
          543.5686195919407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0%",
        "box": [
          532.7858767895875,
          539.9608744781017,
          548.4196262888918,
          543.5686195919407
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at March 31, 2025",
        "box": [
          63.11249225831271,
          548.0608735646019,
          140.83991278488622,
          551.6686186784409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          548.0608735646019,
          256.5797081557581,
          551.6686186784409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.4%\u00a0",
        "box": [
          332.068324676069,
          548.0608735646019,
          353.7480531973272,
          551.6686186784409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4%\u00a0",
        "box": [
          432.8331570620341,
          548.0608735646019,
          450.91640498889547,
          551.6686186784409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1%",
        "box": [
          532.7858767895875,
          548.0608735646019,
          548.4196262888918,
          551.6686186784409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at December 31, 2025",
        "box": [
          63.11249225831271,
          556.8358725749767,
          151.62261840633653,
          560.4436176888157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          556.8358725749767,
          256.5797081557581,
          560.4436176888157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.0%\u00a0",
        "box": [
          332.068324676069,
          556.8358725749767,
          353.7480531973272,
          560.4436176888157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.9%\u00a0",
        "box": [
          432.8331570620341,
          556.8358725749767,
          450.91640498889547,
          560.4436176888157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.9%",
        "box": [
          529.1893961951906,
          556.8358725749767,
          548.4196262888918,
          560.4436176888157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at March 31, 2026",
        "box": [
          63.11249225831271,
          564.935871661477,
          140.83991278488622,
          568.543616775316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          564.935871661477,
          256.5797081557581,
          568.543616775316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.8%\u00a0",
        "box": [
          332.068324676069,
          564.935871661477,
          353.7480531973272,
          568.543616775316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3%\u00a0",
        "box": [
          432.8331570620341,
          564.935871661477,
          450.91640498889547,
          568.543616775316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.4%",
        "box": [
          529.1893961951906,
          564.935871661477,
          548.4196262888918,
          568.543616775316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          572.1996881805953,
          64.46249210606271,
          574.9071892549109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          578.5119920887082,
          72.55721755315749,
          582.5732437001807
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents specific CECL reserves on loans receivable held-for-investment as a percentage of unpaid principal balance of risk rated 5 loans.",
        "box": [
          79.30194355750221,
          578.5119920887082,
          534.5274382881782,
          582.5732437001807
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          587.9619910229576,
          72.55721755315749,
          592.0232426344301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents general CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of unpaid ",
        "box": [
          79.30194355750221,
          587.9619910229576,
          551.1374372199391,
          592.0232426344301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance of loans subject to the general CECL reserve.",
        "box": [
          79.30194355750221,
          597.411989957207,
          283.97326155512377,
          601.4732415686794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          606.8619888914582,
          72.55721755315749,
          610.9232405029306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents total CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of total unpaid ",
        "box": [
          79.30194355750221,
          606.8619888914582,
          551.1374372199391,
          610.9232405029306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance of loans receivable held-for-investment.",
        "box": [
          79.30194355750221,
          615.636987901833,
          266.4206259046711,
          619.6982395133055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a provision for current expected credit losses of $31.4 million, ",
        "box": [
          85.15545852235574,
          636.6425768637109,
          551.3618746777526,
          641.1539504949469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which consisted of a $32.4 million increase in our specific CECL reserves prior to principal and exit fee charge-offs and a $26.6 ",
        "box": [
          63.11249225831271,
          646.7675757218367,
          551.3513311789417,
          651.2789493530709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million",
        "box": [
          63.11249225831271,
          657.567574503837,
          89.10839837530193,
          662.0789481350712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          360.6503527026511,
          368.2557122688304,
          365.923643195985,
          370.5232443508812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          474.0608834124624,
          368.2557122688304,
          479.33417390579626,
          370.5232443508812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          308.4855148356861,
          529.3840475606412,
          315.3099844256595,
          531.8004922356249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          405.6538598772551,
          529.3840475606412,
          412.47832946722855,
          531.8004922356249
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(3)",
        "box": [
          504.2143990118156,
          529.3840475606412,
          511.038868601789,
          531.8004922356249
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.49259158696077,
          65.36192948775115,
          62.003965218196754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          301.60895311120953,
          633.2675266523365,
          310.6066975402138,
          637.7789002835707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " increase in CECL reserves on accrued interest receivable prior to charge-offs, offset in part by a $27.6 million decrease in our general ",
        "box": [
          63.11249225831271,
          93.94258747621097,
          551.3513311789417,
          98.45396110744514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves. The increase in our specific CECL reserves was primarily attributable to protective advances made on certain loans ",
        "box": [
          63.11249225831271,
          104.7425862582113,
          551.3618746777526,
          109.25395988944547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  a  specific  reserve  determined  on  a  loan  sold  which  was  not  previously  classified  as  held-for-sale,  offset  in  part  by  principal ",
        "box": [
          63.11249225831271,
          114.86758511633707,
          551.3618746777526,
          119.37895874757123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs  recognized.  The  increase  in  our  CECL  reserves  on  accrued  interest  receivable  is  attributable  to  reserving  against ",
        "box": [
          63.11249225831271,
          124.99258397446101,
          551.3618746777526,
          129.503957605697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding interest due to us upon a loan being placed on non-accrual status during the three months ended March 31, 2026, offset in ",
        "box": [
          63.11249225831271,
          135.11758283258678,
          551.3618746777526,
          139.62895646382094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "part  by  a  reduction  in  reserves  upon  the  receipt  of  past  due  interest  and  charge-offs  recognized  in  connection  with  the  sale  of  a ",
        "box": [
          63.11249225831271,
          145.9175816145871,
          551.3618746777526,
          150.42895524582127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "delinquent loan. The decrease in our general CECL reserves was primarily attributable to seasoning of our loan portfolio, a reduction ",
        "box": [
          63.11249225831271,
          156.04258047271105,
          551.3618746777526,
          160.55395410394704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the size of our loan portfolio subject to determination of the general CECL reserve, and changes in the historical loss rate of the ",
        "box": [
          63.11249225831271,
          166.16757933083682,
          551.3618746777526,
          170.67895296207098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "analogous data set, offset in part by changes in risk ratings and expected remaining duration within our loan portfolio. As of March 31, ",
        "box": [
          63.11249225831271,
          176.96757811283715,
          551.3618746777526,
          181.4789517440713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026, our total current expected credit loss reserve was $439.4 million.",
        "box": [
          63.11249225831271,
          187.0925769709611,
          318.7505761611402,
          191.60395060219707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, we recorded a provision for current expected credit losses of $41.1 million, ",
        "box": [
          85.15545852235574,
          208.01757461108718,
          551.3618746777526,
          212.52894824232135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which consisted of a $41.5 million increase in our specific CECL reserve prior to charge-offs of principal and exit fees and a $3.5 ",
        "box": [
          63.11249225831271,
          218.8175733930875,
          551.3407809301315,
          223.32894702432168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase in CECL reserves on accrued interest receivable prior to charge-offs, offset in part by a $3.9 million decrease in our ",
        "box": [
          63.11249225831271,
          228.94257225121146,
          551.3618746777526,
          233.45394588244562
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general CECL reserve. The increase in our specific CECL reserves was primarily attributable to specific reserves determined on a ",
        "box": [
          63.11249225831271,
          239.06757110933722,
          551.3618746777526,
          243.5789447405714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted loan repayment, offset in part by changes to collateral values and protective advances made. The reversal of our general ",
        "box": [
          63.11249225831271,
          249.86756989133755,
          551.3618746777526,
          254.37894352257172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves  was  primarily  attributable  to  changes  in  the  historical  loss  rate  of  the  analogous  data  set,  seasoning  of  our  loan ",
        "box": [
          63.11249225831271,
          259.9925687494615,
          551.3618746777526,
          264.50394238069566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio, and a reduction in the size of our loan portfolio subject to determination of the general CECL reserve. As of March 31, 2025, ",
        "box": [
          63.11249225831271,
          270.11756760758726,
          551.3618746777526,
          274.6289412388214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our total current expected credit loss reserve was $260.8 million. ",
        "box": [
          63.11249225831271,
          280.9175663895876,
          298.5111219437011,
          285.42894002082176
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Reserves",
        "box": [
          63.11249225831271,
          307.24256342071203,
          150.5680590910491,
          311.7539370519462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain circumstances, we may determine that a borrower is experiencing financial difficulty, and, if the repayment of the ",
        "box": [
          85.15545852235574,
          322.76756166983796,
          551.3618746777526,
          327.2789353010721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan's  principal  is  collateral  dependent,  the  loan  is  no  longer  suited  for  the  WARM  model.  In  these  instances,  there  have  been ",
        "box": [
          63.11249225831271,
          332.8925605279619,
          551.3618746777526,
          337.40393415919607
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "diminutions in the fair value and performance of the collateral property primarily as a result of reduced tenant and/or capital markets ",
        "box": [
          63.11249225831271,
          343.69255930996223,
          551.3618746777526,
          348.2039329411964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "demand for such property  types  in  the  markets  in  which  these  assets  and  borrowers  operate.  For  such  loans,  we  seek  resolutions ",
        "box": [
          63.11249225831271,
          353.817558168088,
          551.3618746777526,
          358.32893179932216
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  a  variety  of  means  including,  but  not  limited  to,  foreclosures  on  the  collateral  asset,  sales  of  our  loan  receivable,  and ",
        "box": [
          63.11249225831271,
          363.94255702621194,
          551.3618746777526,
          368.4539306574461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted repayments. If we anticipate assuming legal title and/or physical possession of the collateral property and the fair value of ",
        "box": [
          63.11249225831271,
          374.7425558082123,
          551.3618746777526,
          379.25392943944644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the collateral asset is determined to be below the carrying value of our loan, we may recognize a specific CECL reserve. Furthermore, ",
        "box": [
          63.11249225831271,
          384.86755466633804,
          551.3618746777526,
          389.3789282975722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in certain circumstances, we may recognize a specific CECL reserve based upon anticipated proceeds from the disposition of our loan. ",
        "box": [
          63.11249225831271,
          394.992553524462,
          551.3618746777526,
          399.50392715569615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  a  summary  of  our  risk  rated  5  loans  receivable  held-for-investment  as  of  March  31,  2026  ($  in ",
        "box": [
          63.11249225831271,
          405.7925523064623,
          551.3618746777526,
          410.3039259376965
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          63.11249225831271,
          415.9175511645881,
          104.59962575873193,
          420.42892479582224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          429.4612269739264,
          85.60433348860761,
          430.3614711149803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          79.05936545985963,
          448.83583416297915,
          124.02062789465847,
          452.4435792768163
        ],
        "from_ocr": false,
        "confidence": 1.0
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        "text": "Carrying Value Before ",
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        "text": "Specific CECL Reserve",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "CECL Reserve",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "Carrying Value",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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      {
        "text": "CA",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
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        "from_ocr": false,
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "402,341\u00a0 \u00a0",
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "402,223\u00a0 \u00a0",
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          344.40816703440885,
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        "from_ocr": false,
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "(102,223)",
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      {
        "text": "\u00a0$",
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        "from_ocr": false,
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      {
        "text": "300,000\u00a0",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
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          121.10711371280757,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "CO",
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          181.7740514959246,
          470.52320574493206
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          205.43200745783264,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "170,000\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "170,000\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "(72,000)",
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      {
        "text": "\u00a0\u00a0",
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        "from_ocr": false,
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        "text": "98,000\u00a0",
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        "from_ocr": false,
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        "text": "Multifamily",
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "TX",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "139,237\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "(48,722)",
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        "text": "\u00a0\u00a0",
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        "text": "90,000\u00a0",
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        "text": "Multifamily",
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        "text": "\u00a0",
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        "text": "TX",
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "Total Multifamily",
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        "text": "\u00a0",
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        "text": "(225,918)",
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          473.40697723620843,
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "VA",
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        "text": "\u00a0",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "157,644\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "157,644\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "(37,544)",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "157,644\u00a0 \u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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      {
        "text": "(37,544)",
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          514.3869487285847,
          473.40697723620843,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "Office",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "225,746\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "225,746\u00a0 \u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "(34,946)",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "190,800\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "text": "CA",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          205.43200745783264,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,542\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "111,263\u00a0 \u00a0",
        "box": [
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          378.2530817174543,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(23,363)",
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "87,900\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "Office",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "GA",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66,642\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "(27,044)",
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        "text": "Total Office",
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "403,253\u00a0 \u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "(85,353)",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "1,607\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "1,607\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "Total Other",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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        "text": "1,607\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          473.40697723620843,
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        "from_ocr": false,
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        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "$",
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        "text": "1,300,193\u00a0 \u00a0",
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        "text": "$",
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        "text": "1,298,822\u00a0 \u00a0",
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      {
        "text": "$",
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      {
        "text": "(348,815)",
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      {
        "text": "\u00a0 $",
        "box": [
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      {
        "text": "950,007\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(1)",
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      {
        "text": "In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure.",
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        "text": "(2)",
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      {
        "text": "Amounts deemed uncollectible have been charged-off as of March 31, 2026.",
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      {
        "text": "\u00a0(1)",
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      {
        "text": "\u00a0(2)",
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  {
    "page_no": 19,
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      {
        "text": "\u00a0",
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      {
        "text": "19",
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      {
        "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ",
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        "confidence": 1.0
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      {
        "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ",
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      {
        "text": "may include,  among  others,  assumptions  of  property  specific  cash  flows  over  estimated  holding  periods,  assumptions  of  property ",
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      {
        "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ",
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      {
        "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ",
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      {
        "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ",
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      {
        "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of March 31, 2026 include discount rates ",
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      {
        "text": "ranging from 6.0% to 9.5%, market and terminal capitalization rates ranging from 4.72% to 8.25%, and, with respect to the land loan, ",
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        "text": "value per buildable square foot of $140 based on current entitlements.",
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        "text": "Our primary credit quality indicator is our internal risk rating, which is further discussed above. The following table presents the ",
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      {
        "text": "carrying value of our loans receivable held-for-investment as of March 31, 2026 by year of origination and risk rating, and principal ",
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        "text": "charge-offs recognized during the three months ended March 31, 2026 ($ in thousands): ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Carrying Value by Origination Year as of March 31, 2026",
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        "text": "\u00a0",
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        "text": "Risk Rating",
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        "text": "\u00a0",
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        "text": "Number of ",
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        "text": "Loans",
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        "text": "Value ",
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        "text": "\u00a0",
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        "text": "2025",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0 $",
        "box": [
          199.1671644143678,
          325.01136206678166,
          207.84260090222125,
          330.8708602010611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 $",
        "box": [
          239.69880384329917,
          325.01136206678166,
          251.56993972074872,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 $",
        "box": [
          278.56403046016493,
          325.01136206678166,
          290.4351730876137,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 $",
        "box": [
          317.4292638270299,
          325.01136206678166,
          329.30039970447945,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,639\u00a0 $",
        "box": [
          352.38160363518233,
          325.01136206678166,
          382.74141267752026,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,338\u00a0 $",
        "box": [
          406.72964100593094,
          325.01136206678166,
          433.2609382300399,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 $",
        "box": [
          462.1956537505967,
          325.01136206678166,
          474.0667896280463,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 $",
        "box": [
          503.0015051486031,
          325.01136206678166,
          514.8726477760518,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          540.991344614193,
          325.01136206678166,
          546.0989880212893,
          328.8458604294374
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          335.27461726847105,
          64.46249210606271,
          337.98211834278663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          342.2619211004603,
          72.55721755315749,
          346.3231727119328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $348.8 million.",
        "box": [
          79.30194355750221,
          342.2619211004603,
          238.80099994455145,
          346.3231727119328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          351.0369201108351,
          72.55721755315749,
          355.0981717223076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects a loan receivable acquired in connection with a full loan repayment in 2024.",
        "box": [
          79.30194355750221,
          351.0369201108351,
          354.59908382009974,
          355.0981717223076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          360.4869190450863,
          72.55721755315749,
          364.5481706565588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal  charge-offs  pertain  to  loans  receivable  previously  included  in  our  loan  receivable  held-for-investment  portfolio  and  were  resolved ",
        "box": [
          79.30194355750221,
          360.4869190450863,
          551.1374372199391,
          364.5481706565588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended March 31, 2026.",
        "box": [
          79.30194355750221,
          369.9369179793357,
          233.39177154959225,
          373.9981695908082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details overall statistics for our loans receivable held-for-investment:",
        "box": [
          85.15545852235574,
          390.94250694121183,
          405.97220802059866,
          395.453880572446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          400.23579260397855,
          86.95433328573262,
          403.8435377178157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          188.02966567043026,
          409.01079161435337,
          189.82854043380715,
          412.6185367281905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.6612950508619,
          409.01079161435337,
          319.4601698142388,
          412.6185367281905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          351.9491784339503,
          408.3357916904788,
          399.71062324752023,
          411.94353680431595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.76791943216926,
          408.3357916904788,
          433.5667941955462,
          411.94353680431595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          438.96088737096227,
          409.01079161435337,
          440.75976213433916,
          412.6185367281905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          463.91479080671627,
          408.3357916904788,
          522.0584174819068,
          411.94353680431595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.8093129336111,
          408.3357916904788,
          546.6081876969879,
          411.94353680431595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average yield to maturity",
        "box": [
          63.11249225831271,
          417.18691265058624,
          177.81765581211806,
          421.2481642620587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.5452760639463,
          417.18691265058624,
          319.5702758355713,
          421.2481642620587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3757442691768,
          417.18691265058624,
          324.4007440408018,
          421.2481642620587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.6% \u00a0 \u00a0",
        "box": [
          419.17495210237627,
          417.18691265058624,
          445.7003431109014,
          421.2481642620587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.2%",
        "box": [
          532.184708357386,
          417.18691265058624,
          549.0570696345584,
          421.2481642620587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average term to initial maturity",
        "box": [
          63.11249225831271,
          425.2869117370865,
          197.3873791550879,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.5452760639463,
          425.2869117370865,
          319.5702758355713,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4\u00a0years",
        "box": [
          400.05347325885435,
          425.2869117370865,
          429.29336350124424,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          434.0249504276263,
          425.2869117370865,
          436.0499501992513,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          438.8448751340459,
          425.2869117370865,
          440.8698749056709,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.5\u00a0years",
        "box": [
          513.0632227638648,
          425.2869117370865,
          542.3031130062548,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          547.0874376766891,
          425.2869117370865,
          549.1124374483142,
          429.34816334855896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average term to fully extended maturity",
        "box": [
          63.11249225831271,
          434.0619107474613,
          225.04919355544968,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.75035787915095,
          434.0619107474613,
          316.77535765077596,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9\u00a0years",
        "box": [
          400.05347325885435,
          434.0619107474613,
          429.29336350124424,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          434.0249504276263,
          434.0619107474613,
          438.07494997087633,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1\u00a0years",
        "box": [
          513.0632227638648,
          434.0619107474613,
          542.3031130062548,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          547.0874376766891,
          434.0619107474613,
          549.1124374483142,
          438.12316235893377
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          441.9246052407216,
          64.46249210606271,
          444.63210631503716
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          448.91190907271084,
          72.55721755315749,
          452.9731606841833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  weighted  average  annualized  yield  to  initial  maturity  of  each  loan,  inclusive  of  coupon  and  contractual  fees,  based  on  the ",
        "box": [
          79.30194355750221,
          448.91190907271084,
          551.1374372199391,
          452.9731606841833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable  floating  benchmark  rate/floors  (if  applicable),  in  place  as  of  March  31,  2026  and  December  31,  2025.  For  loans  placed  on  non-",
        "box": [
          79.30194355750221,
          457.68690808308565,
          549.1063428065015,
          461.7481596945581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual, the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0%.",
        "box": [
          79.30194355750221,
          467.13690701733503,
          500.59418110009574,
          471.1981586288093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          476.58690595158623,
          72.55721755315749,
          480.6481575630587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension ",
        "box": [
          79.30194355750221,
          476.58690595158623,
          551.1374372199391,
          480.6481575630587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.",
        "box": [
          79.30194355750221,
          486.0369048858356,
          422.9902880570911,
          490.0981564973081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 4.  Equity Method Investment",
        "box": [
          63.11249225831271,
          511.76749331483734,
          198.07414037260864,
          516.2788669460715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we hold a 51% interest in CMTG/TT Mortgage REIT LLC ('CMTG/TT'). We ",
        "box": [
          85.15545852235574,
          527.9674914878378,
          551.3724249265628,
          532.478865119072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are not deemed to be the primary beneficiary of CMTG/TT in accordance with ASC 810, therefore we do not consolidate this joint ",
        "box": [
          63.11249225831271,
          538.0924903459618,
          551.3618746777526,
          542.6038639771978
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "venture. During its active investment period, CMTG/TT originated loans collateralized by institutional quality commercial real estate. ",
        "box": [
          63.11249225831271,
          548.2174892040875,
          551.3618746777526,
          552.7288628353217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the sole remaining loan held by CMTG/TT had a carrying value of $83.2 million and was placed on non-",
        "box": [
          63.11249225831271,
          559.0174879860879,
          549.0980375674098,
          563.528861617322
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accrual status effective April 1, 2023. As of March 31, 2026, the carrying value of our 51% equity interest in CMTG/TT approximated ",
        "box": [
          63.11249225831271,
          569.1424868442118,
          551.3618746777526,
          573.6538604754478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$42.2 million. ",
        "box": [
          63.11249225831271,
          579.2674857023376,
          116.11348626410286,
          583.7788593335717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          181.63826014123885,
          253.30898106376844,
          187.25786269709448,
          255.72542573874853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          268.20700037820785,
          253.30898106376844,
          275.0314699681812,
          255.72542573874853
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          125.25467275005508,
          326.20897284226885,
          130.87427530591071,
          328.62541751724893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          177.82029182182086,
          414.9067313339383,
          184.1482405487688,
          417.62776991362443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          225.0491927454499,
          431.78172943081336,
          231.37714147239782,
          434.5027680104995
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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          65.36192948775115,
          61.3289931823183
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          301.60895311120953,
          665.6675508863354,
          310.6066975402138,
          670.1789245175696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  tables  present  CMTG/TT's  consolidated  balance  sheets  as  of  March  31,  2026  and  December  31,  2025  ($  in ",
        "box": [
          85.15545852235574,
          93.9426153642089,
          551.3618746777526,
          98.45398899544307
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          63.11249225831271,
          104.06761422233285,
          104.59962575873193,
          108.57898785356701
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          120.11089912385069,
          64.9113670216896,
          123.71864423768784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          120.11089912385069,
          316.6757951282544,
          123.71864423768784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          351.9913659291925,
          119.43589919997612,
          399.7528107427624,
          123.04364431381327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          428.329638569931,
          119.43589919997612,
          430.1285133333079,
          123.04364431381327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.97885690838024,
          120.11089912385069,
          433.7777316717571,
          123.71864423768784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          463.90424730790534,
          119.43589919997612,
          522.0478739830959,
          123.04364431381327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          119.43589919997612,
          547.2410001256208,
          123.04364431381327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          63.11249225831271,
          128.9620200839563,
          84.71117303246129,
          133.0232716954306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          128.9620200839563,
          316.90192013650255,
          133.0232716954306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          128.9620200839563,
          327.3011377137018,
          133.0232716954306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          427.1272949555286,
          128.9620200839563,
          429.1522947271536,
          133.0232716954306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.97885690838024,
          128.9620200839563,
          434.00385668000524,
          133.0232716954306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          128.9620200839563,
          444.4030742572045,
          133.0232716954306
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          128.9620200839563,
          546.2542380206555,
          133.0232716954306
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          63.11249225831271,
          137.73701909433294,
          148.3641945138143,
          141.7982707058054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          137.73701909433294,
          316.90192013650255,
          141.7982707058054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          325.2761379420768,
          137.73701909433294,
          329.3261374853268,
          141.7982707058054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11\u00a0 \u00a0",
        "box": [
          418.38393994158486,
          137.73701909433294,
          434.00385668000524,
          141.7982707058054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.3780744855795,
          137.73701909433294,
          446.4280740288295,
          141.7982707058054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16\u00a0",
        "box": [
          535.4858764850876,
          137.73701909433294,
          546.2542380206555,
          141.7982707058054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable held-for-investment",
        "box": [
          63.11249225831271,
          147.18701802858232,
          184.5610638116114,
          151.2482696400548
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          147.18701802858232,
          316.90192013650255,
          151.2482696400548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          147.18701802858232,
          327.3011377137018,
          151.2482696400548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,167\u00a0 \u00a0",
        "box": [
          404.2089415402098,
          147.18701802858232,
          434.00385668000524,
          151.2482696400548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          147.18701802858232,
          444.4030742572045,
          151.2482696400548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,167\u00a0",
        "box": [
          521.3108780837125,
          147.18701802858232,
          546.2542380206555,
          151.2482696400548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          63.11249225831271,
          156.6370169628317,
          102.47738216882753,
          160.69826857430417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          156.6370169628317,
          316.90192013650255,
          160.69826857430417
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          155.96201703895713,
          327.3011377137018,
          160.0232686504296
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5\u00a0 \u00a0",
        "box": [
          422.43393948483487,
          155.96201703895713,
          434.00385668000524,
          160.69826857430417
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          155.96201703895713,
          444.4030742572045,
          160.0232686504296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7\u00a0",
        "box": [
          539.5358760283376,
          155.96201703895713,
          546.2542380206555,
          160.0232686504296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          63.11249225831271,
          168.1120156687066,
          103.38704932623727,
          172.17326728017906
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          168.1120156687066,
          316.90192013650255,
          172.17326728017906
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          325.2761379420768,
          166.0870158970829,
          329.3261374853268,
          170.14826750855536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,183\u00a0 \u00a0",
        "box": [
          404.2089415402098,
          166.0870158970829,
          434.00385668000524,
          170.82326743242993
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.3780744855795,
          166.0870158970829,
          446.4280740288295,
          170.14826750855536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,190\u00a0",
        "box": [
          521.3108780837125,
          166.0870158970829,
          546.2542380206555,
          170.14826750855536
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.11249225831271,
          176.8870146790814,
          65.13749202993772,
          180.9482662905557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          176.8870146790814,
          316.90192013650255,
          180.9482662905557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          176.8870146790814,
          327.3011377137018,
          180.9482662905557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          427.1272949555286,
          176.8870146790814,
          429.1522947271536,
          180.9482662905557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.97885690838024,
          176.8870146790814,
          434.00385668000524,
          180.9482662905557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          176.8870146790814,
          444.4030742572045,
          180.9482662905557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          176.8870146790814,
          546.2542380206555,
          180.9482662905557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities and Members' Capital",
        "box": [
          63.11249225831271,
          186.3370136133326,
          177.63967534219034,
          190.39826522480507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          186.3370136133326,
          316.90192013650255,
          190.39826522480507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          186.3370136133326,
          327.3011377137018,
          190.39826522480507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          427.1272949555286,
          186.3370136133326,
          429.1522947271536,
          190.39826522480507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.97885690838024,
          186.3370136133326,
          434.00385668000524,
          190.39826522480507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          186.3370136133326,
          444.4030742572045,
          190.39826522480507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          186.3370136133326,
          546.2542380206555,
          190.39826522480507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          63.11249225831271,
          195.78701254758198,
          113.72562086027602,
          199.84826415905445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          195.78701254758198,
          316.90192013650255,
          199.84826415905445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          325.2761379420768,
          195.11201262370741,
          329.3261374853268,
          199.1732642351799
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "520\u00a0 \u00a0",
        "box": [
          414.33394039833485,
          195.11201262370741,
          434.00385668000524,
          199.84826415905445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.3780744855795,
          195.11201262370741,
          446.4280740288295,
          199.1732642351799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452\u00a0",
        "box": [
          531.4358769418376,
          195.11201262370741,
          546.2542380206555,
          199.1732642351799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          63.11249225831271,
          205.91201140570774,
          115.09012159639066,
          209.97326301718022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          205.91201140570774,
          316.90192013650255,
          209.97326301718022
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          205.23701148183136,
          327.3011377137018,
          209.29826309330565
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "520\u00a0 \u00a0",
        "box": [
          414.33394039833485,
          205.23701148183136,
          434.00385668000524,
          209.29826309330565
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          205.23701148183136,
          444.4030742572045,
          209.29826309330565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "452\u00a0",
        "box": [
          531.4358769418376,
          205.23701148183136,
          546.2542380206555,
          209.29826309330565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.11249225831271,
          214.68701041608256,
          65.13749202993772,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          214.68701041608256,
          316.90192013650255,
          218.74826202755503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          214.68701041608256,
          327.3011377137018,
          218.74826202755503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          427.1272949555286,
          214.68701041608256,
          429.1522947271536,
          218.74826202755503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          431.97885690838024,
          214.68701041608256,
          434.00385668000524,
          218.74826202755503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          214.68701041608256,
          444.4030742572045,
          218.74826202755503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          214.68701041608256,
          546.2542380206555,
          218.74826202755503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Members' capital",
        "box": [
          63.11249225831271,
          224.8120092742065,
          118.77625703067645,
          228.8732608856808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          224.8120092742065,
          316.90192013650255,
          228.8732608856808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          224.13700935033194,
          327.3011377137018,
          228.1982609618044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,663\u00a0 \u00a0",
        "box": [
          404.2089415402098,
          224.13700935033194,
          434.00385668000524,
          228.1982609618044
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          224.13700935033194,
          444.4030742572045,
          228.1982609618044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,738\u00a0",
        "box": [
          521.3108780837125,
          224.13700935033194,
          546.2542380206555,
          228.1982609618044
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total capital",
        "box": [
          63.11249225831271,
          234.93700813233227,
          106.9861680903366,
          238.99825974380474
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          234.93700813233227,
          316.90192013650255,
          238.99825974380474
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          325.2761379420768,
          234.2620082084577,
          327.3011377137018,
          238.32325981993017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,663\u00a0 \u00a0",
        "box": [
          404.2089415402098,
          234.2620082084577,
          434.00385668000524,
          238.32325981993017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.3780744855795,
          234.2620082084577,
          444.4030742572045,
          238.32325981993017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82,738\u00a0",
        "box": [
          521.3108780837125,
          234.2620082084577,
          546.2542380206555,
          238.32325981993017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities and members' capital",
        "box": [
          63.11249225831271,
          245.7370069143326,
          191.81071770401152,
          249.79825852580507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          314.87692036487755,
          245.7370069143326,
          316.90192013650255,
          249.79825852580507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          325.2761379420768,
          243.71200714270708,
          329.3261374853268,
          247.77325875417955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,183\u00a0 \u00a0",
        "box": [
          404.2089415402098,
          243.71200714270708,
          434.00385668000524,
          249.1232586019305
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          442.3780744855795,
          243.71200714270708,
          446.4280740288295,
          247.77325875417955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,190\u00a0",
        "box": [
          521.3108780837125,
          243.71200714270708,
          546.2542380206555,
          247.77325875417955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following tables present CMTG/TT's consolidated statements of operations for the three months ended March 31, 2026 and ",
        "box": [
          85.15545852235574,
          266.06759595233416,
          551.3618746777526,
          270.5789695835683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 ($ in thousands):",
        "box": [
          63.11249225831271,
          276.1925948104581,
          143.83730255109353,
          280.7039684416941
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          291.71759305958403,
          87.40489575179419,
          296.2289666908182
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          302.3608785701017,
          64.9113670216896,
          305.96862368393886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          303.03587849397627,
          318.61641990939506,
          306.6436236078134
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          402.61636021981764,
          302.3608785701017,
          468.1838403848321,
          305.96862368393886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          302.3608785701017,
          547.2410001256208,
          305.96862368393886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          311.1358775804765,
          64.9113670216896,
          314.7436226943137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          311.8108775043511,
          318.61641990939506,
          315.41862261818824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          353.44683451504795,
          311.1358775804765,
          401.2082793286179,
          314.7436226943137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          429.2999509605013,
          311.1358775804765,
          431.09882572387824,
          314.7436226943137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          432.94916929895055,
          311.8108775043511,
          434.74804406232744,
          315.41862261818824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          469.57846541797954,
          311.1358775804765,
          517.3399102315494,
          314.7436226943137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          311.1358775804765,
          547.2410001256208,
          314.7436226943137
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      {
        "text": "Revenue",
        "box": [
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          319.98699854058214,
          92.80721607940745,
          324.0482501520546
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          319.98699854058214,
          318.8425449176432,
          324.0482501520546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  ",
        "box": [
          327.2167627232174,
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          331.2667622664674,
          324.0482501520546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          428.097607346099,
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          430.122607117724,
          324.0482501520546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          432.94916929895055,
          319.98699854058214,
          434.97416907057556,
          324.0482501520546
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
          443.3483868761498,
          319.98699854058214,
          447.3983864193998,
          324.0482501520546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          319.98699854058214,
          546.2542380206555,
          324.0482501520546
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest and related income",
        "box": [
          63.11249225831271,
          328.76199755095695,
          151.045735661396,
          332.82324916243124
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          329.43699747483333,
          318.8425449176432,
          333.4982490863058
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          327.2167627232174,
          328.76199755095695,
          331.2667622664674,
          332.82324916243124
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          424.7542517231552,
          328.76199755095695,
          430.122607117724,
          332.82324916243124
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          432.94916929895055,
          329.43699747483333,
          434.97416907057556,
          333.4982490863058
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          443.3483868761498,
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          447.3983864193998,
          332.82324916243124
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          540.8858758760875,
          328.76199755095695,
          546.2542380206555,
          332.82324916243124
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      {
        "text": "Total revenue",
        "box": [
          63.11249225831271,
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          107.86419665131449,
          342.9482480205552
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          339.5619963329573,
          318.8425449176432,
          343.62324794442975
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.2167627232174,
          338.8869964090827,
          329.2417624948424,
          342.9482480205552
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          424.7542517231552,
          338.8869964090827,
          430.122607117724,
          342.9482480205552
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          432.94916929895055,
          339.5619963329573,
          434.97416907057556,
          343.62324794442975
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          443.3483868761498,
          338.8869964090827,
          445.3733866477748,
          342.9482480205552
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          540.8858758760875,
          338.8869964090827,
          546.2542380206555,
          342.9482480205552
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          72.10897561870922,
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          74.13397539033423,
          353.07324687868095
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          349.0119952672085,
          318.8425449176432,
          353.07324687868095
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          425.4292516470302,
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          427.4542514186552,
          353.07324687868095
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          430.28081359988175,
          349.0119952672085,
          434.97416907057556,
          353.07324687868095
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          349.0119952672085,
          543.5858755715876,
          353.07324687868095
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          349.0119952672085,
          548.4690815208704,
          353.07324687868095
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        "from_ocr": false,
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      {
        "text": "Expenses",
        "box": [
          63.11249225831271,
          357.7869942775833,
          95.06952071426976,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          357.7869942775833,
          318.8425449176432,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          425.4292516470302,
          357.7869942775833,
          427.4542514186552,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          430.28081359988175,
          357.7869942775833,
          434.97416907057556,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          357.7869942775833,
          543.5858755715876,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          357.7869942775833,
          548.4690815208704,
          361.84824588905576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - affiliate",
        "box": [
          63.11249225831271,
          367.23699321183267,
          152.39046267974064,
          371.29824482330514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          367.23699321183267,
          318.8425449176432,
          371.29824482330514
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.2167627232174,
          367.23699321183267,
          329.2417624948424,
          371.29824482330514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52\u00a0 \u00a0",
        "box": [
          419.35425233215517,
          367.23699321183267,
          434.97416907057556,
          371.29824482330514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          443.3483868761498,
          367.23699321183267,
          445.3733866477748,
          371.29824482330514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52\u00a0",
        "box": [
          535.4858764850876,
          367.23699321183267,
          546.2542380206555,
          371.29824482330514
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          63.11249225831271,
          376.0119922222075,
          182.09309695994324,
          380.07324383367995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          376.68699214608205,
          318.8425449176432,
          380.74824375755634
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.2167627232174,
          376.0119922222075,
          329.2417624948424,
          380.07324383367995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23\u00a0 \u00a0",
        "box": [
          419.35425233215517,
          376.0119922222075,
          434.97416907057556,
          380.74824375755634
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          443.3483868761498,
          376.0119922222075,
          445.3733866477748,
          380.07324383367995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22\u00a0",
        "box": [
          535.4858764850876,
          376.0119922222075,
          546.2542380206555,
          380.07324383367995
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        "from_ocr": false,
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      {
        "text": "Total expenses",
        "box": [
          63.11249225831271,
          386.13699108033325,
          111.47122830452143,
          390.1982426918057
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          386.8119910042078,
          318.8425449176432,
          390.8732426156803
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.2167627232174,
          386.13699108033325,
          329.2417624948424,
          390.1982426918057
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75\u00a0 \u00a0",
        "box": [
          419.35425233215517,
          386.13699108033325,
          434.97416907057556,
          390.8732426156803
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          443.3483868761498,
          386.13699108033325,
          445.3733866477748,
          390.1982426918057
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74\u00a0",
        "box": [
          535.4858764850876,
          386.13699108033325,
          546.2542380206555,
          390.1982426918057
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          72.10897561870922,
          395.5869900145826,
          74.13397539033423,
          399.6482416260551
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          396.2619899384572,
          318.8425449176432,
          400.32324154992966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          425.4292516470302,
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          427.4542514186552,
          399.6482416260551
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          430.28081359988175,
          395.5869900145826,
          434.97416907057556,
          400.32324154992966
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
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          543.5858755715876,
          399.6482416260551
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          548.4690815208704,
          399.6482416260551
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net loss",
        "box": [
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          89.8844140290346,
          409.77324048418086
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          316.8175451460182,
          407.7369886443321,
          318.8425449176432,
          411.7982402558064
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          331.2667622664674,
          409.77324048418086
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(75) \u00a0",
        "box": [
          416.65425263665514,
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          434.97416907057556,
          411.7982402558064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          443.3483868761498,
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          447.3983864193998,
          409.77324048418086
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(74)",
        "box": [
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          546.9266011248279,
          409.77324048418086
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At  each  reporting  period,  we  assess  whether  there  are  any  indicators  of  other-than-temporary  impairment  of  our  equity ",
        "box": [
          85.15545852235574,
          427.3925777584591,
          551.3618746777526,
          431.90395138969325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment. There were no other than temporary impairments of our equity method investment through March 31, 2026.",
        "box": [
          63.11249225831271,
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          495.65328721044386,
          442.7039501716936
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          448.3175753985852,
          65.36192948775115,
          452.82894902981934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note",
        "box": [
          63.11249225831271,
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          81.09918728252832,
          479.1539460609438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          81.10545897910573,
          474.6425724297096,
          83.35489620854418,
          479.1539460609438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.  Real Estate Owned",
        "box": [
          83.36248997456276,
          474.6425724297096,
          168.08532945449312,
          479.1539460609438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents additional detail related to our real estate owned held-for-investment, net, as of March 31, 2026 and ",
        "box": [
          85.15545852235574,
          490.8425706027101,
          551.3513311789417,
          495.3539442339443
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 ($ in thousands):",
        "box": [
          63.11249225831271,
          500.96756946083406,
          196.54965081131147,
          505.4789430920682
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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          63.56136722456459,
          510.01149002022976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          123.86248540706289,
          513.1175680905853,
          126.11192263650132,
          517.6289417218195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          513.7925680144599,
          348.69314753428324,
          518.3039416456941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          358.2878529690886,
          514.9858545907264,
          406.0492977826585,
          518.5935997045635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          414.3444838971458,
          513.1175680905853,
          419.63142078402177,
          518.5935997045635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          424.037064304038,
          514.9858545907264,
          482.18069097922853,
          518.5935997045635
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          485.3038508945054,
          514.9858545907264,
          487.1027256578823,
          518.5935997045635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          123.86248540706289,
          523.8369755508338,
          140.5054522801059,
          527.8982271623063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          346.4437103048448,
          523.9175668725838,
          355.2819905580831,
          529.2482270100554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "301,980\u00a0 \u00a0 $",
        "box": [
          386.78550600518633,
          525.186975398583,
          426.2202638078216,
          529.2482270100554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "296,373\u00a0",
        "box": [
          457.7237792549248,
          525.186975398583,
          486.71713198511867,
          529.2482270100554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building, building improvements, and site improvements",
        "box": [
          123.86248540706289,
          533.9619744089578,
          309.0194459854705,
          538.0232260204302
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          534.0425657307096,
          348.69314753428324,
          538.5539393619438
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.2319910148331,
          535.3119742567087,
          353.2569907864581,
          539.3732258681812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "464,541\u00a0 \u00a0 \u00a0",
        "box": [
          386.78550600518633,
          535.3119742567087,
          424.1952640361966,
          539.3732258681812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "431,905\u00a0",
        "box": [
          457.7237792549248,
          535.3119742567087,
          486.71713198511867,
          539.3732258681812
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tenant improvements",
        "box": [
          123.86248540706289,
          544.0869732670835,
          194.71770207616828,
          548.148224878556
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          544.1675645888354,
          348.69314753428324,
          548.6789382200695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.2319910148331,
          544.7619731909581,
          353.2569907864581,
          548.8232248024306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,318\u00a0 \u00a0 \u00a0",
        "box": [
          394.88550509168635,
          544.7619731909581,
          424.1952640361966,
          548.8232248024306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,318\u00a0",
        "box": [
          465.8237783414248,
          544.7619731909581,
          486.71713198511867,
          548.8232248024306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture, fixtures and equipment",
        "box": [
          123.86248540706289,
          554.2119721252075,
          232.73786334833855,
          558.2732237366818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          554.9675633708339,
          348.69314753428324,
          559.4789370020699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.2319910148331,
          554.8869720490839,
          353.2569907864581,
          558.9482236605563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,996\u00a0 \u00a0 \u00a0",
        "box": [
          394.88550509168635,
          554.8869720490839,
          424.1952640361966,
          558.9482236605563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,140\u00a0",
        "box": [
          465.8237783414248,
          554.8869720490839,
          486.71713198511867,
          558.9482236605563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned held-for-investment",
        "box": [
          123.86248540706289,
          565.0119709072078,
          249.143527788144,
          569.0732225186803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          565.0925622289597,
          348.69314753428324,
          569.6039358601938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.2319910148331,
          565.6869708310842,
          353.2569907864581,
          569.7482224425567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "775,835\u00a0 \u00a0 \u00a0",
        "box": [
          386.78550600518633,
          565.6869708310842,
          424.1952640361966,
          569.7482224425567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,736\u00a0",
        "box": [
          457.7237792549248,
          565.6869708310842,
          486.71713198511867,
          569.7482224425567
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated depreciation",
        "box": [
          123.86248540706289,
          575.1369697653336,
          225.96677279196717,
          579.198221376806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          346.4437103048448,
          575.89256101096,
          348.69314753428324,
          580.4039346421941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.2319910148331,
          575.8119696892081,
          353.2569907864581,
          579.8732213006806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,072)\u00a0 \u00a0",
        "box": [
          388.1355058529363,
          575.8119696892081,
          424.1952640361966,
          579.8732213006806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,731)",
        "box": [
          463.12377864592486,
          575.8119696892081,
          487.389495089291,
          579.8732213006806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned held-for-investment, net",
        "box": [
          123.86248540706289,
          585.9369685473339,
          263.08913178538967,
          589.9982201588064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          346.4437103048448,
          586.6119684712085,
          355.2819905580831,
          592.5539332719436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764,763\u00a0 \u00a0 $",
        "box": [
          386.78550600518633,
          586.6119684712085,
          426.2202638078216,
          590.6732200826809
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "730,005\u00a0",
        "box": [
          457.7237792549248,
          586.6119684712085,
          486.71713198511867,
          590.6732200826809
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense related to our real estate owned held-for-investment assets for the three months ended March 31, 2026 and ",
        "box": [
          85.15545852235574,
          608.9675572808355,
          551.3618746777526,
          613.4789309120697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025  was  $4.3  million  and  $0.2  million,  respectively.  At  each  reporting  period,  we  assess  whether  there  are  any  indicators  of ",
        "box": [
          63.11249225831271,
          619.0925561389595,
          551.3618746777526,
          623.6039297701936
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impairment  of  our  real  estate  owned  held-for-investment  assets.  There  were  no  impairments  of  our  real  estate  owned  held-for-",
        "box": [
          63.11249225831271,
          629.2175549970852,
          549.1102320485347,
          633.7289286283194
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment assets through March 31, 2026.",
        "box": [
          63.11249225831271,
          640.0175537790856,
          217.80348751822953,
          644.5289274103197
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.4925701309603,
          65.36192948775115,
          62.00394376219447
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21",
        "box": [
          301.60895311120953,
          658.2425023797132,
          310.6066975402138,
          662.7538760109474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents detail related to changes in our real estate owned held-for-investment, net, during the three months ",
        "box": [
          85.15545852235574,
          93.9425660202105,
          551.3618746777526,
          98.45393965144467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2026 ($ in thousands):",
        "box": [
          63.11249225831271,
          104.06756487833627,
          206.7995023803559,
          108.57893850957043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          120.26756305133677,
          87.40489575179419,
          124.77893668257093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          130.23584863797805,
          64.9113670216896,
          133.8435937518152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          145.76084688710398,
          320.2828259714614,
          149.36859200093932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Cost",
        "box": [
          339.99957378160025,
          145.0858469632276,
          373.7776142521315,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          391.7003492009012,
          145.0858469632276,
          393.4992239642781,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          396.84722362044806,
          145.76084688710398,
          398.646098383825,
          149.36859200093932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          413.36362800776453,
          137.66084780060373,
          455.9367169227158,
          141.2685929144409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation",
        "box": [
          413.9647964399661,
          145.0858469632276,
          453.52945359502127,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          468.56596553216707,
          145.0858469632276,
          470.36484029554396,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          145.76084688710398,
          474.01405863399316,
          149.36859200093932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned",
        "box": [
          481.23275760363424,
          130.23584863797805,
          539.9912316565533,
          133.8435937518152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Investment, ",
        "box": [
          478.1425269521436,
          137.66084780060373,
          544.8890506408684,
          141.2685929144409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          505.2268988976281,
          145.0858469632276,
          516.0131149111265,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          145.0858469632276,
          547.2410001256208,
          148.69359207706475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total, December 31, 2025",
        "box": [
          63.11249225831271,
          154.6119678472096,
          147.90935850510974,
          158.67321945868207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          318.4839512080846,
          154.69255916896145,
          327.9761376375768,
          159.34821938255664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,736\u00a0",
        "box": [
          363.5296458779308,
          155.28696777108416,
          392.52300535812384,
          159.34821938255664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0$",
        "box": [
          398.12339197652466,
          155.28696777108416,
          404.8417539688426,
          159.34821938255664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,731) \u00a0 $",
        "box": [
          445.7952616001967,
          155.28696777108416,
          481.7073703001085,
          159.34821938255664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "730,005\u00a0",
        "box": [
          517.2608785404625,
          155.28696777108416,
          546.2542380206555,
          159.34821938255664
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreclosure of multifamily property including capitalized transaction costs",
        "box": [
          63.11249225831271,
          164.73696670533536,
          305.36891085716974,
          168.79821831680783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          164.8175580270854,
          320.73338843752305,
          169.32893165832138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          165.41196662920993,
          325.9511378659518,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,835\u00a0",
        "box": [
          367.5796454211808,
          165.41196662920993,
          392.52300535812384,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          398.12339197652466,
          165.41196662920993,
          402.8167541972176,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          464.0202595448217,
          165.41196662920993,
          469.3886216893897,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          165.41196662920993,
          474.2401836422413,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          165.41196662920993,
          479.6823705284835,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,835\u00a0",
        "box": [
          521.3108780837125,
          165.41196662920993,
          546.2542380206555,
          169.4732182406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital expenditures",
        "box": [
          63.11249225831271,
          174.18696563958474,
          129.91771019416802,
          178.2482172510572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          174.2675569613366,
          320.73338843752305,
          178.77893059257076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          175.53696548733387,
          325.9511378659518,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264\u00a0",
        "box": [
          371.62964496443084,
          175.53696548733387,
          392.52300535812384,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          398.12339197652466,
          175.53696548733387,
          402.8167541972176,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          464.0202595448217,
          175.53696548733387,
          469.3886216893897,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          175.53696548733387,
          474.2401836422413,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          175.53696548733387,
          479.6823705284835,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264\u00a0",
        "box": [
          525.3608776269625,
          175.53696548733387,
          546.2542380206555,
          179.59821709880816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense",
        "box": [
          63.11249225831271,
          184.3119644977105,
          133.05408816045426,
          188.37321610918298
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          184.39255581946054,
          320.73338843752305,
          188.9039294506947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          184.98696442158507,
          325.9511378659518,
          189.04821603305754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          387.15464321355586,
          184.98696442158507,
          392.52300535812384,
          189.04821603305754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          398.12339197652466,
          184.98696442158507,
          402.8167541972176,
          189.7232159569321
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,341) \u00a0",
        "box": [
          445.7952616001967,
          184.98696442158507,
          474.2401836422413,
          189.7232159569321
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          184.98696442158507,
          479.6823705284835,
          189.04821603305754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,341)",
        "box": [
          522.6608779314624,
          184.98696442158507,
          546.9266011248279,
          189.04821603305754
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total, March 31, 2026",
        "box": [
          63.11249225831271,
          194.43696335583445,
          135.77122475402163,
          198.49821496730692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          318.4839512080846,
          194.43696335583445,
          327.9761376375768,
          200.37892815657142
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "775,835\u00a0",
        "box": [
          363.5296458779308,
          194.43696335583445,
          392.52300535812384,
          198.49821496730692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          398.12339197652466,
          194.43696335583445,
          404.8417539688426,
          200.52321473893244
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,072) \u00a0 $",
        "box": [
          441.7452620569467,
          194.43696335583445,
          481.7073703001085,
          198.49821496730692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764,763\u00a0",
        "box": [
          517.2608785404625,
          194.43696335583445,
          546.2542380206555,
          198.49821496730692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents additional detail related to the revenues and operating expenses of our real estate owned assets ($ in ",
        "box": [
          85.15545852235574,
          216.79255216546153,
          551.3618746777526,
          221.3039257966957
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "thousands):",
        "box": [
          63.11249225831271,
          226.91755102358547,
          104.59962575873193,
          231.42892465482146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          237.7175498055858,
          87.40489575179419,
          242.22892343681997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          209.7140382249147,
          248.36083531610348,
          211.51291298829156,
          251.96858042994063
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          382.3030812607043,
          247.6858353922289,
          447.87056142571873,
          251.29358050606606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          509.36127343136246,
          247.6858353922289,
          511.1601481947394,
          251.29358050606606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          209.7140382249147,
          257.1358343264783,
          211.51291298829156,
          260.74357944031544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          341.4023046234034,
          256.4608344026037,
          389.1637494369732,
          260.0685795164409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          409.7355034169364,
          256.4608344026037,
          411.5343781803133,
          260.0685795164409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          416.24292118304425,
          257.1358343264783,
          418.04179594642113,
          260.74357944031544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          441.00698089020835,
          256.4608344026037,
          488.7684257037783,
          260.0685795164409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          509.36127343136246,
          256.4608344026037,
          511.1601481947394,
          260.0685795164409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue",
        "box": [
          99.56248814756282,
          264.93639442590575,
          127.59923105085623,
          268.77089278856147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0\u00a0",
        "box": [
          406.2339413118348,
          265.31195536270934,
          415.0405775686419,
          269.3732069741818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          505.8386175786398,
          265.31195536270934,
          507.8636173502648,
          269.3732069741818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          509.99408585999527,
          265.31195536270934,
          512.0190856316202,
          269.3732069741818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel portfolio",
        "box": [
          104.0554563908558,
          274.3863933601551,
          149.7215498019848,
          278.22089172281085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          322.3124630263135,
          274.76195429696054,
          326.3624625695635,
          278.823205908433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,364\u00a0 \u00a0",
        "box": [
          385.9839435955848,
          274.76195429696054,
          415.0405775686419,
          278.823205908433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.91713929311845,
          274.76195429696054,
          425.96713883636846,
          278.823205908433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,690\u00a0",
        "box": [
          485.58861986238975,
          274.76195429696054,
          510.53197304933354,
          278.823205908433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property fixed rents",
        "box": [
          104.0554563908558,
          283.16139237052994,
          198.98746939541502,
          286.99589073318566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          283.53695330733535,
          324.3374627979385,
          287.5982049188078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,306\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          283.53695330733535,
          415.0405775686419,
          287.5982049188078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          283.53695330733535,
          423.94213906474346,
          287.5982049188078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,087\u00a0",
        "box": [
          489.63861940563976,
          283.53695330733535,
          510.53197304933354,
          287.5982049188078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property variable rents",
        "box": [
          104.0554563908558,
          292.61139130478114,
          207.90112263765292,
          296.44588966743686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          292.98695224158473,
          324.3374627979385,
          297.0482038530572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170\u00a0 \u00a0",
        "box": [
          396.1089424537098,
          292.98695224158473,
          415.0405775686419,
          297.0482038530572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          292.98695224158473,
          423.94213906474346,
          297.0482038530572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116\u00a0",
        "box": [
          495.7136187205148,
          292.98695224158473,
          510.53197304933354,
          297.0482038530572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property amortization of above and",
        "box": [
          104.0554563908558,
          301.38639031515595,
          246.55432423389865,
          305.2208886778117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0below market leases, net",
        "box": [
          104.0554563908558,
          309.4863894016562,
          183.05346304588167,
          313.3208877643119
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          309.8619503384598,
          324.3374627979385,
          313.92320194993226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(295) \u00a0",
        "box": [
          393.4089427582098,
          309.8619503384598,
          415.0405775686419,
          313.92320194993226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          309.8619503384598,
          423.94213906474346,
          313.92320194993226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(354)",
        "box": [
          493.01361902501475,
          309.8619503384598,
          511.20433615350595,
          313.92320194993226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property straight-line rent adjustment",
        "box": [
          104.0554563908558,
          318.261388412031,
          252.7232790036739,
          322.09588677468673
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          318.6369493488346,
          324.3374627979385,
          322.6982009603071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201\u00a0 \u00a0",
        "box": [
          396.1089424537098,
          318.6369493488346,
          415.0405775686419,
          322.6982009603071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          318.6369493488346,
          423.94213906474346,
          322.6982009603071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25\u00a0",
        "box": [
          499.7636182637648,
          318.6369493488346,
          510.53197304933354,
          322.6982009603071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily properties fixed rents",
        "box": [
          104.0554563908558,
          327.7113873462804,
          207.9123079938915,
          331.5458857089361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          328.0869482830858,
          324.3374627979385,
          332.1481998945583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,147\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          328.0869482830858,
          415.0405775686419,
          332.1481998945583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          328.0869482830858,
          423.94213906474346,
          332.1481998945583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          328.0869482830858,
          510.53197304933354,
          332.1481998945583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily properties variable rents",
        "box": [
          104.0554563908558,
          336.4863863566552,
          216.82596123612942,
          340.3208847193109
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          336.8619472934606,
          324.3374627979385,
          340.9231989049331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,484\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          336.8619472934606,
          415.0405775686419,
          340.9231989049331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          336.8619472934606,
          423.94213906474346,
          340.9231989049331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          336.8619472934606,
          510.53197304933354,
          340.9231989049331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily property amortization of",
        "box": [
          104.0554563908558,
          345.9363852909064,
          217.68110838887807,
          349.7708836535621
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0\u00a0\u00a0below market leases, net",
        "box": [
          104.0554563908558,
          354.03638437740483,
          186.87732276463527,
          357.87088274006237
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          353.0619454664593,
          324.3374627979385,
          357.1231970779336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37\u00a0 \u00a0",
        "box": [
          400.1589419969598,
          353.0619454664593,
          415.0405775686419,
          357.79819700180815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          353.0619454664593,
          423.94213906474346,
          357.1231970779336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          353.0619454664593,
          510.53197304933354,
          357.1231970779336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenue from real estate owned",
        "box": [
          113.06248662506286,
          362.1363834639051,
          227.08773048429802,
          365.9708818265626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          322.3124630263135,
          362.5119444007105,
          326.3624625695635,
          366.57319601218296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,414\u00a0 \u00a0",
        "box": [
          385.9839435955848,
          362.5119444007105,
          415.0405775686419,
          368.5981957838085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.91713929311845,
          362.5119444007105,
          425.96713883636846,
          366.57319601218296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,564\u00a0",
        "box": [
          485.58861986238975,
          362.5119444007105,
          510.53197304933354,
          366.57319601218296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          99.56248814756282,
          373.61138216978,
          101.47442541506376,
          377.4458805324375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0\u00a0",
        "box": [
          406.2339413118348,
          373.9869431065854,
          415.0405775686419,
          378.04819471805786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          505.8386175786398,
          373.9869431065854,
          507.8636173502648,
          378.04819471805786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          509.99408585999527,
          373.9869431065854,
          512.0190856316202,
          378.04819471805786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          99.56248814756282,
          383.06138110403117,
          163.5040160896604,
          386.8958794666869
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0\u00a0",
        "box": [
          406.2339413118348,
          383.43694204083477,
          415.0405775686419,
          387.49819365230724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          505.8386175786398,
          383.43694204083477,
          507.8636173502648,
          387.49819365230724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          509.99408585999527,
          383.43694204083477,
          512.0190856316202,
          387.49819365230724
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Hotel portfolio",
        "box": [
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          149.7215498019848,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          326.3624625695635,
          396.27319266268387
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11,833\u00a0 \u00a0",
        "box": [
          385.9839435955848,
          392.2119410512096,
          415.0405775686419,
          396.27319266268387
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          425.96713883636846,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11,404\u00a0",
        "box": [
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          510.53197304933354,
          396.27319266268387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property",
        "box": [
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          164.58386667334557,
          405.1208774113111
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          324.3374627979385,
          405.72319159693325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "451\u00a0 \u00a0",
        "box": [
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          401.6619399854608,
          415.0405775686419,
          405.72319159693325
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          423.94213906474346,
          405.72319159693325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,511\u00a0",
        "box": [
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          401.6619399854608,
          510.53197304933354,
          405.72319159693325
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily properties",
        "box": [
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          410.0613780590302,
          173.5087043788538,
          413.8958764216877
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          324.3374627979385,
          414.49819060730806
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,603\u00a0 \u00a0",
        "box": [
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          410.4369389958356,
          415.0405775686419,
          414.49819060730806
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          423.94213906474346,
          414.49819060730806
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          410.4369389958356,
          510.53197304933354,
          414.49819060730806
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        "from_ocr": false,
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      {
        "text": "Land",
        "box": [
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          119.76918019744679,
          423.3458753559371
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
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          324.3374627979385,
          423.94818954155744
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "167\u00a0 \u00a0",
        "box": [
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          419.88693793008497,
          415.0405775686419,
          424.6231894654338
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          423.94213906474346,
          423.94818954155744
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          419.88693793008497,
          510.53197304933354,
          423.94818954155744
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        "from_ocr": false,
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      {
        "text": "Total operating expenses from real estate owned",
        "box": [
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          261.28596874749644,
          432.7958742901865
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          326.3624625695635,
          433.39818847580864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18,054\u00a0 \u00a0",
        "box": [
          385.9839435955848,
          429.33693686433617,
          415.0405775686419,
          435.42318824743234
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          425.96713883636846,
          433.39818847580864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12,915\u00a0",
        "box": [
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          510.53197304933354,
          433.39818847580864
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      {
        "text": " ",
        "box": [
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          114.97442389256379,
          444.27087299606137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0\u00a0",
        "box": [
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          440.81193557021106,
          415.0405775686419,
          444.87318718168353
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          505.8386175786398,
          440.81193557021106,
          507.8636173502648,
          444.87318718168353
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          509.99408585999527,
          440.81193557021106,
          512.0190856316202,
          444.87318718168353
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        "from_ocr": false,
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      {
        "text": "Interest expense",
        "box": [
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          152.4469035385907,
          453.0458720064362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0\u00a0",
        "box": [
          406.2339413118348,
          449.5869345805859,
          415.0405775686419,
          453.64818619205835
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          449.5869345805859,
          507.8636173502648,
          453.64818619205835
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          449.5869345805859,
          512.0190856316202,
          453.64818619205835
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel portfolio",
        "box": [
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          149.7215498019848,
          462.4958709406874
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          459.03693351483525,
          326.3624625695635,
          463.0981851263077
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,737\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          459.03693351483525,
          415.0405775686419,
          463.0981851263077
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          421.91713929311845,
          459.03693351483525,
          425.96713883636846,
          463.0981851263077
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6,554\u00a0",
        "box": [
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          510.53197304933354,
          463.0981851263077
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use property",
        "box": [
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          164.58386667334557,
          471.2708699510622
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
          467.81193252521007,
          324.3374627979385,
          471.87318413668254
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          405.5589413879598,
          467.81193252521007,
          415.0405775686419,
          471.87318413668254
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          467.81193252521007,
          423.94213906474346,
          471.87318413668254
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          467.81193252521007,
          510.53197304933354,
          471.87318413668254
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily properties",
        "box": [
          104.0554563908558,
          476.88637052265585,
          173.5087043788538,
          480.7208688853116
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3124630263135,
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          324.3374627979385,
          481.32318307093374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,439\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          477.26193145946127,
          415.0405775686419,
          481.9981829948083
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          421.91713929311845,
          477.26193145946127,
          423.94213906474346,
          481.32318307093374
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          505.1636176547648,
          477.26193145946127,
          510.53197304933354,
          481.32318307093374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total interest expense from real estate owned",
        "box": [
          113.06248662506286,
          487.0113693807816,
          251.93914166161093,
          490.84586774343734
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          322.3124630263135,
          487.3869303175852,
          326.3624625695635,
          491.4481819290577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,176\u00a0 \u00a0",
        "box": [
          390.0339431388348,
          487.3869303175852,
          415.0405775686419,
          493.4731817006832
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          421.91713929311845,
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          425.96713883636846,
          491.4481819290577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,554\u00a0",
        "box": [
          489.63861940563976,
          487.3869303175852,
          510.53197304933354,
          491.4481819290577
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          101.9882691239886,
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          111.43299441883337,
          506.9731801781836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Such  assets  are  pledged  to  certain  of  our  repurchase  agreements  and,  accordingly,  excludes  any  allocation  of ",
        "box": [
          116.77498620637536,
          502.91192856671114,
          512.2616603542632,
          506.9731801781836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of deferred financing costs related to such repurchase agreement.",
        "box": [
          116.77498620637536,
          512.3619275009605,
          370.4615832461623,
          516.423179112433
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily Property",
        "box": [
          63.11249225831271,
          538.7675158538368,
          139.83488565448096,
          543.278889485071
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On January 7, 2026, we acquired legal title to a multifamily property located in Dallas, TX through a mortgage foreclosure. ",
        "box": [
          85.15545852235574,
          559.6925134939629,
          551.3618746777526,
          564.2038871251971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Prior  to  such  date,  the  multifamily  property  represented  the  collateral  for  a  senior  loan  with  an  unpaid  principal  balance  prior  to ",
        "box": [
          63.11249225831271,
          569.8175123520869,
          551.3618746777526,
          574.328885983321
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal  charge-off  of  $76.6  million.  As  of  December  31,  2025  and  in  anticipation  of  the  mortgage  foreclosure,  we  recognized  a ",
        "box": [
          63.11249225831271,
          580.6175111340872,
          551.3618746777526,
          585.1288847653213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal charge-off of $39.1 million based upon the multifamily property's $37.4 million estimated fair value as determined by a ",
        "box": [
          63.11249225831271,
          590.742509992213,
          551.3513311789417,
          595.2538836234471
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third-party appraisal. During the three months ended March 31, 2026, we recognized an additional principal charge-off of $1.3 million ",
        "box": [
          63.11249225831271,
          600.8675088503369,
          551.3513311789417,
          605.378882481571
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "upon the assumption of net working capital. In connection with the mortgage foreclosure, we incurred $0.3 million of transaction ",
        "box": [
          63.11249225831271,
          611.6675076323372,
          551.3513311789417,
          616.1788812635714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "costs. As of March 31, 2026, the multifamily property appears as part of real estate owned held-for-investment, net and related lease ",
        "box": [
          63.11249225831271,
          621.792506490463,
          551.3618746777526,
          626.3038801216971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "intangibles appear within other assets on our consolidated balance sheet.",
        "box": [
          63.11249225831271,
          631.9175053485869,
          323.9678141927515,
          636.4288789798211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          173.51716730711772,
          475.1828657609967,
          180.77175995026687,
          477.75160747294103
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 22,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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          65.36192948775115,
          61.328775022328045
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
          301.60895311120953,
          626.5173371415949,
          310.6066975402138,
          631.0287107728291
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair  values  of  collateral  assets  used  to  determine  the  initial  estimated  fair  value  of  real  estate  owned  are  calculated  using  a ",
        "box": [
          85.15545852235574,
          93.94239720421865,
          551.3618746777526,
          98.45377083545281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted  cash  flow  model,  a  sales  comparison  approach,  or  a  market  capitalization  approach.  Estimates  of  fair  values  used  to ",
        "box": [
          63.11249225831271,
          104.06739606234441,
          551.3618746777526,
          108.57876969357858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ",
        "box": [
          63.11249225831271,
          114.19239492046836,
          551.3618746777526,
          118.70376855170252
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ",
        "box": [
          63.11249225831271,
          124.99239370246869,
          551.3618746777526,
          129.50376733370285
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ",
        "box": [
          63.11249225831271,
          135.11739256059445,
          551.3618746777526,
          139.62876619182862
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ",
        "box": [
          63.11249225831271,
          145.2423914187184,
          551.3618746777526,
          149.75376504995256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions,  among  other  factors  which  we  may  deem  relevant.  Estimates  of  fair  values  used  to  determine  real  estate  owned  upon ",
        "box": [
          63.11249225831271,
          156.04239020071873,
          551.3618746777526,
          160.5537638319529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition during the three months ended March 31, 2026 include assumptions of a market capitalization rate of 5.75% and a discount ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          170.67876269007866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate of 8.00%.",
        "box": [
          63.11249225831271,
          176.29238791696844,
          114.0848506728879,
          180.8037615482026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In accordance with ASC 805, we allocated the fair value of assets acquired and liabilities assumed in connection with the above ",
        "box": [
          85.15545852235574,
          197.21738555709453,
          551.3618746777526,
          201.7287591883287
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mentioned mortgage foreclosure as follows ($ in thousands):",
        "box": [
          63.11249225831271,
          208.01738433909486,
          281.755742916957,
          212.52875797032902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          218.1423831972188,
          65.36192948775115,
          222.65375682845297
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Land",
        "box": [
          123.86248540706289,
          228.18679073359272,
          140.5054522801059,
          232.2480423450652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          423.1089394087099,
          228.18679073359272,
          427.1589389519599,
          232.2480423450652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,549\u00a0",
        "box": [
          465.8554155878569,
          228.18679073359272,
          486.7487759815499,
          232.2480423450652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Building",
        "box": [
          123.86248540706289,
          237.6367896678421,
          152.21643662936697,
          241.69804127931457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.1089394087099,
          237.6367896678421,
          425.1339391803349,
          241.69804127931457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,632\u00a0",
        "box": [
          461.8054160446069,
          237.6367896678421,
          486.7487759815499,
          241.69804127931457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Site improvements",
        "box": [
          123.86248540706289,
          246.4117886782169,
          184.83000727128058,
          250.4730402896912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.1089394087099,
          246.4117886782169,
          425.1339391803349,
          250.4730402896912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,471\u00a0",
        "box": [
          465.8554155878569,
          246.4117886782169,
          486.7487759815499,
          250.4730402896912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furniture, fixtures and equipment",
        "box": [
          123.86248540706289,
          255.8617876124681,
          232.73786334833855,
          259.9230392239406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.1089394087099,
          255.8617876124681,
          425.1339391803349,
          259.9230392239406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "852\u00a0",
        "box": [
          471.9304149027319,
          255.8617876124681,
          486.7487759815499,
          259.9230392239406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease values",
        "box": [
          123.86248540706289,
          265.3117865467175,
          191.32424795887445,
          269.37303815818996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.1089394087099,
          265.3117865467175,
          425.1339391803349,
          269.37303815818996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "896\u00a0",
        "box": [
          471.9304149027319,
          265.3117865467175,
          486.7487759815499,
          269.37303815818996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          123.86248540706289,
          274.76178548096686,
          142.3129225262634,
          278.82303709244115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          423.1089394087099,
          274.76178548096686,
          427.1589389519599,
          278.82303709244115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,400",
        "box": [
          461.8054160446069,
          274.76178548096686,
          484.08041353248194,
          278.82303709244115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          484.7237762099249,
          274.76178548096686,
          486.7487759815499,
          278.82303709244115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          121.42615755682655,
          290.96178365396736,
          130.87088285167133,
          295.02303526543983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other assets on our consolidated balance sheets.",
        "box": [
          135.41131560461136,
          290.96178365396736,
          342.5782886807786,
          295.02303526543983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  additional  detail  of  the  assets  acquired  and  liabilities  assumed  in  connection  with  the  above ",
        "box": [
          85.15545852235574,
          311.2923726919689,
          551.3618746777526,
          315.8037463232031
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mentioned mortgage foreclosure ($ in thousands):",
        "box": [
          63.11249225831271,
          322.09237147396925,
          242.76848245635392,
          326.6037451052034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          332.217370332095,
          65.36192948775115,
          336.7287439633292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          123.86248540706289,
          342.2617778684671,
          145.46116618121144,
          346.3230294799414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          482.044870262046,
          342.2617778684671,
          487.7190883721202,
          346.3230294799414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash",
        "box": [
          123.86248540706289,
          351.7117768027183,
          140.06248439006285,
          355.7730284141908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          423.09838915989974,
          351.7117768027183,
          427.14838870314975,
          355.7730284141908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "261\u00a0",
        "box": [
          471.919871403921,
          351.7117768027183,
          486.73822573273975,
          355.7730284141908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          123.86248540706289,
          360.4867758130931,
          173.1190245420193,
          364.5480274245656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          360.4867758130931,
          425.12338893152474,
          364.5480274245656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,672\u00a0",
        "box": [
          465.84487208904596,
          360.4867758130931,
          486.73822573273975,
          364.5480274245656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned",
        "box": [
          123.86248540706289,
          369.9367747473425,
          182.78918982143946,
          373.99802635881497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          369.9367747473425,
          425.12338893152474,
          373.99802635881497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,504\u00a0",
        "box": [
          461.79487254579595,
          369.9367747473425,
          486.73822573273975,
          373.99802635881497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place lease values",
        "box": [
          123.86248540706289,
          379.3867736815937,
          191.32424795887445,
          383.44802529306617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          379.3867736815937,
          425.12338893152474,
          383.44802529306617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "896\u00a0",
        "box": [
          471.919871403921,
          379.3867736815937,
          486.73822573273975,
          383.44802529306617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          123.86248540706289,
          388.1617726919685,
          163.22737531757764,
          392.223024303441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          388.1617726919685,
          425.12338893152474,
          392.223024303441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "359\u00a0",
        "box": [
          471.919871403921,
          388.1617726919685,
          486.73822573273975,
          392.223024303441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          123.86248540706289,
          398.28677155009245,
          164.1370424749874,
          402.3480231615649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          398.28677155009245,
          425.12338893152474,
          402.3480231615649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,692",
        "box": [
          461.79487254579595,
          398.28677155009245,
          484.069870033671,
          402.3480231615649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          484.71322596111474,
          398.28677155009245,
          486.73822573273975,
          402.3480231615649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          123.86248540706289,
          407.73677048434365,
          125.8874851786879,
          411.7980220958161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          482.044870262046,
          407.73677048434365,
          487.7190883721202,
          411.7980220958161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          123.86248540706289,
          417.18676941859303,
          158.51687511881744,
          421.2480210300655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          482.044870262046,
          417.18676941859303,
          487.7190883721202,
          421.2480210300655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities",
        "box": [
          123.86248540706289,
          425.96176842896784,
          174.47561400902612,
          430.0230200404403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          423.09838915989974,
          425.96176842896784,
          427.14838870314975,
          430.0230200404403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,631\u00a0",
        "box": [
          465.84487208904596,
          425.96176842896784,
          486.73822573273975,
          430.0230200404403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          123.86248540706289,
          436.0867672870936,
          175.84011474514077,
          440.1480188985661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          436.0867672870936,
          425.12338893152474,
          440.1480188985661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,631",
        "box": [
          465.84487208904596,
          436.0867672870936,
          484.069870033671,
          440.1480188985661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          484.71322596111474,
          436.0867672870936,
          486.73822573273975,
          440.1480188985661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          123.86248540706289,
          445.536766221343,
          125.8874851786879,
          449.59801783281546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          445.9975202462283,
          425.33550612318265,
          450.4863733773782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          484.71322596111474,
          445.9975202462283,
          486.95034292439766,
          450.4863733773782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          123.86248540706289,
          457.68676485109245,
          147.27258922692317,
          461.74801646256674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          457.68676485109245,
          425.12338893152474,
          461.74801646256674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,061",
        "box": [
          461.79487254579595,
          457.68676485109245,
          484.069870033671,
          461.74801646256674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          484.71322596111474,
          457.68676485109245,
          486.73822573273975,
          461.74801646256674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying value of loan prior to charge-offs",
        "box": [
          123.86248540706289,
          467.13676378534365,
          261.9619334825126,
          471.1980153968161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.09838915989974,
          467.13676378534365,
          425.12338893152474,
          471.1980153968161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(76,453)",
        "box": [
          459.0948728502959,
          467.13676378534365,
          487.4105888369121,
          471.1980153968161
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal Charge-off",
        "box": [
          123.86248540706289,
          479.2867624150931,
          195.62341400402408,
          483.3480140265656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          423.09838915989974,
          477.2617626434676,
          427.14838870314975,
          481.3230142549419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(40,392)",
        "box": [
          459.0948728502959,
          477.2617626434676,
          487.4105888369121,
          481.3230142549419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          121.42615755682655,
          492.7867608925935,
          130.87088285167133,
          496.848012504066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other assets on our consolidated balance sheets.",
        "box": [
          135.1687341319692,
          492.7867608925935,
          342.3357072081364,
          496.848012504066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          121.42615755682655,
          502.2367598268429,
          130.87088285167133,
          506.29801143831537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents carrying value of loan prior to charge-offs recognized as of December 31, 2025 and during the ",
        "box": [
          135.1687341319692,
          502.2367598268429,
          486.33612692808754,
          506.29801143831537
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "three months ended March 31, 2026. Amount is net of $0.1 million of unamortized fees.",
        "box": [
          135.1687341319692,
          511.6867587610941,
          420.8677285214687,
          515.7480103725666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leases",
        "box": [
          63.11249225831271,
          538.0923471139704,
          87.59268603077228,
          542.6037207452046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have non-cancelable operating leases for space in our mixed-use and multifamily properties. These leases provide for fixed ",
        "box": [
          85.15545852235574,
          553.6173453630945,
          551.3618746777526,
          558.1287189943287
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rent payments, which we recognize on a straight-line basis, and variable rent payments, including reimbursement of certain operating ",
        "box": [
          63.11249225831271,
          563.7423442212203,
          551.3618746777526,
          568.2537178524544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses and miscellaneous fees, which we recognize when earned. As of March 31, 2026, the future minimum fixed rents under our ",
        "box": [
          63.11249225831271,
          574.5423430032206,
          551.3724249265628,
          579.0537166344548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands):",
        "box": [
          63.11249225831271,
          584.6673418613445,
          420.36831979203725,
          589.1787154925787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          600.1923401104705,
          87.40489575179419,
          604.7037137417046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          191.33084054813105,
          263.03160523007136,
          199.01553540956817,
          265.7526438097557
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
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          199.01553540956817,
          379.8276309446319
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        "from_ocr": false,
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      {
        "text": "\u00a0(2)",
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          465.5315823925721,
          269.6479459438012,
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        "from_ocr": false,
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  {
    "page_no": 23,
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      {
        "text": "\u00a0",
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          61.32872846232931
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      {
        "text": "23",
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        "text": "Year",
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        "text": "\u00a0",
        "box": [
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          262.9546572205555,
          86.44801222806564
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        "text": "Amount",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "2026",
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          179.75037310415055,
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          195.9503712771506,
          95.22301123844045
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          91.24235094871983,
          263.1790946783689,
          95.753724579954
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          272.88981235009066,
          92.51175947471711,
          276.9398118933407,
          96.57301108618958
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4,124\u00a0",
        "box": [
          411.70776544450905,
          92.51175947471711,
          431.9577631607591,
          96.57301108618958
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        "from_ocr": false,
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      {
        "text": "2027",
        "box": [
          179.75037310415055,
          100.61175856121736,
          195.9503712771506,
          104.67301017268983
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          100.69234988296921,
          263.1790946783689,
          105.20372351420338
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          272.88981235009066,
          101.96175840896831,
          274.91481212171567,
          106.02301002044078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,540\u00a0",
        "box": [
          411.70776544450905,
          101.96175840896831,
          431.9577631607591,
          106.02301002044078
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        "from_ocr": false,
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      {
        "text": "2028",
        "box": [
          179.75037310415055,
          110.06175749546856,
          195.9503712771506,
          114.12300910694103
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          110.14234881721859,
          263.1790946783689,
          114.65372244845275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          272.88981235009066,
          111.41175734321769,
          274.91481212171567,
          115.47300895469016
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,662\u00a0",
        "box": [
          411.70776544450905,
          111.41175734321769,
          431.9577631607591,
          115.47300895469016
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2029",
        "box": [
          179.75037310415055,
          119.51175642971793,
          195.9503712771506,
          123.5730080411904
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          119.59234775146979,
          263.1790946783689,
          124.10372138270395
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          272.88981235009066,
          120.86175627746707,
          274.91481212171567,
          124.92300788894136
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,390\u00a0",
        "box": [
          411.70776544450905,
          120.86175627746707,
          431.9577631607591,
          124.92300788894136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2030",
        "box": [
          179.75037310415055,
          128.9617553639673,
          195.9503712771506,
          133.02300697543978
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          129.04234668571917,
          263.1790946783689,
          133.55372031695333
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          130.31175521171826,
          274.91481212171567,
          134.37300682319074
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      {
        "text": "6,437\u00a0",
        "box": [
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          431.9577631607591,
          134.37300682319074
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        "text": "Thereafter",
        "box": [
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          138.4117542982185,
          213.4713659011716,
          142.47300590969098
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
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          263.1790946783689,
          143.00371925120453
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          272.88981235009066,
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          274.91481212171567,
          143.14800583356555
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        "text": "29,311\u00a0",
        "box": [
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          431.9577631607591,
          143.14800583356555
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      {
        "text": "Total",
        "box": [
          179.75037310415055,
          147.8617532324679,
          196.84421832634447,
          151.92300484394036
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          260.92965744893047,
          149.29234440196888,
          263.1790946783689,
          153.80371803320304
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          272.88981235009066,
          147.8617532324679,
          276.9398118933407,
          151.92300484394036
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        "from_ocr": false,
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      {
        "text": "57,464\u00a0",
        "box": [
          407.65776590125904,
          147.8617532324679,
          431.9577631607591,
          151.92300484394036
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          158.42444742122825,
          64.46249210606271,
          161.13194849554384
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      {
        "text": "(1) Contractual lease payments due for the remaining nine months of 2026.",
        "box": [
          179.75037310415055,
          164.73675132934295,
          423.1339900058848,
          168.79800294081542
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      {
        "text": "Lease Intangibles",
        "box": [
          63.11249225831271,
          191.14233968221924,
          126.32073450560864,
          195.6537133134534
        ],
        "from_ocr": false,
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      {
        "text": "As of March 31, 2026 and December 31, 2025, our lease intangibles are comprised of the following ($ in thousands):",
        "box": [
          85.15545852235574,
          206.66733793134517,
          506.95362209713835,
          211.17871156257934
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          215.9606235941119,
          64.9113670216896,
          219.56836870794905
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        "from_ocr": false,
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      {
        "text": "Intangible",
        "box": [
          209.9355259499358,
          225.41062252836127,
          241.5246913228101,
          229.01836764219843
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          224.8117445542175,
          322.3546505215557,
          228.87299616568998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          338.2593362278604,
          225.41062252836127,
          386.02078104143027,
          229.01836764219843
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          398.02847348722935,
          225.41062252836127,
          399.82734825060624,
          229.01836764219843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          403.15425415915513,
          226.08562245223584,
          404.953128922532,
          229.693367566073
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          413.4163590018177,
          225.41062252836127,
          471.5599856770082,
          229.01836764219843
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          478.39565192359674,
          225.41062252836127,
          480.1945266869737,
          229.01836764219843
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place, above market, and other lease values",
        "box": [
          131.1503752101508,
          234.93674341234328,
          280.92917065842965,
          238.99799502381575
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          233.66733488634418,
          322.57908797936915,
          238.17870851757834
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          327.0902002374909,
          234.93674341234328,
          331.1401997807409,
          238.99799502381575
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,279\u00a0 \u00a0",
        "box": [
          374.92026959332145,
          234.93674341234328,
          402.700735210302,
          238.99799502381575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.4362849262372,
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          411.4862844694872,
          238.99799502381575
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,383\u00a0",
        "box": [
          455.26635428206777,
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          479.5663515415678,
          238.99799502381575
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Less: accumulated amortization",
        "box": [
          131.1503752101508,
          244.38674234659265,
          234.16037452291087,
          248.44799395806513
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
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          322.57908797936915,
          247.62870745182954
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.0902002374909,
          243.7117424227181,
          329.1152000091159,
          247.77299403419056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,068)\u00a0",
        "box": [
          372.2202698978214,
          243.7117424227181,
          402.700735210302,
          248.44799395806513
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          407.4362849262372,
          243.7117424227181,
          409.4612846978622,
          247.77299403419056
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(8,632)",
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          480.23871464574023,
          247.77299403419056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place, above market, and other lease values, net",
        "box": [
          131.1503752101508,
          254.51174120471842,
          294.8747746556753,
          258.5729928161909
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          253.9173326025939,
          322.57908797936915,
          258.42870623382987
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          327.0902002374909,
          252.4867414330929,
          331.1401997807409,
          256.5479930445654
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,211\u00a0 \u00a0",
        "box": [
          374.92026959332145,
          252.4867414330929,
          402.700735210302,
          258.5729928161909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.4362849262372,
          252.4867414330929,
          411.4862844694872,
          256.5479930445654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19,751\u00a0",
        "box": [
          455.26635428206777,
          252.4867414330929,
          479.5663515415678,
          256.5479930445654
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          131.1503752101508,
          263.9617401389678,
          133.1753749817758,
          268.02299175044027
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          263.3673315368451,
          322.57908797936915,
          267.87870516807925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          327.0902002374909,
          263.9617401389678,
          329.1152000091159,
          268.02299175044027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          397.1952670811965,
          263.9617401389678,
          402.700735210302,
          268.02299175044027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          407.4362849262372,
          263.9617401389678,
          409.4612846978622,
          268.02299175044027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.5413517699428,
          263.9617401389678,
          479.5663515415678,
          268.02299175044027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below market lease values",
        "box": [
          131.1503752101508,
          273.411739073219,
          217.7428484444432,
          277.47299068469147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          272.81733047109446,
          322.57908797936915,
          277.32870410232863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          327.0902002374909,
          273.411739073219,
          331.1401997807409,
          277.47299068469147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,612)\u00a0",
        "box": [
          376.27026944107143,
          273.411739073219,
          402.700735210302,
          277.47299068469147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.4362849262372,
          273.411739073219,
          411.4862844694872,
          277.47299068469147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,612)",
        "box": [
          456.6163541298178,
          273.411739073219,
          480.23871464574023,
          277.47299068469147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: accumulated amortization",
        "box": [
          131.1503752101508,
          282.8617380074684,
          234.16037452291087,
          286.92298961894085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          282.26732940534384,
          322.57908797936915,
          286.7787030365798
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          327.0902002374909,
          282.1867380835938,
          329.1152000091159,
          286.2479896950663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,148\u00a0 \u00a0",
        "box": [
          378.97026913657146,
          282.1867380835938,
          402.700735210302,
          286.92298961894085
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          407.4362849262372,
          282.1867380835938,
          409.4612846978622,
          286.2479896950663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,016\u00a0",
        "box": [
          459.3163538253178,
          282.1867380835938,
          479.5663515415678,
          286.2479896950663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below market lease values, net",
        "box": [
          131.1503752101508,
          293.6617367894687,
          231.68845244168887,
          297.7229884009412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          320.3296507499307,
          292.3923282634696,
          322.57908797936915,
          296.9037018947038
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          327.0902002374909,
          291.6367370178432,
          331.1401997807409,
          295.69798862931566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,464) \u00a0",
        "box": [
          376.27026944107143,
          291.6367370178432,
          402.700735210302,
          297.7229884009412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          407.4362849262372,
          291.6367370178432,
          411.4862844694872,
          295.69798862931566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,596)",
        "box": [
          456.6163541298178,
          291.6367370178432,
          480.23871464574023,
          295.69798862931566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          131.1503752101508,
          307.1617352669691,
          140.59510050499557,
          311.2229868784416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other assets on our consolidated balance sheets.",
        "box": [
          147.3398265093403,
          307.1617352669691,
          354.50679958550757,
          311.2229868784416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          131.1503752101508,
          316.6117342012185,
          140.59510050499557,
          320.67298581269097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Included within other liabilities on our consolidated balance sheets.",
        "box": [
          147.3398265093403,
          316.6117342012185,
          365.75503827695604,
          320.67298581269097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of our lease intangibles for the three months ended March 31, 2026 and 2025 is as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          337.6173231630946,
          522.7129384698374,
          342.1286967943288
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          347.7423220212204,
          87.40489575179419,
          352.25369565245455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          131.1503752101508,
          358.5423208032207,
          133.39981243958925,
          363.0536944344549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          283.48942390468994,
          358.5423208032207,
          285.7388611341284,
          363.0536944344549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          352.4343346292355,
          359.0606074556126,
          418.0018147942498,
          362.6683525694498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.06869546047017,
          359.0606074556126,
          479.8675702238471,
          362.6683525694498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intangible",
        "box": [
          191.19372781359434,
          369.18560631373657,
          222.78289318646864,
          372.7933514275737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          283.48942390468994,
          368.5867283395928,
          285.51442367631495,
          372.6479799510653
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          311.9554329443564,
          369.18560631373657,
          359.7168777579263,
          372.7933514275737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          379.2866753508879,
          369.18560631373657,
          381.0855501142648,
          372.7933514275737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          386.057768337259,
          369.86060623761296,
          387.8566431006359,
          373.4683513514483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025",
        "box": [
          410.71635930631766,
          369.18560631373657,
          458.4778041198876,
          372.7933514275737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.06869546047017,
          369.18560631373657,
          479.8675702238471,
          372.7933514275737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place and other lease values",
        "box": [
          131.1503752101508,
          379.38672712159314,
          231.0002692293007,
          383.4479787330656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          283.48942390468994,
          378.11731859559586,
          285.7388611341284,
          382.62869222683
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          293.5616850187626,
          379.38672712159314,
          297.6116845620126,
          383.4479787330656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,046\u00a0 \u00a0",
        "box": [
          359.90152128710264,
          379.38672712159314,
          384.27535003827614,
          383.4479787330656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          392.32261138072386,
          379.38672712159314,
          396.37261092397387,
          383.4479787330656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "200\u00a0",
        "box": [
          464.7374469639389,
          379.38672712159314,
          479.5558080427569,
          383.4479787330656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above market lease values",
        "box": [
          131.1503752101508,
          388.83672605584434,
          218.18977237404013,
          392.8979776673168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          283.48942390468994,
          388.2423174537198,
          285.7388611341284,
          392.75369108495397
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          293.5616850187626,
          388.83672605584434,
          295.5866847903876,
          392.8979776673168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(390)\u00a0",
        "box": [
          363.2765209064777,
          388.83672605584434,
          384.27535003827614,
          392.8979776673168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.32261138072386,
          388.83672605584434,
          394.34761115234886,
          392.8979776673168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(448)",
        "box": [
          462.0374472684389,
          388.83672605584434,
          480.2281711469293,
          392.8979776673168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below market lease values",
        "box": [
          131.1503752101508,
          398.9617249139683,
          217.7428484444432,
          403.02297652544075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          283.48942390468994,
          398.36731631184557,
          285.7388611341284,
          402.87868994307973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          293.5616850187626,
          398.9617249139683,
          295.5866847903876,
          403.02297652544075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "132\u00a0 \u00a0",
        "box": [
          365.97652060197765,
          398.9617249139683,
          384.27535003827614,
          403.02297652544075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.32261138072386,
          398.9617249139683,
          394.34761115234886,
          403.02297652544075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94\u00a0",
        "box": [
          468.7874465071889,
          398.9617249139683,
          479.5558080427569,
          403.02297652544075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          131.1503752101508,
          413.13672331534326,
          140.59510050499557,
          417.19797492681573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of in-place and other lease values is recognized in depreciation and amortization expense ",
        "box": [
          144.70310805670357,
          413.13672331534326,
          483.0995576431007,
          417.19797492681573
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on our consolidated statements of operations. ",
        "box": [
          144.70310805670357,
          422.58672224959446,
          293.40348528660405,
          426.64797386106693
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          131.1503752101508,
          432.03672118384384,
          140.59510050499557,
          436.0979727953163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of above and below market lease values, net is recognized in revenue from real estate ",
        "box": [
          144.70310805670357,
          432.03672118384384,
          483.0995576431007,
          436.0979727953163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "owned on our consolidated statements of operations.",
        "box": [
          144.70310805670357,
          440.81172019421865,
          314.9889798022398,
          444.8729718056911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, the estimated amortization of our lease intangibles is approximately as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          461.8173091560948,
          514.4620072403591,
          466.32868278732894
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          471.94230801422054,
          87.40489575179419,
          476.4536816454547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          480.7609843564369,
          63.56136722456459,
          481.6612284974908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.02459486822468,
          491.43671448484383,
          155.0495946398497,
          495.4979660963163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          491.43671448484383,
          195.98200852358264,
          495.4979660963163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place and Other",
        "box": [
          215.16677535996706,
          483.93559337248735,
          273.93226825545526,
          487.5433384863245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Values",
        "box": [
          221.04138069744207,
          491.360592535113,
          261.2138531759428,
          494.9683376489502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          288.23551711943605,
          491.360592535113,
          292.68629786748687,
          495.4979660963163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above Market",
        "box": [
          312.7359016063369,
          483.93559337248735,
          357.2966374383196,
          487.5433384863245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Values ",
        "box": [
          311.21715177761814,
          491.360592535113,
          353.1884921654331,
          494.9683376489502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          372.4839451180847,
          491.360592535113,
          376.9347258661355,
          495.4979660963163
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Below Market",
        "box": [
          397.38511080978634,
          483.93559337248735,
          441.14478892961085,
          487.5433384863245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Values",
        "box": [
          395.76089224296214,
          491.360592535113,
          435.93336472146314,
          494.9683376489502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          456.7534668643545,
          491.360592535113,
          458.55234162773144,
          494.9683376489502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 ",
        "box": [
          153.02459486822468,
          500.21171349521865,
          171.24959281284976,
          504.2729651066911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          500.2923048169705,
          196.2064459813961,
          504.80367844820466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          201.47693315387718,
          500.8867134190932,
          205.5269326971272,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,564\u00a0\u00a0",
        "box": [
          269.3988004937993,
          500.2923048169705,
          292.9107353253003,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          298.1812157477822,
          500.8867134190932,
          302.2312152910322,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,169)\u00a0",
        "box": [
          350.9366785481378,
          500.2923048169705,
          377.159163323949,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          382.4296437464308,
          500.8867134190932,
          386.47964328968084,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "396\u00a0",
        "box": [
          443.9601055571615,
          500.8867134190932,
          458.13510395853655,
          504.9479650305657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          153.02459486822468,
          509.661712429468,
          169.22459304122475,
          513.7229640409423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          509.7423037512199,
          196.2064459813961,
          514.253677382454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.47693315387718,
          510.3367123533444,
          203.5019329255022,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "684\u00a0\u00a0",
        "box": [
          275.4737998086743,
          509.7423037512199,
          292.9107353253003,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.1812157477822,
          510.3367123533444,
          300.2062155194072,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,559)\u00a0",
        "box": [
          350.9366785481378,
          509.7423037512199,
          377.159163323949,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.4296437464308,
          510.3367123533444,
          384.45464351805583,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "528\u00a0",
        "box": [
          443.9601055571615,
          510.3367123533444,
          458.13510395853655,
          514.3979639648169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          153.02459486822468,
          519.1117113637192,
          169.22459304122475,
          523.1729629751917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          519.1923026854711,
          196.2064459813961,
          523.7036763167052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.47693315387718,
          519.7867112875938,
          203.5019329255022,
          523.8479628990663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "593\u00a0\u00a0",
        "box": [
          275.4737998086743,
          519.1923026854711,
          292.9107353253003,
          523.8479628990663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.1812157477822,
          519.7867112875938,
          300.2062155194072,
          523.8479628990663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,559)\u00a0",
        "box": [
          350.9366785481378,
          519.1923026854711,
          377.159163323949,
          523.8479628990663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.4296437464308,
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          384.45464351805583,
          523.8479628990663
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402\u00a0",
        "box": [
          443.9601055571615,
          519.7867112875938,
          458.13510395853655,
          523.8479628990663
        ],
        "from_ocr": false,
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      {
        "text": "2029",
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          153.02459486822468,
          527.886710374094,
          169.22459304122475,
          531.9479619855665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          527.9673016958459,
          196.2064459813961,
          532.47867532708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.47693315387718,
          529.2367102218432,
          203.5019329255022,
          533.2979618333175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "410\u00a0 \u00a0",
        "box": [
          275.4737998086743,
          527.9673016958459,
          292.9107353253003,
          533.2979618333175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.1812157477822,
          529.2367102218432,
          300.2062155194072,
          533.2979618333175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,559)\u00a0",
        "box": [
          350.9366785481378,
          527.9673016958459,
          377.159163323949,
          533.2979618333175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.4296437464308,
          529.2367102218432,
          384.45464351805583,
          533.2979618333175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "377\u00a0",
        "box": [
          443.9601055571615,
          529.2367102218432,
          458.13510395853655,
          533.2979618333175
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          153.02459486822468,
          537.3367093083434,
          169.22459304122475,
          541.3979609198159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          537.4173006300953,
          196.2064459813961,
          541.9286742613294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.47693315387718,
          538.6867091560944,
          203.5019329255022,
          542.7479607675668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "410\u00a0 \u00a0",
        "box": [
          275.4737998086743,
          537.4173006300953,
          292.9107353253003,
          542.7479607675668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.1812157477822,
          538.6867091560944,
          300.2062155194072,
          542.7479607675668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,559)\u00a0",
        "box": [
          350.9366785481378,
          537.4173006300953,
          377.159163323949,
          542.7479607675668
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.4296437464308,
          538.6867091560944,
          384.45464351805583,
          542.7479607675668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "377\u00a0",
        "box": [
          443.9601055571615,
          538.6867091560944,
          458.13510395853655,
          542.7479607675668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          153.02459486822468,
          546.7867082425946,
          186.7455876652457,
          550.8479598540671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          546.8672995643446,
          196.2064459813961,
          551.3786731955806
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.47693315387718,
          547.4617081664692,
          203.5019329255022,
          551.5229597779417
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        "confidence": 1.0
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      {
        "text": "1,205\u00a0\u00a0",
        "box": [
          269.3988004937993,
          546.8672995643446,
          292.9107353253003,
          551.5229597779417
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          298.1812157477822,
          547.4617081664692,
          300.2062155194072,
          551.5229597779417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,940)\u00a0",
        "box": [
          350.9366785481378,
          546.8672995643446,
          377.159163323949,
          551.5229597779417
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          382.4296437464308,
          547.4617081664692,
          384.45464351805583,
          551.5229597779417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,384\u00a0",
        "box": [
          437.8851062422865,
          547.4617081664692,
          458.13510395853655,
          551.5229597779417
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
          153.02459486822468,
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          170.11844009041863,
          560.2979587883165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          193.95700875195763,
          557.667298346345,
          196.2064459813961,
          562.1786719775791
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
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          201.47693315387718,
          556.236707176844,
          205.5269326971272,
          560.2979587883165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,866\u00a0 \u00a0",
        "box": [
          269.3988004937993,
          556.236707176844,
          292.9107353253003,
          562.1786719775791
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
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          298.1812157477822,
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          302.2312152910322,
          560.2979587883165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(12,345) \u00a0",
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          377.159163323949,
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        "from_ocr": false,
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      {
        "text": "$",
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          386.47964328968084,
          560.2979587883165
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      {
        "text": "3,464\u00a0",
        "box": [
          437.8851062422865,
          556.236707176844,
          458.13510395853655,
          560.2979587883165
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          566.7994013656044,
          64.46249210606271,
          569.5069024399199
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        "from_ocr": false,
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      {
        "text": "(1) Amortization  of  in-place  and  other  lease  values  is  recognized  in  depreciation  and ",
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          153.82615727782627,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "amortization expense on our consolidated statements of operations. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
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          302.5647424815177,
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        "confidence": 1.0
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      {
        "text": "\u00a0(2)",
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          291.38155547282076,
          239.37841810753156,
          294.1025940525069
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      {
        "text": "\u00a0(1)",
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          238.69287468484563,
          379.82758438463134
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      {
        "text": "\u00a0(2)",
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          225.87841963003152,
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      {
        "text": "\u00a0(2)",
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          225.43545092998855,
          400.07758210088286
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        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
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      {
        "text": "(2)",
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      {
        "text": "\u00a0(2)",
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          442.7584075523083,
          491.97520930300743
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      {
        "text": "(3)",
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  },
  {
    "page_no": 24,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "24",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(2) Amortization of above and below market lease values, net is recognized in revenue from ",
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      {
        "text": "real estate owned on our consolidated statements of operations.",
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      {
        "text": "(3) Amortization of lease intangibles for the remaining nine months of 2026. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The weighted average amortization period for in-place lease values acquired during the three months ended March 31, 2026 was ",
        "box": [
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      {
        "text": "1.0 year.",
        "box": [
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      {
        "text": "Note 6.  Debt Obligations",
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      {
        "text": "As of March 31, 2026 and December 31, 2025, we financed certain of our loans receivable using repurchase agreements, a term ",
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      {
        "text": "participation facility, and/or notes payable. Further, we have debt related to real estate owned hotel portfolio and a secured term loan. ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our financings bear interest at a rate equal to SOFR plus a credit spread.",
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        "confidence": 1.0
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      {
        "text": "The following table summarizes our financings as of March 31, 2026 and December 31, 2025 ($ in thousands):",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          124.32654785472695,
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          237.7934413885705
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
          254.28512694828592,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          232.91181837671502,
          370.53277008813393,
          237.11844146469593
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        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
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          487.75998385000827,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          237.11844146469593
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          126.12542261810384,
          262.09343864807124
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          187.98747817518807,
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          262.09343864807124
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        "from_ocr": false,
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      {
        "text": "Capacity",
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      {
        "text": "\u00a0",
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          246.33869031071745,
          261.4184387241967
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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          249.98790864916668,
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      {
        "text": "Borrowings",
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          295.21960076584986,
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      {
        "text": "\u00a0Outstanding",
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          257.14333312594374,
          257.8106936103595,
          297.3333584009016,
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      {
        "text": "\u00a0",
        "box": [
          302.8007464768017,
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          304.5996212401786,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0",
        "box": [
          306.44996481525095,
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          308.24883957862784,
          261.4184387241967
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        "from_ocr": false,
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      {
        "text": "Weighted",
        "box": [
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          351.94470811652377,
          245.89344047507075
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        "from_ocr": false,
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      },
      {
        "text": "Average",
        "box": [
          324.36910679436977,
          249.71069452385927,
          349.93979748099434,
          253.31843963769643
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Spread ",
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          346.238960519186,
          261.4184387241967
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          364.8585519780597,
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          366.6574267414366,
          261.4184387241967
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          368.5077703165089,
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          370.53277008813393,
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      {
        "text": "Capacity",
        "box": [
          384.7288622371301,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          425.06010768866145,
          257.8106936103595,
          426.85898245203833,
          261.4184387241967
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          428.70932602711065,
          257.8106936103595,
          430.5082007904876,
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        "from_ocr": false,
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        "text": "Borrowings",
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        "from_ocr": false,
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        "text": "Outstanding",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          483.32103861812254,
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          485.1199133814995,
          261.4184387241967
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          486.9702569565718,
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          488.7691317199487,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted",
        "box": [
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          532.4650002578448,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Average",
        "box": [
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          530.4600896223153,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Spread",
        "box": [
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          525.8568654155956,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4210316146227,
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          547.2199063779997,
          261.4184387241967
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and term",
        "box": [
          63.11249225831271,
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          270.7230661819376
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0participation facility ",
        "box": [
          63.11249225831271,
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          135.08699515118747,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          197.3741958665748,
          279.4980651923124
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,638,348\u00a0 \u00a0 $",
        "box": [
          210.29411965949438,
          275.43681358083995,
          257.57575157717656,
          279.4980651923124
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,932,274\u00a0 \u00a0 \u00a0",
        "box": [
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          313.3265265397275,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.91%\u00a0 \u00a0 $",
        "box": [
          335.4855117906862,
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          377.8944880078957,
          279.4980651923124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,180,546\u00a0 \u00a0 $",
        "box": [
          390.81441180081526,
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          438.0960437184974,
          279.4980651923124
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,187,066\u00a0 \u00a0 \u00a0",
        "box": [
          449.07534273027636,
          275.43681358083995,
          493.8468186810484,
          279.4980651923124
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.92%\u00a0",
        "box": [
          516.005803932007,
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          546.2015002766032,
          279.4980651923124
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes payable",
        "box": [
          63.11249225831271,
          284.88681251509115,
          109.22078935832097,
          288.9480641265636
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          187.98747817518807,
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          190.2369154046265,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          195.3491960949498,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          250.2140336574148,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          306.44996481525095,
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          308.47496458687596,
          289.6230640504382
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          365.68120813528236,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          285.5618124389657,
          375.8694882362707,
          289.6230640504382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "195,830\u00a0 \u00a0 \u00a0",
        "box": [
          396.8894111156903,
          285.5618124389657,
          436.0710439468724,
          289.6230640504382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,999\u00a0 \u00a0 \u00a0",
        "box": [
          455.1503420451514,
          285.5618124389657,
          493.8468186810484,
          289.6230640504382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.22%\u00a0",
        "box": [
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          285.5618124389657,
          546.2015002766032,
          289.6230640504382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan",
        "box": [
          63.11249225831271,
          295.0118113732151,
          122.03919505268952,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          187.98747817518807,
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          190.2369154046265,
          298.92877640232655
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          193.3241963233248,
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          195.3491960949498,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000\u00a0 \u00a0 \u00a0",
        "box": [
          216.3691189743694,
          295.0118113732151,
          255.55075180555156,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000\u00a0 \u00a0 \u00a0",
        "box": [
          274.6300499038305,
          295.0118113732151,
          313.3265265397275,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 6.75%\u00a0 \u00a0 \u00a0",
        "box": [
          335.4855117906862,
          295.0118113732151,
          375.8694882362707,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556,188\u00a0 \u00a0 \u00a0",
        "box": [
          396.8894111156903,
          295.0118113732151,
          436.0710439468724,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556,188\u00a0 \u00a0 \u00a0",
        "box": [
          455.1503420451514,
          295.0118113732151,
          493.8468186810484,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 4.50%\u00a0",
        "box": [
          516.005803932007,
          295.0118113732151,
          546.2015002766032,
          299.07306298468757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt related to real estate owned",
        "box": [
          63.11249225831271,
          304.4618103074663,
          169.48826394148847,
          308.52306191893877
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0hotel portfolio",
        "box": [
          63.11249225831271,
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          113.72957527983006,
          317.2980609293136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          195.3491960949498,
          316.623061005439
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          216.3691189743694,
          312.56180939396654,
          255.55075180555156,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          274.6300499038305,
          312.56180939396654,
          313.3265265397275,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.18%\u00a0 \u00a0 \u00a0",
        "box": [
          335.4855117906862,
          312.56180939396654,
          375.8694882362707,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          396.8894111156903,
          312.56180939396654,
          436.0710439468724,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          455.1503420451514,
          312.56180939396654,
          493.8468186810484,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.18%\u00a0",
        "box": [
          516.005803932007,
          312.56180939396654,
          546.2015002766032,
          316.623061005439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          63.11249225831271,
          323.36180817596505,
          143.4005701536009,
          327.42305978743934
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          187.98747817518807,
          322.0118083282159,
          197.3741958665748,
          327.2787732050765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,373,348\u00a0 \u00a0 $",
        "box": [
          210.29411965949438,
          322.0118083282159,
          257.57575157717656,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,274\u00a0 \u00a0 \u00a0",
        "box": [
          268.5550505889555,
          322.0118083282159,
          313.3265265397275,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.65%\u00a0 \u00a0 $",
        "box": [
          335.4855117906862,
          322.0118083282159,
          377.8944880078957,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,167,564\u00a0 \u00a0 $",
        "box": [
          390.81441180081526,
          322.0118083282159,
          438.0960437184974,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,156,253\u00a0 \u00a0 \u00a0",
        "box": [
          449.07534273027636,
          322.0118083282159,
          493.8468186810484,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.23%\u00a0",
        "box": [
          516.005803932007,
          322.0118083282159,
          546.2015002766032,
          326.0730599396884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          101.35545669535578,
          332.5745025169763,
          102.7054565431058,
          335.28200359129187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          72.55721755315749,
          342.94805803656345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of March 31, 2026 and December ",
        "box": [
          79.30194355750221,
          338.886806425091,
          551.1374372199391,
          342.94805803656345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31, 2025 was 3.66% and 3.69%, respectively.",
        "box": [
          79.30194355750221,
          348.33680535934036,
          227.10847414320872,
          352.39805697081283
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          357.78680429359156,
          72.55721755315749,
          361.84805590506403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  repurchase  agreements  and  term  participation  facility  are  partially  recourse  to  us.  As  of  March  31,  2026  and  December  31,  2025,  the ",
        "box": [
          79.30194355750221,
          357.78680429359156,
          551.1268937211282,
          361.84805590506403
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average recourse on our repurchase agreements and term participation facility was 30% and 30%, respectively.",
        "box": [
          79.30194355750221,
          366.56180330396637,
          470.43275963163416,
          370.62305491543884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements and Term Participation Facility",
        "box": [
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          392.96739165684266,
          265.7461325344889,
          397.47876528807683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements",
        "box": [
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          150.31326572228411,
          413.00376353720276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table summarizes our repurchase agreements by lender as of March 31, 2026 ($ in thousands):",
        "box": [
          85.15545852235574,
          424.69238807896727,
          477.6931272120722,
          429.20376171020143
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          433.667777826744,
          64.01192964000116,
          435.47165038366256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lender",
        "box": [
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          454.2356714579855,
          85.49651296182293,
          457.84341657182085
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          201.3773706313556,
          457.84341657182085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Initial Maturity",
        "box": [
          205.96990139717016,
          454.2356714579855,
          254.53591615000235,
          457.84341657182085
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          257.1597828403386,
          457.84341657182085
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fully",
        "box": [
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          294.0297939559703,
          442.31841832269674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extended",
        "box": [
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          300.62034147727235,
          449.7434174853224
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
          269.23005051283053,
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          297.20391204550026,
          457.84341657182085
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          312.9422017993208,
          457.84341657182085
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maximum ",
        "box": [
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          358.77891537995765,
          450.418417409197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capacity",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Carrying Value",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Undrawn",
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        "text": "Capacity",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Carrying",
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        "text": "Value of",
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      {
        "text": "Collateral",
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      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
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      {
        "text": "JP Morgan Chase Bank, N.A.",
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        "text": "\u00a0",
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      {
        "text": "7/28/2026",
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        "text": "\u00a0",
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        "text": "7/28/2030",
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      {
        "text": "\u00a0 $",
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        "from_ocr": false,
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      {
        "text": "1,882,487\u00a0 \u00a0 $",
        "box": [
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        "text": "655,675\u00a0 \u00a0 $",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,226,812\u00a0",
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      {
        "text": "\u00a0$",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,192,585\u00a0",
        "box": [
          511.1858792255875,
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          546.2542380206555,
          467.8230439534382
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "JP Morgan Chase Bank, N.A.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          201.8279330974172,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/31/2028",
        "box": [
          213.82731901102798,
          473.88679120009147,
          246.678193706179,
          477.94804281156394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          257.3859078485867,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3/31/2030",
        "box": [
          269.6097379700102,
          473.88679120009147,
          302.46061266516125,
          477.94804281156394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          311.1433270359439,
          473.88679120009147,
          313.1683268075689,
          477.94804281156394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          319.1905883783916,
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        "from_ocr": false,
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      {
        "text": "908,753\u00a0 \u00a0",
        "box": [
          338.49136745169244,
          473.88679120009147,
          372.3362888847371,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          376.33355068393473,
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          378.35855045555974,
          477.94804281156394
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        "from_ocr": false,
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      {
        "text": "887,439\u00a0 \u00a0",
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          439.9628437579638,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          445.9851053287865,
          477.94804281156394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21,314\u00a0",
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      {
        "text": "\u00a0\u00a0",
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          501.8518992782531,
          477.94804281156394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,196,764\u00a0",
        "box": [
          511.1858792255875,
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        "from_ocr": false,
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      {
        "text": "Morgan Stanley Bank, N.A.",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          201.8279330974172,
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        "from_ocr": false,
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      {
        "text": "1/26/2027",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1/26/2028",
        "box": [
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          302.46061266516125,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          311.1433270359439,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "250,000\u00a0 \u00a0",
        "box": [
          338.49136745169244,
          484.0117900582154,
          372.3362888847371,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          376.33355068393473,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "50,000\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "200,000\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          484.0117900582154,
          501.8518992782531,
          488.0730416696897
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "113,809\u00a0",
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        "from_ocr": false,
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      {
        "text": "Wells Fargo Bank, N.A.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4/30/2026",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          498.19804052781365
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4/30/2028",
        "box": [
          269.6097379700102,
          494.1367889163412,
          302.46061266516125,
          498.19804052781365
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          498.19804052781365
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          497.5230406039391
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "250,000\u00a0 \u00a0",
        "box": [
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          493.4617889924666,
          372.3362888847371,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "-\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total",
        "box": [
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          80.20633748050666,
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          313.1683268075689,
          508.3230393859394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          321.21558815001663,
          507.64803946206484
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,291,240\u00a0 \u00a0 $",
        "box": [
          332.4163681368174,
          503.58678785059055,
          380.38355022718474,
          507.64803946206484
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,593,114\u00a0 \u00a0 $",
        "box": [
          400.0429230100442,
          503.58678785059055,
          448.0101051004115,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,698,126\u00a0",
        "box": [
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          490.9780690045796,
          507.64803946206484
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0$",
        "box": [
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          503.58678785059055,
          503.8768990498781,
          507.64803946206484
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,503,158\u00a0",
        "box": [
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          546.2542380206555,
          507.64803946206484
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          513.4744821154763,
          64.46249210606271,
          516.1819831897938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
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          72.55721755315749,
          524.5230375589399
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Facility maturity dates may be extended, subject to meeting prescribed conditions.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Net of specific CECL reserves, if any.",
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      {
        "text": "(3)",
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      {
        "text": "Repurchase agreement specifically provides for the ability to finance (i) loans receivable, including those which may be delinquent or in default, ",
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      {
        "text": "and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral property. As of March 31, 2026, ",
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      {
        "text": "(i)  $232.5  million  of  borrowings  outstanding  on  this  repurchase  agreement  relate  to  our  multifamily  real  estate  owned  assets,  and  (ii)  the ",
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      {
        "text": "carrying value of collateral for this repurchase agreement includes our multifamily real estate owned assets included in real estate owned, held-",
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      {
        "text": "for-investment, related lease intangibles included in other assets, and below market lease values included in other liabilities on our consolidated ",
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      {
        "text": "balance sheet.",
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      {
        "text": "(4)",
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      {
        "text": "In April 2026, we extended the initial maturity of this repurchase agreement to July 29, 2026.",
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      {
        "text": "(1)",
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      {
        "text": "(1)",
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      {
        "text": "(2)",
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      {
        "text": "(1)",
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      {
        "text": "(2)",
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      {
        "text": "\u00a0(3)",
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      {
        "text": "\u00a0(4)",
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        "text": "\u00a0",
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        "text": "25",
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        "text": "The following table summarizes our repurchase agreements by lender as of December 31, 2025 ($ in thousands):",
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        "text": "Lender",
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        "text": "Initial Maturity",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "JP Morgan Chase Bank, N.A.",
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        "text": "\u00a0",
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          201.8279330974172,
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      {
        "text": "7/28/2026",
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        "text": "\u00a0",
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        "text": "7/28/2028",
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      {
        "text": "\u00a0 $",
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      {
        "text": "1,882,487\u00a0 \u00a0 $",
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      {
        "text": "880,675\u00a0 \u00a0 $",
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      {
        "text": "1,001,812\u00a0",
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        "text": "\u00a0$",
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        "text": "1,479,384\u00a0",
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      {
        "text": "JP Morgan Chase Bank, N.A.",
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        "text": "\u00a0",
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      {
        "text": "3/31/2028",
        "box": [
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "3/31/2030",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "948,253\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "926,939\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "21,314\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "1,193,842\u00a0",
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      {
        "text": "Morgan Stanley Bank, N.A.",
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        "text": "\u00a0",
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      {
        "text": "1/26/2026",
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        "text": "\u00a0",
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      {
        "text": "1/26/2028",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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          319.1905883783916,
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      {
        "text": "750,000\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "50,000\u00a0 \u00a0",
        "box": [
          410.16792186816923,
          151.91166138372319,
          439.9628437579638,
          155.97291299519566
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          443.9601055571615,
          151.91166138372319,
          445.9851053287865,
          155.97291299519566
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        "from_ocr": false,
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      {
        "text": "700,000\u00a0",
        "box": [
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          490.9780690045796,
          155.97291299519566
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        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          151.91166138372319,
          501.8518992782531,
          155.97291299519566
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        "text": "113,809\u00a0",
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          546.2542380206555,
          155.97291299519566
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      {
        "text": "Wells Fargo Bank, N.A.",
        "box": [
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          162.03666024184713,
          141.8501801084505,
          166.09791185332142
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          199.57849586797875,
          161.44225163972442,
          201.8279330974172,
          165.95362527095858
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        "confidence": 1.0
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      {
        "text": "4/30/2026",
        "box": [
          213.82731901102798,
          162.03666024184713,
          246.678193706179,
          166.09791185332142
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          255.3609080769617,
          162.03666024184713,
          257.3859078485867,
          166.09791185332142
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4/30/2028",
        "box": [
          269.6097379700102,
          162.03666024184713,
          302.46061266516125,
          166.09791185332142
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          311.1433270359439,
          162.03666024184713,
          313.1683268075689,
          166.09791185332142
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.1655886067666,
          161.36166031797256,
          319.1905883783916,
          165.42291192944504
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        "from_ocr": false,
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      {
        "text": "250,000\u00a0 \u00a0",
        "box": [
          338.49136745169244,
          161.36166031797256,
          372.3362888847371,
          165.42291192944504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          376.33355068393473,
          161.36166031797256,
          378.35855045555974,
          165.42291192944504
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        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          429.74291966054426,
          161.36166031797256,
          435.11128180511224,
          165.42291192944504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          437.9378439863388,
          161.36166031797256,
          439.9628437579638,
          165.42291192944504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          445.9851053287865,
          165.42291192944504
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      {
        "text": "250,000\u00a0",
        "box": [
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          161.36166031797256,
          490.9780690045796,
          165.42291192944504
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          161.36166031797256,
          501.8518992782531,
          165.42291192944504
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        "text": "-\u00a0",
        "box": [
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          161.36166031797256,
          546.2542380206555,
          165.42291192944504
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        "from_ocr": false,
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      },
      {
        "text": "Total",
        "box": [
          63.11249225831271,
          172.83665902384746,
          80.20633748050666,
          176.89791063531993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          199.57849586797875,
          172.24225042172475,
          201.8279330974172,
          176.7536240529589
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          229.23630502323664,
          172.83665902384746,
          231.26130479486164,
          176.89791063531993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          255.3609080769617,
          172.83665902384746,
          257.3859078485867,
          176.89791063531993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          285.0187172322196,
          172.83665902384746,
          287.0437170038446,
          176.89791063531993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          311.1433270359439,
          172.83665902384746,
          313.1683268075689,
          176.89791063531993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          317.1655886067666,
          171.48665917609833,
          321.21558815001663,
          175.5479107875708
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        "from_ocr": false,
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      {
        "text": "3,830,740\u00a0 \u00a0 $",
        "box": [
          332.4163681368174,
          171.48665917609833,
          380.38355022718474,
          175.5479107875708
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        "from_ocr": false,
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      },
      {
        "text": "1,857,614\u00a0 \u00a0 $",
        "box": [
          400.0429230100442,
          171.48665917609833,
          448.0101051004115,
          175.5479107875708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,973,126\u00a0",
        "box": [
          455.9097169595108,
          171.48665917609833,
          490.9780690045796,
          175.5479107875708
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0$",
        "box": [
          497.15853705756007,
          171.48665917609833,
          503.8768990498781,
          175.5479107875708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,787,035\u00a0",
        "box": [
          511.1858792255875,
          171.48665917609833,
          546.2542380206555,
          175.5479107875708
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        "text": "\u00a0",
        "box": [
          63.11249225831271,
          182.0493533648587,
          64.46249210606271,
          184.75685443917428
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
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          63.11249225831271,
          188.3616572729734,
          72.55721755315749,
          192.42290888444586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facility maturity dates may be extended, subject to meeting prescribed conditions.",
        "box": [
          79.30194355750221,
          188.3616572729734,
          346.0798449808807,
          192.42290888444586
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      {
        "text": "(2)",
        "box": [
          63.11249225831271,
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          72.55721755315749,
          201.87290781869524
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net of specific CECL reserves, if any.",
        "box": [
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          203.00886532610917,
          201.87290781869524
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      {
        "text": "(3)",
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          72.55721755315749,
          210.64790682907005
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        "from_ocr": false,
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        "text": "Repurchase agreement specifically provides for the ability to finance (i) loans receivable, including those which may be delinquent or in default, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral property. As of December 31, ",
        "box": [
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      {
        "text": "2025, (i) $195.3 million of borrowings outstanding on this repurchase agreement relate to our multifamily real estate owned assets, and (ii) the ",
        "box": [
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      {
        "text": "carrying value of collateral for this repurchase agreement includes our multifamily real estate owned assets included in real estate owned, held-",
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      {
        "text": "for-investment, related lease intangibles included in other assets, and below market lease values included in other liabilities on our consolidated ",
        "box": [
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        "text": "balance sheet.",
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      {
        "text": "Term Participation Facility",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On November 4, 2022, we entered into  a  master  participation  and  administration  agreement  to  finance  certain  of  our  loans ",
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        "text": "receivable.",
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      {
        "text": "Our term participation facility as of March 31, 2026 is summarized as follows ($ in thousands):",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "Contractual",
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      {
        "text": "Maturity Date",
        "box": [
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        "text": "\u00a0",
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        "text": "Total",
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          249.28616895054998,
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        "from_ocr": false,
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      {
        "text": "Commitments",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Borrowings",
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      {
        "text": "Outstanding and Carrying Value",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
          424.7542517231552,
          351.635516900993,
          426.5531264865321,
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      {
        "text": "Carrying Value",
        "box": [
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        "from_ocr": false,
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      {
        "text": "of Collateral",
        "box": [
          470.4644028180655,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "12/23/2029",
        "box": [
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        "text": "\u00a0",
        "box": [
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          178.12615453732633,
          363.87288954869655
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      {
        "text": "$",
        "box": [
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          191.3202902993209,
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        "from_ocr": false,
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      {
        "text": "347,108\u00a0 \u00a0",
        "box": [
          268.60778158300866,
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          302.4527030160533,
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
          311.5968392347978,
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        "from_ocr": false,
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      {
        "text": "339,160\u00a0 \u00a0",
        "box": [
          392.9343300617356,
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          426.7792514947802,
          363.87288954869655
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        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          435.92338771352473,
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          439.97338725677474,
          363.87288954869655
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        "from_ocr": false,
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        "text": "602,797\u00a0",
        "box": [
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          546.2542380206555,
          363.87288954869655
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our term participation facility as of December 31, 2025 is summarized as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          386.21722629010037,
          441.97635127263135,
          390.72859992133453
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          394.36090270844034,
          63.56136722456459,
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      {
        "text": "Contractual",
        "box": [
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          137.8629996116086,
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        "from_ocr": false,
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      {
        "text": "Maturity Date",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "Total",
        "box": [
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          249.28616895054998,
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        "from_ocr": false,
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      {
        "text": "Commitments",
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "Borrowings",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Outstanding and Carrying Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          421.10503338470596,
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          422.90390814808285,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Carrying Value",
        "box": [
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        "confidence": 1.0
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      {
        "text": "of Collateral",
        "box": [
          467.65893438446,
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          506.22224228636827,
          409.24325592483
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
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      {
        "text": "12/23/2029",
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      {
        "text": "\u00a0",
        "box": [
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          178.12615453732633,
          419.22288330644733
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      {
        "text": "$",
        "box": [
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        "confidence": 1.0
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      {
        "text": "349,806\u00a0 \u00a0",
        "box": [
          268.60778158300866,
          415.16163169497304,
          302.4527030160533,
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      {
        "text": "$",
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          315.6468387780478,
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      {
        "text": "329,452\u00a0 \u00a0",
        "box": [
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          426.7792514947802,
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      {
        "text": "$",
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      {
        "text": "590,237\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "Notes Payable",
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          114.83631905772921,
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      {
        "text": "As of March 31, 2026, none of our loans receivable were financed with notes payable. Our notes payable as of December 31, ",
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      {
        "text": "2025 are summarized as follows ($ in thousands):",
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      {
        "text": "Contractual",
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      {
        "text": "Maturity Date",
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      {
        "text": "\u00a0",
        "box": [
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          154.83401313041253,
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      {
        "text": "Maximum",
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          222.6947786209194,
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      {
        "text": "Extension Date",
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      {
        "text": "\u00a0",
        "box": [
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          253.79533346977374,
          494.2932463330799
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      {
        "text": "Borrowing Outstanding",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          347.37183520017294,
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          349.1707099635498,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          351.02105353862214,
          490.6855012192427,
          352.819928301999,
          494.2932463330799
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      {
        "text": "Carrying",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          446.3964367823975,
          490.6855012192427,
          448.19531154577436,
          494.2932463330799
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          450.0456551208467,
          490.6855012192427,
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      {
        "text": "Carrying Value",
        "box": [
          477.14057056514207,
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          525.3060741760738,
          486.19324724657963
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of Collateral",
        "box": [
          481.93940152394055,
          490.6855012192427,
          520.5027094258487,
          494.2932463330799
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          490.6855012192427,
          547.2410001256208,
          494.2932463330799
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9/2/2026",
        "box": [
          90.18631732998662,
          499.53662217934834,
          118.98719248188763,
          503.5978737908208
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          499.53662217934834,
          155.06013813866062,
          503.5978737908208
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      {
        "text": "9/2/2027",
        "box": [
          192.3116964375123,
          499.53662217934834,
          221.1125715894133,
          503.5978737908208
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          499.53662217934834,
          254.02145847802186,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          260.83473895963516,
          499.53662217934834,
          264.88473850288517,
          503.5978737908208
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "121,833\u00a0 \u00a0",
        "box": [
          319.2011386272018,
          499.53662217934834,
          353.04605331024715,
          503.5978737908208
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          499.53662217934834,
          363.9093333351105,
          503.5978737908208
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "121,454\u00a0 \u00a0",
        "box": [
          418.22573345942703,
          499.53662217934834,
          452.0706548924717,
          503.5978737908208
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          458.88393537408496,
          499.53662217934834,
          462.933934917335,
          503.5978737908208
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "173,239\u00a0",
        "box": [
          517.2503350416515,
          499.53662217934834,
          546.2436877718454,
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      {
        "text": "2/2/2026",
        "box": [
          90.18631732998662,
          508.98662111359954,
          118.98719248188763,
          513.047872725072
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          153.03513836703561,
          508.98662111359954,
          155.06013813866062,
          513.047872725072
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2/2/2027",
        "box": [
          192.3116964375123,
          508.98662111359954,
          221.1125715894133,
          513.047872725072
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          251.99645870639685,
          508.98662111359954,
          254.02145847802186,
          513.047872725072
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          260.83473895963516,
          508.31162118972316,
          262.85973873126017,
          512.3728728011974
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,166\u00a0 \u00a0",
        "box": [
          323.2511381704518,
          508.31162118972316,
          353.04605331024715,
          512.3728728011974
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          359.8593337918605,
          508.31162118972316,
          361.8843335634855,
          512.3728728011974
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "56,068\u00a0 \u00a0",
        "box": [
          422.27573300267704,
          508.31162118972316,
          452.0706548924717,
          512.3728728011974
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          508.31162118972316,
          460.90893514570996,
          512.3728728011974
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53,487\u00a0",
        "box": [
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          546.2436877718454,
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
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          520.4616198194744,
          80.20633748050666,
          524.5228714309469
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          254.02145847802186,
          524.5228714309469
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          522.4978716593214
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        "confidence": 1.0
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      {
        "text": "177,999\u00a0 \u00a0",
        "box": [
          319.2011386272018,
          518.4366200478489,
          353.04605331024715,
          522.4978716593214
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          518.4366200478489,
          363.9093333351105,
          522.4978716593214
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,522\u00a0 \u00a0",
        "box": [
          418.22573345942703,
          518.4366200478489,
          452.0706548924717,
          522.4978716593214
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          462.933934917335,
          522.4978716593214
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "226,726\u00a0",
        "box": [
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          546.2436877718454,
          522.4978716593214
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          64.46249210606271,
          531.0318153870503
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        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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          539.3728697561965
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        "from_ocr": false,
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      },
      {
        "text": "In January 2026, this note payable was repaid in full upon the repayment of the associated loan receivable.",
        "box": [
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      {
        "text": "(2)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  February  2026,  we  assigned  our  right,  title,  and  interest  in  the  loan  receivable  and  collateral  property  to  our  financing  counterparty  in ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "exchange for the full extinguishment of amounts due under the related note payable.",
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      {
        "text": "\u00a0(1)",
        "box": [
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          303.43420451498366,
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        "confidence": 1.0
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      {
        "text": "(2)",
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        "confidence": 1.0
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      {
        "text": "(3)",
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          165.511917900532,
          142.22751978863744
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          511.8484510904861,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          125.31777843353815,
          499.97747944238836
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        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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          125.31777843353815,
          510.1024783005123
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 26,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On August 9, 2019, we entered into a secured term loan which accrued interest at the greater of (i) SOFR plus a 0.10% credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "spread adjustment and (ii) 0.50%, plus a credit spread of 4.50%. In January 2026, we refinanced our secured term loan with a new ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured term loan which provides for an aggregate principal amount of $500.0 million, a maturity date of January 30, 2030, and incurs ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest at a rate of SOFR plus 6.75%, subject to a floor of 2.50%. In connection with the repayment of our prior secured term loan, we ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          150.42954382179596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized  a  loss  on  extinguishment  of  debt  of  $5.9  million,  representing  unamortized  deferred  financing  costs  at  the  time  of ",
        "box": [
          63.11249225831271,
          156.71816897256213,
          551.3618746777526,
          161.2295426037963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment.  Our  new  secured  term  loan  is  collateralized  by  a  pledge  of  equity  in  certain  subsidiaries  and  their  related  assets.  As ",
        "box": [
          63.11249225831271,
          166.8431678306879,
          551.3618746777526,
          171.35454146192205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consideration for and in connection with entering into our new secured term loan, we issued detachable warrants exercisable until ",
        "box": [
          63.11249225831271,
          176.96816668881183,
          551.3618746777526,
          181.479540320046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2037. In accordance with ASC 470, ",
        "box": [
          63.11249225831271,
          187.76816547081216,
          224.75266208951697,
          192.27953910204633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt",
        "box": [
          224.83825526923897,
          187.76816547081216,
          242.3285008334741,
          192.27953910204633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", based on relative fair values at January 30, 2026 and prior to original issue discount ",
        "box": [
          242.33552229593587,
          187.76816547081216,
          551.3618746777526,
          192.27953910204633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  deferred  financing  costs,  we  allocated  $486.5  million  of  value  to  the  secured  term  loan  using  a  discounted  cash  flow  model, ",
        "box": [
          63.11249225831271,
          197.89316432893793,
          551.3618746777526,
          202.4045379601721
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "incorporating Level 3 assumptions of an implied yield on the value of the warrants. Value allocated to the detachable warrants is ",
        "box": [
          63.11249225831271,
          208.01816318706187,
          551.3618746777526,
          212.52953681829604
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "classified as equity and creates a corresponding discount on our secured term loan in the same amount which is amortized to interest ",
        "box": [
          63.11249225831271,
          218.8181619690622,
          551.3618746777526,
          223.32953560029637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense  using  the  effective  interest  method.  Furthermore,  we  incurred  $23.0  million  of  transaction  costs  which  were  allocated ",
        "box": [
          63.11249225831271,
          228.94316082718797,
          551.3724249265628,
          233.45453445842213
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proportionately between deferred financing costs and equity issuance costs in the same manner. See Note 9 - Equity - Warrants for ",
        "box": [
          63.11249225831271,
          239.0681596853119,
          551.3618746777526,
          243.5795333165479
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further detail.",
        "box": [
          63.11249225831271,
          249.86815846731224,
          112.07721608430447,
          254.3795320985464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our secured term loan as of March 31, 2026 is summarized as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          270.79315610743834,
          400.5166320383664,
          275.3045297386725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          280.9181549655623,
          65.36192948775115,
          285.42952859679644
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Maturity Date",
        "box": [
          66.5296793729299,
          290.8864405522054,
          149.65721498092094,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.0773258622778,
          290.8864405522054,
          154.87620062565472,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stated Rate",
        "box": [
          185.7937284225943,
          290.2114406283308,
          221.56386411394803,
          293.81918574216616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.08083369688123,
          290.8864405522054,
          253.8797084602581,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
          286.0206736192212,
          290.8864405522054,
          326.1790812856753,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.08433478148544,
          290.8864405522054,
          352.8832095448623,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowing Outstanding",
        "box": [
          365.98707085078786,
          290.8864405522054,
          439.35433740159016,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          446.74448024314586,
          290.8864405522054,
          451.87616713065563,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          477.58353926518504,
          290.8864405522054,
          525.7490428761168,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7585315765602,
          290.8864405522054,
          547.5574063399372,
          294.49418566604254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1/30/2030",
        "box": [
          91.66287966346319,
          299.06256158843644,
          124.5137543586142,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.0773258622778,
          299.06256158843644,
          155.1023256339028,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 6.75%",
        "box": [
          190.07575918967635,
          299.06256158843644,
          224.12106704012183,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.08083369688123,
          299.06256158843644,
          254.10583346850623,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.41%",
        "box": [
          293.61442276281497,
          299.06256158843644,
          318.58678312648743,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.08433478148544,
          299.06256158843644,
          353.10933455311044,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          360.12300901212376,
          299.06256158843644,
          364.17300855537377,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000\u00a0 \u00a0",
        "box": [
          418.90073338330205,
          299.06256158843644,
          452.1022921389037,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          459.115966597917,
          299.06256158843644,
          463.165966141167,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "465,577\u00a0",
        "box": [
          517.8936909690952,
          299.06256158843644,
          546.2436877718454,
          303.1238131999089
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          307.6002560055713,
          64.46249210606271,
          310.3077570798887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          313.912559913686,
          72.55721755315749,
          317.97381152515845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR at March 31, 2026 was 3.66%.",
        "box": [
          79.30194355750221,
          313.912559913686,
          200.59099575379125,
          317.97381152515845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our prior secured term loan as of December 31, 2025 is summarized as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          334.9181488755621,
          433.7298907026489,
          339.4295225067981
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          95.51248860431281,
          345.0431477336879,
          97.76192583375125,
          349.55452136492204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Maturity Date",
        "box": [
          65.84413257524436,
          354.3364333964546,
          148.97166818323538,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          151.7062322669067,
          354.3364333964546,
          153.5051070302836,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stated Rate ",
        "box": [
          183.34685369854742,
          354.3364333964546,
          220.91586307784758,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          249.2437212668445,
          354.3364333964546,
          251.04259603022138,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate",
        "box": [
          284.8288735036298,
          354.3364333964546,
          324.9872811700839,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.2069912432081,
          354.3364333964546,
          351.005866006585,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowing Outstanding",
        "box": [
          363.31870840171985,
          354.3364333964546,
          436.6859749525222,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          443.380030872581,
          354.3364333964546,
          448.5117177600908,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          478.2901831854913,
          354.3364333964546,
          526.455686796423,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7690818253703,
          354.3364333964546,
          547.5679565887473,
          357.94417851029175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8/9/2026",
        "box": [
          93.00233263740265,
          363.18755435656203,
          121.80320778930366,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          151.7062322669067,
          363.18755435656203,
          153.73123203853172,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 4.50%",
        "box": [
          187.9241969323248,
          363.18755435656203,
          221.96950478277026,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          249.2437212668445,
          363.18755435656203,
          251.2687210384695,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.29%",
        "box": [
          294.44762241884854,
          363.18755435656203,
          315.369983239271,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.2069912432081,
          363.18755435656203,
          351.2319910148331,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          358.1507402345519,
          363.18755435656203,
          362.2007397778019,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556,188\u00a0 \u00a0",
        "box": [
          415.5362840127372,
          363.18755435656203,
          448.73784276833885,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          460.51869743972014,
          363.18755435656203,
          464.56869698297015,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,447\u00a0",
        "box": [
          517.9042412179055,
          363.18755435656203,
          546.2542380206555,
          367.2488059680345
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          371.0502488498223,
          64.46249210606271,
          373.7577499241379
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          377.362552757937,
          72.55721755315749,
          381.4238043694095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR at December 31, 2025 was 3.69%.",
        "box": [
          79.30194355750221,
          377.362552757937,
          212.7304441347311,
          381.4238043694095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Related to Real Estate Owned Hotel Portfolio",
        "box": [
          63.11249225831271,
          403.09314118693874,
          247.27175870298797,
          407.6045148181729
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On February 8, 2021, we assumed a $300.0 million securitized senior mortgage in connection with a foreclosure on a hotel ",
        "box": [
          85.15545852235574,
          417.9431395121883,
          551.3513311789417,
          422.45451314342245
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio which, subsequent thereto, was modified to provide for, among other things, total principal payments of $25.0 million, an ",
        "box": [
          63.11249225831271,
          427.39313844643766,
          551.3618746777526,
          431.9045120776718
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension of the contractual maturity date to February 9, 2025, and the designation of a portion of the loan becoming partial recourse ",
        "box": [
          63.11249225831271,
          437.5181373045634,
          551.3618746777526,
          442.0295109357976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to us. Concurrent with each modification, we acquired interest rate caps with notional amounts equal to the borrowing outstanding, ",
        "box": [
          63.11249225831271,
          446.9681362388128,
          551.3618746777526,
          451.47950987004697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "strike rates ranging from 3.0% to 5.0%, and maturity dates matching the associated financing. Upon maturity in February 2025, we ",
        "box": [
          63.11249225831271,
          456.418135173064,
          551.3513311789417,
          460.92950880429817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "entered into forbearance agreements with our lender through September 9, 2025 and concurrently repaid $5.0 million of the principal ",
        "box": [
          63.11249225831271,
          465.8681341073134,
          551.3724249265628,
          470.37950773854755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance. During the forbearance period, interest accrued at additional rates ranging from 3.0% to 5.0% per annum. On June 9, 2025, ",
        "box": [
          63.11249225831271,
          475.31813304156276,
          551.3618746777526,
          479.8295066727969
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we refinanced  our  debt  related  to  real  estate  owned  hotel  portfolio  with  a  non-recourse  senior  mortgage  in  the  amount  of  $235.0 ",
        "box": [
          63.11249225831271,
          484.76813197581396,
          551.3513311789417,
          489.2795056070481
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million. Such financing matures on June 9, 2027, and we may extend the maturity to June 9, 2030 pursuant to three one-year extension ",
        "box": [
          63.11249225831271,
          494.21813091006334,
          551.3618746777526,
          498.7295045412975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "options, subject to meeting prescribed conditions.",
        "box": [
          63.11249225831271,
          503.6681298443127,
          241.784348931221,
          508.1795034755469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our debt related to real estate owned hotel portfolio as of March 31, 2026 is summarized as follows ($ in thousands): ",
        "box": [
          85.15545852235574,
          523.9181275605642,
          508.9528984605431,
          528.4295011917984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          534.0431264186882,
          65.36192948775115,
          538.5545000499224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Maturity Date",
        "box": [
          66.5296793729299,
          543.3364120814549,
          149.65721498092094,
          546.9441571952921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.08787611108798,
          543.3364120814549,
          154.88675087446487,
          546.9441571952921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stated Rate",
        "box": [
          185.7937284225943,
          543.3364120814549,
          221.56386411394803,
          546.9441571952921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.09137719569216,
          543.3364120814549,
          253.89025195906905,
          546.9441571952921
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Interest Rate",
        "box": [
          276.317549713518,
          543.3364120814549,
          329.0610351756549,
          546.9441571952921
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          351.0948850302956,
          543.3364120814549,
          352.8937597936725,
          546.9441571952921
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Borrowing Outstanding",
        "box": [
          365.98707085078786,
          543.3364120814549,
          439.35433740159016,
          546.9441571952921
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          446.75503049195606,
          543.3364120814549,
          451.8867173794658,
          547.6191571191666
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
          477.58353926518504,
          543.3364120814549,
          525.7490428761168,
          546.9441571952921
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7690818253703,
          543.3364120814549,
          547.5679565887473,
          546.9441571952921
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2027",
        "box": [
          93.69842630889873,
          551.5125331176878,
          122.49930146079976,
          555.5737847291603
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.08787611108798,
          551.5125331176878,
          155.11287588271298,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 3.18%",
        "box": [
          190.07575918967635,
          551.5125331176878,
          224.1289812792293,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.09137719569216,
          551.5125331176878,
          254.11637696731717,
          555.5737847291603
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.84%",
        "box": [
          295.63942253444,
          551.5125331176878,
          316.5617833548624,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.0948850302956,
          551.5125331176878,
          353.1198848019206,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          360.12300901212376,
          551.5125331176878,
          364.17300855537377,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0",
        "box": [
          418.9112836321122,
          551.5125331176878,
          452.1128423877139,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          459.115966597917,
          551.5125331176878,
          463.165966141167,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "231,699\u00a0",
        "box": [
          517.9042412179055,
          551.5125331176878,
          546.2542380206555,
          555.5737847291603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          560.0502275348226,
          64.46249210606271,
          562.7577286091382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          566.3625314429373,
          72.55721755315749,
          570.4237830544098
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR at March 31, 2026 was 3.66%, which was below the 6.79% strike rate provided by our interest rate cap. See Note 7 - Derivatives for ",
        "box": [
          79.30194355750221,
          566.3625314429373,
          551.1479874687493,
          570.4237830544098
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "further detail.",
        "box": [
          79.30194355750221,
          575.8125303771867,
          123.38128403633166,
          579.8737819886592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our debt related to real estate owned hotel portfolio as of December 31, 2025 is summarized as follows ($ in thousands):",
        "box": [
          85.15545852235574,
          596.1431194151883,
          520.1793604105688,
          600.6544930464224
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          606.9431181971886,
          87.40489575179419,
          611.4544918284228
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Contractual Maturity Date",
        "box": [
          66.5296793729299,
          616.2364038599553,
          149.65721498092094,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          153.08787611108798,
          616.2364038599553,
          154.88675087446487,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stated Rate",
        "box": [
          185.7937284225943,
          616.2364038599553,
          221.56386411394803,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          252.09137719569216,
          616.2364038599553,
          253.89025195906905,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net Interest Rate",
        "box": [
          276.317549713518,
          616.2364038599553,
          329.0610351756549,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          351.0948850302956,
          616.2364038599553,
          352.8937597936725,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Borrowing Outstanding",
        "box": [
          365.98707085078786,
          616.2364038599553,
          439.35433740159016,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          446.75503049195606,
          616.2364038599553,
          451.8867173794658,
          620.519148897667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          477.58353926518504,
          616.2364038599553,
          525.7490428761168,
          619.8441489737925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7690818253703,
          616.2364038599553,
          547.5679565887473,
          619.8441489737925
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/9/2027",
        "box": [
          93.69842630889873,
          625.0875248200628,
          122.49930146079976,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          153.08787611108798,
          625.0875248200628,
          155.11287588271298,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 3.18%",
        "box": [
          190.07575918967635,
          625.0875248200628,
          224.1289812792293,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          252.09137719569216,
          625.0875248200628,
          254.11637696731717,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.87%",
        "box": [
          295.63942253444,
          625.0875248200628,
          316.5617833548624,
          629.1487764315352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.0948850302956,
          625.0875248200628,
          353.1198848019206,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          360.12300901212376,
          625.0875248200628,
          364.17300855537377,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0",
        "box": [
          418.9112836321122,
          625.0875248200628,
          452.1128423877139,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          459.115966597917,
          625.0875248200628,
          463.165966141167,
          629.1487764315352
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "230,992\u00a0",
        "box": [
          517.9042412179055,
          625.0875248200628,
          546.2542380206555,
          629.1487764315352
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          632.950219313323,
          64.46249210606271,
          635.6577203876386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          72.55721755315749,
          643.3237748329102
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR at December 31, 2025 was 3.69%, which was below the 6.79% strike rate provided by our interest rate cap. See Note 7 - Derivatives for ",
        "box": [
          79.30194355750221,
          639.2625232214377,
          551.1374372199391,
          643.3237748329102
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "further detail.",
        "box": [
          79.30194355750221,
          648.7125221556871,
          123.38128403633166,
          652.7737737671596
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " ",
        "box": [
          221.5687243879694,
          288.40961272124514,
          222.7735992352113,
          290.8260573962252
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
          222.78161825118192,
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          228.40122080703753,
          290.8260573962252
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          221.5687243879694,
          541.534584174371,
          228.39319397794276,
          543.9510288493511
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
        "box": [
          329.0624622650635,
          541.534584174371,
          335.88693185503683,
          543.9510288493511
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
        "box": [
          221.5687243879694,
          614.4345759528696,
          228.39319397794276,
          616.8510206278515
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          329.0624622650635,
          614.4345759528696,
          335.88693185503683,
          616.8510206278515
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        "from_ocr": false,
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  },
  {
    "page_no": 27,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "27",
        "box": [
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          310.6066975402138,
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        "from_ocr": false,
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      {
        "text": "Interest Expense and Amortization",
        "box": [
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          188.29001506481865,
          103.8546191064197
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      {
        "text": "The following table summarizes our interest and amortization expense on our secured financings, debt related to real  estate ",
        "box": [
          85.15545852235574,
          114.86824372430783,
          551.3618746777526,
          119.379617355542
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        "confidence": 1.0
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      {
        "text": "owned hotel portfolio, and secured term loan for the three months ended March 31, 2026 and 2025, respectively ($ in thousands):",
        "box": [
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          125.66824250630816,
          529.1270271689706,
          130.17961613754233
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      {
        "text": "\u00a0",
        "box": [
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          64.9113670216896,
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      {
        "text": "\u00a0",
        "box": [
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          144.41152710332608,
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          148.01927221716323
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          352.4026973828034,
          144.41152710332608,
          354.2015721461803,
          148.01927221716323
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        "from_ocr": false,
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      {
        "text": "Three Months Ended",
        "box": [
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          143.7365271794515,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          143.7365271794515,
          547.2410001256208,
          147.34427229328867
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          153.1865261137027,
          64.9113670216896,
          156.79427122753987
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          352.4026973828034,
          153.1865261137027,
          354.2015721461803,
          156.79427122753987
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
          379.36050684256134,
          152.51152618982815,
          427.1219516561312,
          156.11927130366166
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          447.0925304538935,
          152.51152618982815,
          448.89140521727046,
          156.11927130366166
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          450.7417487923428,
          152.51152618982815,
          452.54062355571966,
          156.11927130366166
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2025",
        "box": [
          477.69955825210064,
          152.51152618982815,
          525.4610030656705,
          156.11927130366166
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          547.2410001256208,
          156.11927130366166
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      {
        "text": "Interest expense on secured financings",
        "box": [
          63.11249225831271,
          162.7126469976829,
          188.16414185526423,
          166.7738986091572
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          352.4026973828034,
          162.11823839556018,
          354.65213461224187,
          166.62961202679435
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          361.24097763604175,
          162.7126469976829,
          365.29097717929176,
          166.7738986091572
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,249\u00a0 \u00a0",
        "box": [
          422.97182667417314,
          162.7126469976829,
          452.7667485639678,
          166.7738986091572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          459.58002904558106,
          162.7126469976829,
          463.63002858883107,
          166.7738986091572
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,414\u00a0",
        "box": [
          521.3108780837125,
          162.7126469976829,
          546.2542380206555,
          166.7738986091572
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest expense on secured term loan",
        "box": [
          63.11249225831271,
          172.83764585580866,
          185.23738376533754,
          176.8988974672793
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          352.4026973828034,
          171.56823732980774,
          354.65213461224187,
          176.07961096104555
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          361.24097763604175,
          172.83764585580866,
          363.26597740766675,
          176.8988974672793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,589\u00a0 \u00a0",
        "box": [
          422.97182667417314,
          172.83764585580866,
          452.7667485639678,
          176.8988974672793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          459.58002904558106,
          172.83764585580866,
          461.60502881720606,
          176.8988974672793
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "16,048\u00a0",
        "box": [
          521.3108780837125,
          172.83764585580866,
          546.2542380206555,
          176.8988974672793
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of deferred financing costs",
        "box": [
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        "text": "6,487\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "Amortization of discount on secured term loan",
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        "text": "\u00a0",
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        "text": "Interest and related expense",
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        "text": "Interest expense on debt related to real estate owned hotel portfolio ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "4,737\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "Interest expense on multifamily real estate owned properties",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "4,439\u00a0 \u00a0",
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      {
        "text": "\u00a0",
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        "text": "-\u00a0",
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      {
        "text": "Total interest and related expense",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "$",
        "box": [
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      {
        "text": "60,070\u00a0 \u00a0",
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      {
        "text": "$",
        "box": [
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      {
        "text": "95,781\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(1)",
        "box": [
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      {
        "text": "For the three months ended March 31, 2026 and 2025, interest expense on debt related to real estate owned hotel portfolio includes $0.7 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and $0.4 million respectively, of amortization of deferred financing costs.",
        "box": [
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  multifamily  real  estate  owned  assets  are  pledged  to  certain  of  our  repurchase  agreements.  Thus,  amount  excludes  any  allocation  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "amortization of deferred financing costs related to such repurchase agreement.",
        "box": [
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      {
        "text": "Financial Covenants",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our financing agreements generally contain certain financial covenants. As of March 31, 2026, we are in compliance with all ",
        "box": [
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      {
        "text": "financial covenants under our financing agreements.",
        "box": [
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      {
        "text": "Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  the  overall  market  conditions  in  which  we  and  our  borrowers  operate.  The  impact  of  macroeconomic  conditions  on  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate and capital markets, including elevated benchmark interest rates compared to recent historical levels and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "effects thereof on our and our borrowers' operating performance, may make it more difficult for us to satisfy these financial covenants ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the respective agreements. As the results of our operating activities, our financial condition, and the overall market conditions in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which we and our borrowers operate evolve, we may continue to work with our counterparties on modifying financial covenants as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needed; however, there is no assurance that our counterparties will agree to such modifications.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements and Term Participation Facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "As calculated in accordance with our repurchase agreements and our term participation facility and as of March 31, 2026, (i) our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "tangible net worth shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from any equity issuances, capital contributions, and/or subscriptions (net of any related costs), (ii) our total debt to equity ratio shall ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "not exceed 3.50 to 1.00, and (iii) our cash liquidity shall not be less than the greater of (x) $20.0 million or (y) 5% of total recourse ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indebtedness  (which  includes  our  secured  term  loan).  For  the  quarters  ending  March  31,  2026  to  June  30,  2027,  there  is  no ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement of our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (our 'Interest Coverage ",
        "box": [
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ratio'). Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less than 1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          541.2545697774185
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As calculated in accordance with our new secured term loan agreement and effective upon its closing, (i) our tangible net worth ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 from any equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuances, capital contributions, and/or subscriptions (net of any related costs) and (ii) our total debt to equity ratio shall not exceed ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.50  to  1.00.  For  the  quarters  ending  March  31,  2026  to  June  30,  2027,  there  is  no  measurement  of  our  Interest  Coverage  Ratio. ",
        "box": [
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          551.3618746777526,
          619.5545609469191
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ",
        "box": [
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          625.1681861738107,
          551.349720899123,
          629.6795598050448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          213.77849855134627
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
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          221.1824588297859,
          266.26240282561525,
          223.90349740947204
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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  {
    "page_no": 28,
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        "text": "\u00a0",
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      {
        "text": "28",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Note 7.  Derivatives",
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      {
        "text": "Prior to the June 2025 refinance of our debt related to real estate owned hotel portfolio, we acquired interest rate caps with ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "maturity dates and notional amounts equal to that of the then maturity dates and outstanding principal balance of our debt related to ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "real estate owned hotel portfolio, respectively, and strike rates ranging from 3.0% to 5.0% which effectively limited the maximum ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "interest rate to 7.94%. Concurrent with refinancing our debt related to real estate owned hotel portfolio in June 2025, we acquired an ",
        "box": [
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      {
        "text": "interest rate cap for a price of $71,000 with a notional amount of $235.0 million, a strike rate of 6.79%, and a maturity date of June ",
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      {
        "text": "2027, which effectively limits the maximum interest rate of our debt related to real estate owned hotel portfolio to 9.97%.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Changes  in  the  fair  value  of  our  interest  rate  cap  are  recorded  as  an  unrealized  gain  or  loss  on  interest  rate  cap  on  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "consolidated  statements  of  operations  and  the  fair  value  is  recorded  in  other  assets  on  our  consolidated  balance  sheets.  Proceeds ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "statements of operations. As of March 31, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. During ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the three months ended March 31, 2026 and 2025, we did not recognize any proceeds from our interest rate caps.",
        "box": [
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      {
        "text": "Note",
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      {
        "text": " ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "  ",
        "box": [
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      {
        "text": "Fair Value Measurements ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ASC 820, '",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair Value Measurements and Disclosures",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "' establishes a framework for measuring fair value as well as disclosures ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "about  fair  value  measurements.  It  emphasizes  that  fair  value  is  a  market-based  measurement,  not  an  entity-specific  measurement. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Therefore, a fair value measurement should be determined based on the assumptions that market participants would use when pricing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "fair  value  hierarchy  that  distinguishes  between  market  participant  assumptions  based  on  market  data  obtained  from  sources ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "access.  Level  2  inputs  are  inputs  other  than  quoted  prices  included  in  Level  1  that  are  observable  for  the  asset  or  liability,  either ",
        "box": [
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      {
        "text": "directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are observable for the asset or liability other than quoted prices, such as interest rates, foreign exchange rates, and yield curves that are ",
        "box": [
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      {
        "text": "observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "factors specific to the asset or liability.",
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      {
        "text": "Financial Instruments Reported at Fair Value",
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        "confidence": 1.0
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      {
        "text": "The fair  value  of  our  interest  rate  caps  are  determined  by  using  the  market  standard  methodology  of  discounting  the  future ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate caps. The variable interest ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "rates used in the calculation of projected receipts on the interest rate caps are based on a third-party expert's expectation of future ",
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      {
        "text": "interest rates derived from observable market interest rate curves and volatilities. Our interest rate caps are classified as Level 2 in the ",
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      {
        "text": "fair value hierarchy. As of March 31, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. ",
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      {
        "text": "Financial Instruments Not Reported at Fair Value ",
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      {
        "text": "The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required ",
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      {
        "text": "to be disclosed at fair value were as follows ($ in thousands):",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "March 31, 2026",
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "Carrying",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Unpaid ",
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        "text": "Principal",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Fair Value Hierarchy Level",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "Value",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Balance",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Fair Value",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Level 1",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Level 2",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Level 3",
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      {
        "text": "\u00a0",
        "box": [
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          547.2093628791887,
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      {
        "text": "Loans receivable held-for-investment, net",
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          198.50666780885703,
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        "text": "\u00a0 $ 3,107,577\u00a0 \u00a0 $",
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        "confidence": 1.0
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      {
        "text": "3,506,048\u00a0 \u00a0 $ 3,072,630\u00a0 \u00a0 $",
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        "text": "-\u00a0 \u00a0 $",
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      {
        "text": "-\u00a0 \u00a0 $ 3,072,630\u00a0",
        "box": [
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          546.1909567777923,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Repurchase agreements",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          243.37965942818042,
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          245.62909665761887,
          647.9043879736782
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          248.71637757631714,
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          250.74137734794215,
          648.0486745560374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,593,114\u00a0 \u00a0 \u00a0",
        "box": [
          255.82497052462577,
          643.9874229445668,
          301.0816094206822,
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        "from_ocr": false,
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      {
        "text": "1,593,114\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "1,593,114\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "-\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1,593,114\u00a0",
        "box": [
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          546.1909567777923,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term participation facility",
        "box": [
          63.11249225831271,
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          148.5777647597283,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          243.37965942818042,
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          245.62909665761887,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0",
        "box": [
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          250.74137734794215,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "339,160\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
          653.4374218788143,
          301.0816094206822,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "339,160\u00a0 \u00a0 \u00a0",
        "box": [
          315.8366825066377,
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          355.01832208781906,
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        "from_ocr": false,
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      {
        "text": "335,082\u00a0 \u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          450.3620613351631,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          455.6987794832998,
          657.4986734902886
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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          506.03900480604057,
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        "from_ocr": false,
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        "text": "335,082\u00a0",
        "box": [
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          546.1909567777923,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Secured term loan, net",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          245.62909665761887,
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        "text": "\u00a0",
        "box": [
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          250.74137734794215,
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        "from_ocr": false,
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      {
        "text": "465,577\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
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          301.0816094206822,
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        "from_ocr": false,
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        "text": "500,000\u00a0 \u00a0 \u00a0",
        "box": [
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        "text": "492,699\u00a0 \u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "-\u00a0",
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        "text": "492,699\u00a0",
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        "from_ocr": false,
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      {
        "text": "Debt related to real estate owned hotel portfolio, net",
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        "text": "\u00a0",
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        "text": "235,000\u00a0 \u00a0 \u00a0",
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        "text": "235,082\u00a0 \u00a0 \u00a0",
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  {
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        "text": "December 31, 2025",
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        "text": "\u00a0",
        "box": [
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          109.5441743162919
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value Hierarchy Level",
        "box": [
          430.9663570225677,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          153.93162601593173,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          291.8695479258481,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          295.5187662642973,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Balance",
        "box": [
          308.41168334401266,
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          332.7948310720657,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fair Value",
        "box": [
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          389.2257763904087,
          121.69417294604136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          394.34761115234886,
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          396.14648591572575,
          121.69417294604136
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.99682949079806,
          118.08642783220421,
          399.795704254175,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Level 1",
        "box": [
          411.99253441239347,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          444.68784322508884,
          118.08642783220421,
          446.4867179884658,
          121.69417294604136
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          448.3370615635381,
          118.08642783220421,
          450.135936326915,
          121.69417294604136
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 2",
        "box": [
          462.33275973513423,
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          484.51299891119595,
          121.69417294604136
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          495.0280685478296,
          118.08642783220421,
          496.82694331120655,
          121.69417294604136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          498.67728688627886,
          118.08642783220421,
          500.47616164965575,
          121.69417294604136
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Level 3",
        "box": [
          512.6729918078742,
          118.08642783220421,
          534.853230983936,
          121.69417294604136
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4104881158117,
          118.08642783220421,
          547.2093628791887,
          121.69417294604136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans receivable held-for-investment, net",
        "box": [
          63.11249225831271,
          127.61254871618439,
          198.50666780885703,
          131.67380032765868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $ 3,615,401\u00a0 \u00a0 $",
        "box": [
          243.37965942818042,
          127.61254871618439,
          303.1066091923072,
          132.2045136691704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,057,357\u00a0 \u00a0 $ 3,636,499\u00a0 \u00a0 $",
        "box": [
          309.7616831917627,
          127.61254871618439,
          407.3835471821848,
          131.67380032765868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0 $",
        "box": [
          440.1421372377435,
          127.61254871618439,
          457.7237792549248,
          131.67380032765868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0 $ 3,636,499\u00a0",
        "box": [
          490.48236931048353,
          127.61254871618439,
          546.1909567777923,
          131.67380032765868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements",
        "box": [
          63.11249225831271,
          137.73754757431016,
          139.80145138950155,
          141.7987991857808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          243.37965942818042,
          137.818138896062,
          245.62909665761887,
          142.32951252729617
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          248.71637757631714,
          137.73754757431016,
          250.74137734794215,
          141.7987991857808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,857,614\u00a0 \u00a0 \u00a0",
        "box": [
          255.82497052462577,
          137.73754757431016,
          301.0816094206822,
          141.7987991857808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,857,614\u00a0 \u00a0 \u00a0",
        "box": [
          309.7616831917627,
          137.73754757431016,
          355.01832208781906,
          141.7987991857808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,857,614\u00a0 \u00a0 \u00a0",
        "box": [
          360.1019152645027,
          137.73754757431016,
          405.3585474105598,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          440.1421372377435,
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          445.5104993823115,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          448.3370615635381,
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          450.3620613351631,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          453.6737797116748,
          137.73754757431016,
          455.6987794832998,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          490.48236931048353,
          137.73754757431016,
          495.8507247050523,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          498.67728688627886,
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          500.70228665790387,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          504.01400503441556,
          137.73754757431016,
          506.03900480604057,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,857,614\u00a0",
        "box": [
          511.1225979827242,
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          546.1909567777923,
          141.7987991857808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term participation facility",
        "box": [
          63.11249225831271,
          147.86254643243592,
          148.5777647597283,
          151.92379804390657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          243.37965942818042,
          147.94313775418777,
          245.62909665761887,
          152.45451138542194
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          248.71637757631714,
          147.86254643243592,
          250.74137734794215,
          151.92379804390657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,452\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
          147.86254643243592,
          301.0816094206822,
          151.92379804390657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "329,452\u00a0 \u00a0 \u00a0",
        "box": [
          315.8366825066377,
          147.86254643243592,
          355.01832208781906,
          151.92379804390657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,837\u00a0 \u00a0 \u00a0",
        "box": [
          366.1769145793777,
          147.86254643243592,
          405.3585474105598,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          440.1421372377435,
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          445.5104993823115,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          450.3620613351631,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          455.6987794832998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          490.48236931048353,
          147.86254643243592,
          495.8507247050523,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          500.70228665790387,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          504.01400503441556,
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          506.03900480604057,
          151.92379804390657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "325,837\u00a0",
        "box": [
          517.1975972975991,
          147.86254643243592,
          546.1909567777923,
          151.92379804390657
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Notes payable, net",
        "box": [
          63.11249225831271,
          157.98754529056168,
          123.16639335556658,
          162.04879690203234
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          245.62909665761887,
          162.57951024354406
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          250.74137734794215,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,522\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
          157.98754529056168,
          301.0816094206822,
          162.04879690203234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,999\u00a0 \u00a0 \u00a0",
        "box": [
          315.8366825066377,
          157.98754529056168,
          355.01832208781906,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,861\u00a0 \u00a0 \u00a0",
        "box": [
          366.1769145793777,
          157.98754529056168,
          405.3585474105598,
          162.04879690203234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
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          157.98754529056168,
          445.5104993823115,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          450.3620613351631,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          455.6987794832998,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
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          157.98754529056168,
          495.8507247050523,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          500.70228665790387,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          506.03900480604057,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "177,861\u00a0",
        "box": [
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          546.1909567777923,
          162.04879690203234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan, net",
        "box": [
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          168.1125441486838,
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          172.1737957601581
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          245.62909665761887,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          250.74137734794215,
          172.1737957601581
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,447\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
          168.1125441486838,
          301.0816094206822,
          172.1737957601581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "556,188\u00a0 \u00a0 \u00a0",
        "box": [
          315.8366825066377,
          168.1125441486838,
          355.01832208781906,
          172.1737957601581
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "538,112\u00a0 \u00a0 \u00a0",
        "box": [
          366.1769145793777,
          168.1125441486838,
          405.3585474105598,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
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          445.5104993823115,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          455.6987794832998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "538,112\u00a0",
        "box": [
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          546.1909567777923,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt related to real estate owned hotel portfolio, net",
        "box": [
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          232.0259511886264,
          182.29879461828386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          245.62909665761887,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "230,992\u00a0 \u00a0 \u00a0",
        "box": [
          261.8999698395008,
          178.23754300680957,
          301.0816094206822,
          182.29879461828386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          315.8366825066377,
          178.23754300680957,
          355.01832208781906,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,216\u00a0 \u00a0 \u00a0",
        "box": [
          366.1769145793777,
          178.23754300680957,
          405.3585474105598,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          440.1421372377435,
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          445.5104993823115,
          182.29879461828386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          448.3370615635381,
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          450.3620613351631,
          182.29879461828386
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          453.6737797116748,
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          455.6987794832998,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          490.48236931048353,
          178.23754300680957,
          495.8507247050523,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          498.67728688627886,
          178.23754300680957,
          500.70228665790387,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          504.01400503441556,
          178.23754300680957,
          506.03900480604057,
          182.29879461828386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,216\u00a0",
        "box": [
          517.1975972975991,
          178.23754300680957,
          546.1909567777923,
          182.29879461828386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 9.  Equity",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Common Stock",
        "box": [
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          119.35276410440927,
          236.15450194592268
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $0.01 per share. As of ",
        "box": [
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          551.3525740563015,
          251.67950019504497
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31,  2026  and  December  31,  2025,  we  had  140,218,764  and  140,218,764  shares  of  common  stock  issued  and  outstanding, ",
        "box": [
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively.  During  the  three  months  ended  March  31,  2026  and  2025,  we  did  not  issue,  repurchase,  or  retire  any  shares  of  our ",
        "box": [
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          551.3513311789417,
          272.60449783517106
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock.",
        "box": [
          63.11249225831271,
          278.21812306206266,
          118.09185940348631,
          282.7294966932968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At the Market Stock Offering Program",
        "box": [
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          202.79268349348615,
          303.6544943334229
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On May 10, 2024, we entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, ",
        "box": [
          85.15545852235574,
          314.66811895131104,
          551.3618746777526,
          319.1794925825452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from time to time, up to an aggregate sales price of $150.0 million of our common stock pursuant to a continuous offering program ",
        "box": [
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          551.3618746777526,
          329.97949136454554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(the  'ATM  Agreement')  under  our  in  place  effective  shelf  registration.  Sales  of  our  common  stock  made  pursuant  to  the  ATM ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agreement may be made in negotiated transactions or transactions that are deemed to be 'at the market' offerings as defined in Rule ",
        "box": [
          63.11249225831271,
          345.7181154495629,
          551.3618746777526,
          350.22948908079707
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors, including ",
        "box": [
          63.11249225831271,
          356.51811423156323,
          551.3618746777526,
          361.0294878627974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market conditions,  the  trading  price  of  our  common  stock,  our  capital  needs,  and  our  determination  of  the  appropriate  sources  of ",
        "box": [
          63.11249225831271,
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          371.15448672092316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding  to  meet  such  needs.  During  the  three  months  ended  March  31,  2026,  we  did  not  issue  any  shares  of  our  common  stock ",
        "box": [
          63.11249225831271,
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          381.2794855790453
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pursuant  to  the  ATM  Agreement.  As  of  March  31,  2026,  the  ATM  Agreement  has  not  been  utilized,  and  $150.0  million  of  our ",
        "box": [
          63.11249225831271,
          387.56811072981145,
          551.3618746777526,
          392.0794843610456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock remained available for issuance pursuant to the ATM Agreement.",
        "box": [
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          354.1990271433422,
          402.2044832191714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends",
        "box": [
          63.11249225831271,
          418.6181072280633,
          100.10076348013901,
          423.1294808592975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Board did not declare any dividends during the three months ended March 31, 2026 and 2025. ",
        "box": [
          85.15545852235574,
          434.8181054010638,
          442.7501681767406,
          439.32947903229797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Warrants",
        "box": [
          63.11249225831271,
          450.3431036501861,
          96.08516476800932,
          454.85447728142026
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As consideration for and in connection with entering into our new secured term loan in January 2026, we issued detachable ",
        "box": [
          85.15545852235574,
          465.868101899312,
          551.3618746777526,
          470.3794755305462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warrants to purchase up to 7,542,227 shares of our common stock at an exercise price of $4.00 per share, with an expiration date of ",
        "box": [
          63.11249225831271,
          476.66810068131235,
          551.3618746777526,
          481.1794743125465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2037. In accordance with ASC 470, ",
        "box": [
          63.11249225831271,
          486.7930995394381,
          229.7020089863406,
          491.3044731706723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt",
        "box": [
          230.60739861860773,
          486.7930995394381,
          248.09764418284288,
          491.3044731706723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ",  based on relative fair values at January 30, 2026, we allocated $13.5 million of ",
        "box": [
          248.10465889530545,
          486.7930995394381,
          551.3513311789417,
          491.3044731706723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value to the warrants using Level 3 inputs within a Black-Scholes model, incorporating terms of the warrants, historical volatility of ",
        "box": [
          63.11249225831271,
          496.9180983975639,
          551.3618746777526,
          501.42947202879805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our common stock, and current dividend levels. Value allocated to warrants is classified as equity with no subsequent remeasurement ",
        "box": [
          63.11249225831271,
          507.043097255686,
          551.3618746777526,
          511.55447088692017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and creates a corresponding discount on our secured term loan in the same amount. See Note 6 - Debt Obligations - Secured Term ",
        "box": [
          63.11249225831271,
          517.8430960376863,
          551.3618746777526,
          522.3544696689205
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan for further detail. As of March 31, 2026, none of the warrants have been exercised.",
        "box": [
          63.11249225831271,
          527.9680948958121,
          382.1866434869607,
          532.4794685270463
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 10.  Earnings Per Share",
        "box": [
          63.11249225831271,
          554.2930919269384,
          174.57371950817742,
          558.8044655581725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We calculate basic earnings per share ('EPS') using the two-class method, which defines unvested share-based payment awards ",
        "box": [
          85.15545852235574,
          570.4930900999389,
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          575.004463731173
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "that  contain  nonforfeitable  rights  to  dividends  as  participating  securities.  Under  the  two-class  method,  both  distributed  and ",
        "box": [
          63.11249225831271,
          580.618088958061,
          551.3618746777526,
          585.1294625892988
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "undistributed  earnings  are  allocated  to  common  stock  and  participating  securities  based  on  their  respective  rights.  Basic  EPS  is ",
        "box": [
          63.11249225831271,
          590.7430878161867,
          551.3618746777526,
          595.2544614474209
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated by dividing our net income (loss) less participating securities' share in earnings by the weighted average number of shares ",
        "box": [
          63.11249225831271,
          601.5430865981871,
          551.3618746777526,
          606.0544602294212
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of common stock outstanding during each period.",
        "box": [
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          241.77998201921338,
          616.179459087547
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted  EPS  is  calculated  under  the  more  dilutive  of  the  treasury  stock  or  the  two-class  method.  Under  the  treasury  stock ",
        "box": [
          85.15545852235574,
          632.5930830964389,
          551.3618746777526,
          637.1044567276731
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method,  diluted  EPS  is  calculated  by  dividing  net  income  (loss)  by  the  weighted  average  number  of  shares  of  common  stock ",
        "box": [
          63.11249225831271,
          643.3930818784393,
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          647.9044555096734
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 30,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "30",
        "box": [
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          696.7180255605672,
          310.6066975402138,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For the three months ended March 31, 2026 and 2025, we had no dilutive securities. As a result, basic and diluted EPS are the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "same. The calculation of basic and diluted EPS is as follows ($ in thousands, except per share data):",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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          126.27375063265936
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          361.42027111582144,
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          363.21914587919827,
          126.4191221091678
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          423.4675331182685,
          122.13637707145608,
          489.0350132832829,
          125.74412218529324
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        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.452675611054,
          122.13637707145608,
          547.2515503744308,
          125.74412218529324
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          130.9874980315617,
          65.13749202993772,
          135.048749643036
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          361.42027111582144,
          132.26137592958185,
          363.21914587919827,
          135.869121043419
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          385.2772996752785,
          131.58637600570728,
          433.0387444888484,
          135.19412111954443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          451.2690924828701,
          131.58637600570728,
          453.067967246247,
          135.19412111954443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          454.9183108213193,
          131.58637600570728,
          456.71718558469627,
          135.19412111954443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2025",
        "box": [
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          135.19412111954443
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net loss",
        "box": [
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          89.43749009943771,
          145.17374850116175
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          361.42027111582144,
          140.51808828756475,
          363.6697083452599,
          145.02946191879892
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          372.9480075657488,
          145.17374850116175
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(54,294) \u00a0",
        "box": [
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          145.17374850116175
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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      {
        "text": "(78,623)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dividends on participating securities",
        "box": [
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          182.10891544815925,
          155.29874735928752
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          361.42027111582144,
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          363.6697083452599,
          155.15446077692468
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          368.8980080224988,
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          370.9230077941238,
          155.29874735928752
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "text": "Participating securities' share in earnings",
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        "text": "Basic loss",
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        "text": "$",
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        "text": "(54,294) \u00a0",
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        "text": "$",
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        "text": "(78,623)",
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        "text": "Weighted average shares of common stock outstanding, basic and diluted ",
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        "text": "\u00a0",
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        "text": "140,456,493\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "139,475,685\u00a0",
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        "text": "Net (loss) income per share of common stock, basic and diluted",
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        "text": "\u00a0",
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      {
        "text": "$",
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      {
        "text": "(0.39) \u00a0",
        "box": [
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      {
        "text": "$",
        "box": [
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      {
        "text": "(0.56)",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(1)",
        "box": [
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      {
        "text": "For the three months ended March 31, 2026 and 2025, our Board did not declare any dividends. ",
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      {
        "text": "(2)",
        "box": [
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      {
        "text": "Amounts for the three months ended March 31, 2026 and 2025 include 237,920 and 113,151 fully vested RSUs, respectively.",
        "box": [
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      {
        "text": "For  the  three  months  ended  March  31,  2026  and  2025,  3,003,627  and  2,717,009  of  weighted  average  unvested  RSUs, ",
        "box": [
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      {
        "text": "respectively,  were  excluded  from  the  calculation  of  diluted  EPS  because  the  effect  was  anti-dilutive.  For  the  three  months  ended ",
        "box": [
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      {
        "text": "March 31, 2026, 7,542,227 of weighted average warrants were excluded from the calculation of diluted EPS because the effect was ",
        "box": [
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      {
        "text": "anti-dilutive. For the three months ended March 31, 2025, we had no outstanding warrants.",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Note",
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      {
        "text": " ",
        "box": [
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      {
        "text": "11.  Related Party Transactions",
        "box": [
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      {
        "text": "Our activities are managed by our Manager. Pursuant to the terms of the Management Agreement, our Manager is responsible ",
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      {
        "text": "for  originating  investment  opportunities,  providing  asset  management  services  and  administering  our  day-to-day  operations.  Our ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Manager is entitled to receive a management fee, an incentive fee and a termination fee as defined below.",
        "box": [
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      {
        "text": "Management Fees",
        "box": [
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      {
        "text": "Effective October 1, 2015, our Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders' ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "incentive fees (if incentive fees are not incurred by us) incurred to our Manager by CMTG/TT. During the three months ended March ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "31, 2026 and 2025, we incurred $7.3 million and $8.4 million, respectively, of management fees. Management fees are generally paid ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "quarterly, in arrears, and $7.3 million and $7.8 million were accrued and were included in management fee payable - affiliate, on our ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "consolidated balance sheets at March 31, 2026 and December 31, 2025, respectively. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Incentive Fees",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our Manager is entitled to an incentive fee equal to 20% of the excess of our Core Earnings on a rolling four-quarter basis, as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "defined in the Management Agreement, over a 7.00% return on Stockholders' Equity. Incentive fees are reduced by our pro rata share ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of any incentive fees incurred to our Manager by CMTG/TT.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Termination Fees",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "On January 30, 2026 and in connection with our new secured term loan, we amended our Management Agreement and our by-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "laws. Our new secured term loan provides the lenders with the right to appoint two non-voting observers to our Board, each of whom ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "must qualify as independent under the standards of the New York Stock Exchange and be reasonably satisfactory to us. The new ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured  term  loan  also  provides  additional  governance  rights  upon  the  occurrence  and  continuance  of  a  material  event  of  default ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('MEOD'), including the right to have the two board observers be automatically appointed to our Board (the 'Designated Directors') ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and  to  have  such  Designated  Directors,  through  a  restructuring  committee,  participate  in  a  review  of  our  Manager  and  have  such ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "restructuring committee make a recommendation to the Board regarding whether or not to terminate our Manager. In such instances ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and prior to termination, only fees and expenses incurred subsequent to the MEOD necessary to cover our Manager's operating costs ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "may be paid by us. Such amendment is only effective until our new secured term loan is repaid in full.",
        "box": [
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      {
        "text": "If we elect to terminate the Management Agreement aside from instances discussed above, we are required to pay our Manager a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "fee paid by us over the prior two years.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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  },
  {
    "page_no": 31,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
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      {
        "text": "31",
        "box": [
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      {
        "text": "Reimbursable Expenses",
        "box": [
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      {
        "text": "Our Manager or its affiliates are entitled to reimbursement for certain documented costs and expenses incurred by them on our ",
        "box": [
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      {
        "text": "behalf, as set forth in the Management Agreement, excluding any expenses specifically required to be borne by our Manager under the ",
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        "confidence": 1.0
      },
      {
        "text": "Management  Agreement.  For  the  three  months  ended  March  31,  2026  and  2025,  we  incurred  $0.7  million  and  $0.7  million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "respectively,  of  reimbursable  expenses  incurred  on  our  behalf  by  our  Manager,  which  are  included  in  general  and  administrative ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "expenses on our consolidated statements of operations. As of March 31, 2026 and December 31, 2025, $0.7 million and $1.0 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respectively,  of  reimbursable  expenses  incurred  on  our  behalf  and  due  to  our  Manager  are  included  in  other  liabilities  on  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "consolidated balance sheets.",
        "box": [
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      {
        "text": "Note",
        "box": [
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12.  Stock-Based Compensation",
        "box": [
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      {
        "text": "Incentive Award Plan",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We are externally  managed  and  do  not  currently  have  any  employees.  On  March  30,  2016,  we  adopted  the  2016  Incentive ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Award  Plan  (the  'Plan')  to  promote  the  success  and  enhance  the  value  of  the  Company  by  linking  the  individual  interests  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "employees of our Manager and its affiliates to those of our stockholders. As of March 31, 2026, the maximum remaining number of ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "shares that may be issued under the Plan is 871,264 shares. Subsequent thereto, we issued 22,898 shares and 848,366 shares remain ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "available under the Plan. Awards granted under the Plan may be granted with the right to receive dividend equivalents and generally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "vest in equal installments on the specified anniversaries of the grant.",
        "box": [
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      {
        "text": "Deferred Compensation Plan",
        "box": [
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        "confidence": 1.0
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      {
        "text": "On  May  24,  2022,  we  adopted  the  Deferred  Compensation  Plan  to  provide  our  directors  and  certain  executives  with  an ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "opportunity to defer payment of their stock-based compensation or RSUs and director cash fees, if applicable, pursuant to the terms of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the Deferred Compensation Plan.",
        "box": [
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      {
        "text": "Under our Deferred Compensation Plan, certain of our Board members elected to receive the annual fees and/or time-based ",
        "box": [
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      {
        "text": "RSUs  to  which  they  are  entitled  under  our  Non-Employee  Director  Compensation  Program  in  the  form  of  deferred  RSUs. ",
        "box": [
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      {
        "text": "Accordingly, during the three months ended March 31, 2026 and 2025, we issued 17,192 and 11,088, respectively, of deferred RSUs ",
        "box": [
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      {
        "text": "in lieu of cash fees to such directors, and recognized an expense of approximately $53,000 and $53,000, respectively. Such expense is ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "included in general and administrative expenses on our consolidated statements of operations.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-Employee Director Compensation Program",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our  Board  awards  time-based  RSUs  to  eligible  non-employee  Board  members  on  an  annual  basis  as  part  of  such  Board ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "members' annual compensation in accordance with the Non-Employee Director Compensation Program. The time-based awards are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "generally issued in the second quarter on the date of the annual meeting of our stockholders, in conjunction with the director's election ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "to our Board, and the awards vest on the earlier of (x) the one-year anniversary of the grant date and (y) the date of the next annual ",
        "box": [
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      {
        "text": "meeting of our stockholders following the grant date, subject to the applicable participants' continued service through such vesting ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "date. ",
        "box": [
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      {
        "text": "Eligible non-executive members of our Board were granted the time-based RSUs under the Plan. Each RSU was granted with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the  right  to  receive  dividend  equivalents.  Additionally,  certain  directors  elected  to  defer  their  RSUs  pursuant  to  the  terms  of  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Compensation Plan. Such deferred awards will become payable on the earliest to occur of the participant's separation from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "service or a change in control. ",
        "box": [
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      {
        "text": "Stock-Based Compensation Expense",
        "box": [
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      {
        "text": "For the three months ended March 31, 2026 and 2025, we recognized $2.3 million and $5.1 million, respectively, of stock-based ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "compensation expense related to the RSUs. As of March 31, 2026, total unrecognized compensation expense was $9.2 million based ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "on the grant date fair value of RSUs granted. This expense is expected to be recognized over a remaining period of 2.0 years from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Certain participants of the Plan are required to settle their tax liabilities through a reduction of their vested RSU delivery. Such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "amount will result in a corresponding adjustment to additional paid-in capital and a cash payment to our Manager or its affiliates in ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "order to remit the required statutory tax withholding to each respective taxing authority. During the three months ended March 31, ",
        "box": [
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      {
        "text": "2026 and 2025, there were no deliveries of shares of common stock for vested RSUs.",
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        "text": "\u00a0",
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        "text": "32",
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        "text": "The following table details the time-based RSU activity during the three months ended March 31, 2026 and 2025:",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Three Months Ended March 31, 2026",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Three Months Ended March 31, 2025",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Number of Restricted",
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        "text": "Share Units",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Weighted Average",
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      {
        "text": "Grant Date",
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      {
        "text": "Fair Value Per Share",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Number of Restricted",
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        "text": "Share Units",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Grant Date",
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        "text": "Fair Value Per Share",
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        "text": "\u00a0",
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        "text": "Unvested, beginning of period",
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        "text": "\u00a0",
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        "text": "(25,838) \u00a0",
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        "text": "Unvested, end of period",
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        "text": "\u00a0",
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        "text": "11.64\u00a0",
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        "text": "\u00a0",
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      {
        "text": "Note",
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      {
        "text": " ",
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      {
        "text": "13.  Income Taxes",
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        "text": "We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our ",
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      {
        "text": "taxable year ended December 31, 2015 and expect to continue to operate so as to qualify as a REIT. As a result, we will generally not ",
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        "text": "be subject to federal and state income tax on that portion of our income that we distribute to stockholders if we (i) distribute at least ",
        "box": [
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        "text": "90% of our taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains, and (ii) ",
        "box": [
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        "text": "comply with certain other requirements to qualify as a REIT. Since Commencement of Operations, we have been in compliance with ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "all REIT requirements and we plan to continue to operate so that we meet the requirements for taxation as a REIT. Therefore, other ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "than  amounts  relating  to  our  taxable  REIT  subsidiary  ('TRS'),  as  described  below,  we  have  not  provided  for  current  income  tax ",
        "box": [
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      {
        "text": "expense related to our REIT taxable income for the three months ended March 31, 2026 and 2025, respectively. Additionally, no ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "provision has been made for federal or state income taxes in the accompanying financial statements, as we believe we have met the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "prescribed requisite requirements.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "In December 2024, our Board paused our quarterly dividend on our common stock commencing with the fourth quarter 2024 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "dividend that would have otherwise been paid in January 2025. The timing and amount of any future dividends declared by our Board ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "depend on a variety of factors, including cash generated by operating activities, our financial condition, capital requirements, annual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "distribution  requirements  under  the  REIT  provisions  of  the  Internal  Revenue  Code,  and  such  other  factors  as  our  Board  deems ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "relevant.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our real estate owned hotel portfolio is held in a TRS. A TRS is a corporation that is owned directly or indirectly by a REIT and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "has jointly elected with the REIT to be treated as a TRS for tax purposes. Given the TRS's history of generating taxable losses, we are ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "not able to conclude that it is more likely than not that we will realize the future benefit of the TRS's deferred tax assets and therefore ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "recorded a full valuation allowance. Given the full valuation allowance, we did not record a provision or benefit for income taxes for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the three months ended March 31, 2026 and 2025, and we did not have any deferred tax assets, net of valuation allowances or deferred ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tax  liabilities,  net  of  any  valuation  allowances  as  of  March  31,  2026  and  December  31,  2025.  Our  gross  deferred  tax  asset  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation  allowance  at  March  31,  2026  were  $57.7  million.  As  of  December  31,  2025,  our  gross  deferred  tax  asset  and  valuation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "allowance were each $54.8 million.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "technical  merits.  Interest  and  penalties  on  uncertain  tax  positions,  if  applicable,  are  included  as  a  component  of  the  provision  for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "income taxes in our consolidated statements of operations. As of March 31, 2026 and December 31, 2025, we have not recorded any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amounts for uncertain tax positions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our tax returns are subject to audit by taxing authorities. As of the date of this filing, tax years 2022 and onward remain open to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "examination by major taxing jurisdictions in which we are subject to taxes.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note",
        "box": [
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          81.09918728252832,
          597.2791892030582
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
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          83.35489620854418,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14.  Commitments and Contingencies",
        "box": [
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      {
        "text": "We hold a 51% interest in CMTG/TT as a result of committing to invest $124.9 million in CMTG/TT. As of March 31, 2026 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and December 31, 2025, we have contributed $163.1 million to CMTG/TT and have received return of capital distributions of $123.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "million, of which $111.1 million were recallable. As of March 31, 2026 and December 31, 2025, our remaining capital commitment to ",
        "box": [
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      {
        "text": "CMTG/TT was $72.9 million.",
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        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026 and December 31, 2025, we had aggregate unfunded loan commitments of $204.3 million and $271.9 ",
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      {
        "text": "million,  respectively,  which  amounts  will  generally  be  funded  to  finance  construction  or  leasing  related  expenditures  by  our ",
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      {
        "text": "borrowers, ",
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  {
    "page_no": 33,
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        "text": "\u00a0",
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        "text": "33",
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        "text": "subject to them achieving certain conditions precedent to such funding. These future commitments will expire over the remaining term ",
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        "text": "of the loans, none of which exceed five years.",
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        "text": "To  the  extent  a  financing  is  expected  to  reach  final  maturity,  we  may  seek  replacement  financings,  extension  of  existing ",
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        "text": "financings, or other capital solutions as deemed appropriate by management. Our contractual payments due under all financings were ",
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        "text": "as follows as of March 31, 2026 ($ in thousands):",
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        "text": "\u00a0",
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      {
        "text": "Year",
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        "text": "\u00a0",
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      {
        "text": "Initial",
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        "text": "Maturity",
        "box": [
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      {
        "text": "\u00a0 \u00a0",
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          384.9984436729773,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fully Extended",
        "box": [
          391.3628492389637,
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          438.3408154354623,
          172.31884290068047
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          441.99838702839975,
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          443.7972617917767,
          179.74384206330433
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        "from_ocr": false,
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      {
        "text": "2026 ",
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          167.60037447440052,
          184.98721790957643,
          185.82537241902557,
          189.04846952104708
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      {
        "text": "\u00a0 $",
        "box": [
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      {
        "text": "1,469,857\u00a0\u00a0 $",
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          189.04846952104708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,028,023\u00a0",
        "box": [
          408.7862847739872,
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          443.85463681905605,
          189.04846952104708
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2027",
        "box": [
          167.60037447440052,
          194.437216843824,
          183.80037264740056,
          198.49846845529828
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          321.8167633322174,
          194.437216843824,
          323.8417631038424,
          198.49846845529828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          327.14293123154397,
          194.437216843824,
          329.167931003169,
          198.49846845529828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279,869\u00a0\u00a0 \u00a0",
        "box": [
          353.4784785114792,
          194.437216843824,
          390.550736580552,
          198.49846845529828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "381,092\u00a0",
        "box": [
          414.8612840888622,
          194.437216843824,
          443.85463681905605,
          198.49846845529828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          167.60037447440052,
          203.8872157780752,
          183.80037264740056,
          207.94846738954948
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          321.8167633322174,
          203.8872157780752,
          323.8417631038424,
          207.94846738954948
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          327.14293123154397,
          203.8872157780752,
          329.167931003169,
          207.94846738954948
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16,578\u00a0\u00a0 \u00a0",
        "box": [
          357.5284780547292,
          203.8872157780752,
          390.550736580552,
          207.94846738954948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,189\u00a0",
        "box": [
          414.8612840888622,
          203.8872157780752,
          443.85463681905605,
          207.94846738954948
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          167.60037447440052,
          212.66221478845182,
          183.80037264740056,
          216.72346639992247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          321.8167633322174,
          212.66221478845182,
          323.8417631038424,
          216.72346639992247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          327.14293123154397,
          212.66221478845182,
          329.167931003169,
          216.72346639992247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,460\u00a0\u00a0 \u00a0",
        "box": [
          353.4784785114792,
          212.66221478845182,
          390.550736580552,
          216.72346639992247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "168,460\u00a0",
        "box": [
          414.8612840888622,
          212.66221478845182,
          443.85463681905605,
          216.72346639992247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          167.60037447440052,
          222.11221372269938,
          183.80037264740056,
          226.17346533417367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          321.8167633322174,
          222.11221372269938,
          323.8417631038424,
          226.17346533417367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          327.14293123154397,
          222.11221372269938,
          329.167931003169,
          226.17346533417367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "732,510\u00a0\u00a0 \u00a0",
        "box": [
          353.4784785114792,
          222.11221372269938,
          390.550736580552,
          226.17346533417367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "967,510\u00a0",
        "box": [
          414.8612840888622,
          222.11221372269938,
          443.85463681905605,
          226.17346533417367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          167.60037447440052,
          231.56221265695058,
          184.69421969659444,
          235.62346426842123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          321.8167633322174,
          231.56221265695058,
          331.192930774794,
          235.62346426842123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,274\u00a0\u00a0 $",
        "box": [
          347.40347919660417,
          231.56221265695058,
          392.575736352177,
          235.62346426842123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,274\u00a0",
        "box": [
          408.7862847739872,
          231.56221265695058,
          443.85463681905605,
          235.62346426842123
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          242.12490684571094,
          64.46249210606271,
          244.83240792002834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          166.7882618159888,
          248.43721075382564,
          176.23298711083356,
          252.4984623652963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Initial  maturity  is  based  on  the  earlier  of  the  initial  maturity  date  of  each ",
        "box": [
          180.9527167185529,
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          447.4616676622631,
          252.4984623652963
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "individual  corresponding  loan  receivable  or  the  maximum  maturity  date  under ",
        "box": [
          180.9527167185529,
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          447.4616676622631,
          261.9484612995475
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the respective financing agreement, assuming conditions to extend are met.",
        "box": [
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          424.54595430664665,
          271.3984602337987
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          280.1734592441717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully  extended  maturity  is  based  on  the  earlier  of  the  fully  extended  maturity ",
        "box": [
          180.9527167185529,
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          447.4616676622631,
          280.1734592441717
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date of each individual corresponding loan receivable or the maximum maturity ",
        "box": [
          180.9527167185529,
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          447.4616676622631,
          289.6234581784229
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "date under the respective financing agreement, assuming conditions to extend are ",
        "box": [
          180.9527167185529,
          295.0122055011998,
          447.4616676622631,
          299.0734571126741
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "met.",
        "box": [
          180.9527167185529,
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          195.123759890374,
          308.52345604692164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          166.7882618159888,
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          317.97345498117284
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes  financings  outstanding  of  $584.9  million  related  to  eight  loans  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity default with aggregate unpaid principal balance of $1.4 billion. ",
        "box": [
          180.9527167185529,
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          326.74845399154947
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In the normal course of business, we may enter into contracts that contain a variety of representations and provide for general ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indemnifications.  Our  maximum exposure under these arrangements is unknown, as this would involve future claims that may be ",
        "box": [
          63.11249225831271,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "made against us that have not yet occurred. However, based on experience, we expect the risk of loss to be remote.",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note 15.  Segment Reporting",
        "box": [
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          395.454159644436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have determined that we have two operating segments and two reporting segments, with activities related to investing in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income-producing loans collateralized by institutional quality commercial real estate and activities related to the operations of our real ",
        "box": [
          63.11249225831271,
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          421.77915667556226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate owned assets. Our Chief Operating Decision Maker is J. Michael McGillis, our Chief Financial Officer, President, and Director, ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "who primarily utilizes Distributable Earnings (Loss) as described below. ",
        "box": [
          63.11249225831271,
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          442.02915439181015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable  Earnings  (Loss)  is  a  non-GAAP  measure  used  to  evaluate  our  performance  excluding  the  effects  of  certain ",
        "box": [
          85.15545852235574,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transactions, non-cash items and GAAP adjustments. Distributable Earnings (Loss) is a non-GAAP measure, which we define as net ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate owned held-for-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment  depreciation  and  amortization,  (iii)  any  unrealized  gains  or  losses  from  mark-to-market  valuation  changes  (other  than ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in Distributable Earnings (Loss). ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          364.64761450184875,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          426.03042007923176,
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          431.6500226350874,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
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          192.1533211459735,
          186.1030750964892
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 34,
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        "text": "\u00a0",
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        "text": "34",
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      {
        "text": "The following table provides a calculation of Distributable Loss for our loan and REO portfolios, as well as a reconciliation to ",
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      {
        "text": "net loss, for the three months ended March 31, 2026 and 2025 ($ in thousands):",
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        "text": "\u00a0",
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        "text": " ",
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        "text": "\u00a0",
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      {
        "text": "Three Months Ended March 31, 2026",
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          244.4976280520984,
          129.56118202608923,
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Three Months Ended March 31, 2025",
        "box": [
          409.47182819667313,
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        "text": "\u00a0",
        "box": [
          545.4421253622438,
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          133.16892713992638
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      {
        "text": " ",
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        "text": "\u00a0",
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      {
        "text": "Loan",
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          239.07653491347727,
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        "from_ocr": false,
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      {
        "text": "Portfolio",
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          233.48669179388742,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          270.4640313736649,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "REO",
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          142.61892607417758
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        "from_ocr": false,
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      {
        "text": "Portfolio",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          325.4554314218565,
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          327.25430618523336,
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      {
        "text": "\u00a0",
        "box": [
          331.0874620366885,
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          332.8863368000654,
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      {
        "text": "Total",
        "box": [
          348.85894778245967,
          146.4361801229643,
          365.24904987251284,
          150.04392523680144
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          380.44683147004804,
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          382.2457062334249,
          150.04392523680144
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          386.0788620848801,
          147.1111800468425,
          387.877736848257,
          150.71892516067965
        ],
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      {
        "text": "Loan",
        "box": [
          404.050735058052,
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          420.0473417860596,
          142.61892607417758
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        "from_ocr": false,
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      {
        "text": "Portfolio",
        "box": [
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          425.63369575897354,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          145.99392569355405
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          441.07026213307165,
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          442.86913689644854,
          150.71892516067965
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      {
        "text": "REO",
        "box": [
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          474.8351048586401,
          142.61892607417758
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        "from_ocr": false,
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      {
        "text": "Portfolio",
        "box": [
          453.45229198665373,
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          480.6250958071651,
          150.04392523680144
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          490.42963156643117,
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          492.22850632980806,
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      {
        "text": "\u00a0",
        "box": [
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          497.8605369446401,
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        "from_ocr": false,
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      {
        "text": "Total",
        "box": [
          513.8331479270344,
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          530.2232500170876,
          150.04392523680144
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          547.2410001256208,
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        "from_ocr": false,
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      {
        "text": "Interest and related income",
        "box": [
          63.11249225831271,
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          141.22640045672958,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          219.12184966392255,
          155.21117913334092,
          220.9207244272994,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          225.53434894073504,
          155.21117913334092,
          229.13209846748885,
          158.81892424717807
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,999\u00a0 \u00a0",
        "box": [
          248.82184631442263,
          155.21117913334092,
          275.912124475491,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          280.52574898892664,
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          284.1234985156804,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          321.2050446512057,
          155.21117913334092,
          326.051962570831,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          329.1046497603057,
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          330.90352452368256,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          335.5171490371182,
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          339.114898563872,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,999\u00a0",
        "box": [
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          381.0433626190226,
          158.81892424717807
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
          388.0616743612629,
          155.21117913334092,
          394.10629861206354,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,038\u00a0 \u00a0",
        "box": [
          410.19956586460046,
          155.21117913334092,
          440.88632462006575,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          445.49994913350133,
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          449.0976986602551,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          486.1792447957804,
          155.21117913334092,
          491.02616271540575,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.07884990488037,
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          495.8777246682573,
          158.81892424717807
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          504.08909870844667,
          158.81892424717807
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,038\u00a0",
        "box": [
          520.1823659609836,
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          546.0175627635973,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related expense",
        "box": [
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          143.22201525416858,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          219.12184966392255,
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          220.9207244272994,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          225.53434894073504,
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          227.33322370411193,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(50,894) \u00a0",
        "box": [
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          275.912124475491,
          166.9189233336765
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          282.3246237523035,
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          329.1046497603057,
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          330.90352452368256,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          335.5171490371182,
          163.31117821983935,
          337.3160238004951,
          166.9189233336765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(50,894)",
        "box": [
          356.3999591820011,
          163.31117821983935,
          381.6406451653563,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          388.0616743612629,
          163.31117821983935,
          392.3074238486867,
          166.9189233336765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(89,227) \u00a0",
        "box": [
          411.3913592301927,
          163.31117821983935,
          440.88632462006575,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          445.49994913350133,
          163.31117821983935,
          447.2988238968783,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          486.1792447957804,
          163.31117821983935,
          491.02616271540575,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.07884990488037,
          163.31117821983935,
          495.8777246682573,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          500.4913491816929,
          163.31117821983935,
          502.29022394506984,
          166.9189233336765
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(89,227)",
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          546.6148453099311,
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        "from_ocr": false,
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      {
        "text": "Revenue from real estate owned",
        "box": [
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          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          219.12184966392255,
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          220.9207244272994,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          225.53434894073504,
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          227.33322370411193,
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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          271.06056252263943,
          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          274.1132497121141,
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          275.912124475491,
          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          282.3246237523035,
          175.01892242017857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,414\u00a0 \u00a0",
        "box": [
          303.8132463626142,
          171.41117730634141,
          330.90352452368256,
          175.01892242017857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          335.5171490371182,
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          337.3160238004951,
          175.01892242017857
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21,414\u00a0",
        "box": [
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          171.41117730634141,
          381.0433626190226,
          175.01892242017857
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          392.3074238486867,
          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          431.1878447475888,
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          436.0347626672142,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          440.88632462006575,
          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          445.49994913350133,
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          447.2988238968783,
          175.01892242017857
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,564\u00a0 \u00a0",
        "box": [
          468.7874465071889,
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          495.8777246682573,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          500.4913491816929,
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          502.29022394506984,
          175.01892242017857
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        "from_ocr": false,
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      },
      {
        "text": "14,564\u00a0",
        "box": [
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          546.0175627635973,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of above and below",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0\u00a0market leases, net",
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        "text": "258\u00a0 \u00a0",
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        "text": "354\u00a0 \u00a0",
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        "text": "Management fees - affiliate",
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        "text": "(6,554)",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Amortization of discount on secured term loan",
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        "text": "\u00a0",
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        "text": "569\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "569\u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0 \u00a0",
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      {
        "text": "(438)",
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        "text": "(258) \u00a0",
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        "text": "Amortization of discount on secured term loan",
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        "text": "For the three months ended March 31, 2026, amount includes a $12.9 million charge-off of accrued interest receivable and $0.3 million charge-",
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        "text": "off of an exit fee related to the sale of a hospitality loan in March 2026. For the three months ended March 31, 2025, amount includes a $3.5 ",
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        "text": "million charge-off of accrued interest receivable and a $0.5 million charge-off of an exit fee related to the discounted payoff of a land loan in ",
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        "text": "March 2025.",
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      {
        "text": "Note 16.  Subsequent Events",
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        "text": "We  have  evaluated  subsequent  events  through  the  filing  of  this  Quarterly  Report  on  Form  10-Q  and  note  the  following ",
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      {
        "text": "transactions or events that have occurred:",
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        "text": "1.",
        "box": [
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        "text": "In May 2026, we completed a mortgage foreclosure on a multifamily property located in Dallas, TX. As of March 31, ",
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      {
        "text": "2026,  the  multifamily  property  represented  the  collateral  for  a  risk  rated  5  loan  receivable  with  an  unpaid  principal ",
        "box": [
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        "text": "balance of $25.4 million. See Note 3 - Loan Portfolio for further detail.",
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        "text": "2.",
        "box": [
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        "text": "In May 2026, we entered into a binding agreement to sell a 239-unit multifamily property located in Dallas, TX to an ",
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        "text": "unaffiliated purchaser for a gross sales price of $48.0 million. As of March 31, 2026, the property's carrying value was ",
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        "text": "$46.8 million, inclusive of lease intangible assets. The property previously served as partial collateral for a loan receivable ",
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        "text": "and we foreclosed on the property in July 2025.",
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      {
        "text": "\u00a0",
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        "text": " ",
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      {
        "text": "\u00a0(1)",
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      {
        "text": "\u00a0(1)",
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        "text": "\u00a0",
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        "text": "35",
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        "text": "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.",
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        "text": "The following discussion should be read in conjunction with our unaudited consolidated financial statements and notes thereto ",
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      {
        "text": "appearing elsewhere in this Quarterly Report on Form 10-Q. References herein to 'Claros Mortgage Trust,' 'Company,' 'we,' 'us' ",
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        "text": "or 'our' refer to Claros Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. References to our ",
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        "text": "'Manager' refer to Claros REIT Management LP and references to our 'Sponsor' refer to Mack Real Estate Credit Strategies, L.P. ",
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      {
        "text": "('MRECS'),  the  CRE  lending  and  debt  investment  business  affiliated  with  our  Manager  and  Mack  Real  Estate  Group,  LLC ",
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        "text": "('MREG'). Although MRECS and MREG are distinct legal entities, for convenience, references to our 'Sponsor' are deemed to ",
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        "text": "include references to MRECS and MREG, individually or collectively, as appropriate for the context and unless otherwise indicated. ",
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        "text": "References to 'CRE' throughout this Quarterly Report on Form 10-Q means commercial real estate.",
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        "text": "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS",
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        "text": "We make forward-looking statements herein and will make forward-looking statements in future filings with the SEC, press ",
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        "text": "releases or other written or oral communications within the meaning of Section 27A of the Securities Act of 1933, as amended (the ",
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        "text": "'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). For these statements, ",
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        "text": "we claim the protections of the safe harbor for forward-looking statements contained in such Sections. Forward-looking statements are ",
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        "text": "subject  to  substantial  risks  and  uncertainties,  many  of  which  are  difficult  to  predict  and  are  generally  beyond  our  control.  These ",
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        "text": "forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, ",
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        "text": "results of operations, plans and objectives. When we use the words 'believe,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'continue,' ",
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        "text": "'intend,'  'should,'  'may'  or  similar  expressions,  we  intend  to  identify  forward-looking  statements.  Statements  regarding  the ",
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        "text": "following subjects, among others, may be forward-looking: our business and investment strategy; changes in interest rates and their ",
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        "text": "impact on our borrowers and on the availability and cost of our financing; our projected operating results; defaults by borrowers in ",
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        "text": "paying debt service on outstanding loans; anticipated timing, amount, and pace of resolutions of our investments; the timing of cash ",
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        "text": "flows, if any, from our investments; our ability to maintain levels of liquidity that meet or exceed our liquidity needs; the state of and ",
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        "text": "uncertainty  surrounding  the  U.S.  and  global  economy  generally  or  in  specific  geographic  regions;  reduced  demand  for  office, ",
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        "text": "multifamily or retail space, including as a result of the increase in remote and/or hybrid work trends which allow work from remote ",
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        "text": "locations other than the employer's office premises; governmental actions and initiatives and changes to government regulations and ",
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        "text": "policies, including changes in monetary policy; the amount of commercial mortgage loans requiring refinancing; our ability to obtain ",
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        "text": "and  maintain  financing  arrangements  on  attractive  terms,  or  at  all;  our  ability  to  maintain  compliance  with  covenants  under  our ",
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        "text": "financing arrangements; current and prospective financing costs and advance rates for our existing and target assets; our expected ",
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        "text": "leverage; general volatility of the capital markets and the markets in which we may invest and in which our borrowers operate; the ",
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        "text": "state of the regional, national, and global banking systems; the return on or impact of current and future investments, including our ",
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        "text": "loan portfolio and real estate owned assets; allocation of investment opportunities to us by our Manager and our Sponsor; changes in ",
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        "text": "the  markets  in  which  we  and  our  borrowers  operate  and  the  impacts  thereof;  changes  in  the  market  value  of  our  investments  and ",
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        "text": "collateral underlying our investments; the effects of hedging instruments on our existing and target assets; rates of default, decreased ",
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        "text": "recovery rates, and/or increased loss severity rates on our existing and target assets and related impairment charges, including as these ",
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        "text": "relate  to  our  real  estate  owned  assets;  the  degree  to  which  our  hedging  strategies  may  or  may  not  protect  us  from  interest  rate ",
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      {
        "text": "volatility;  changes  in  governmental  regulations,  tax  laws  and  rates,  and  similar  matters  (including  the  interpretation  thereof);  our ",
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      {
        "text": "ability to maintain our qualification as a real estate investment trust ('REIT'); our ability to maintain our exclusion from registration ",
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      {
        "text": "under  the  Investment  Company  Act  of  1940,  as  amended  (the  '1940  Act');  the  availability  and  attractiveness  of  investment ",
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        "text": "opportunities we are able to originate in our target assets; the ability of our Manager to locate suitable investments for us, monitor, ",
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        "text": "service and administer our investments and execute our investment strategy; the availability of qualified personnel from our Sponsor ",
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      {
        "text": "and its affiliates, including our Manager; estimates relating to our ability to pay or resume paying dividends to our stockholders in the ",
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      {
        "text": "future; our understanding of our competition; impact of increased competition on projected returns; the risk of securities class action ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "litigation  or  stockholder  activism;  geopolitical  or  economic  conditions  or  uncertainty,  which  may  include  military  conflicts  and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "activities (including the military conflicts between Russia and Ukraine, Israel and Hamas, and elsewhere throughout the Middle East, ",
        "box": [
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        "text": "North Africa, and South America more broadly), tensions involving Russia, China, and Iran, political instability, social unrest, civil ",
        "box": [
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      {
        "text": "disturbances, terrorism, natural disasters and pandemics; and market trends in our industry, interest rates, real estate values, the debt ",
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        "text": "markets generally, the CRE debt market or the general economy.",
        "box": [
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        "text": "The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into ",
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        "text": "account all information currently available to us. You should not place undue reliance on these forward-looking statements. These ",
        "box": [
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      {
        "text": "beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. See ",
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      {
        "text": "'Item  1A.  Risk  Factors'  of  this  Quarterly  Report  on  Form  10-Q  and  our  Annual  Report  on  Form  10-K.  These  and  other  risks, ",
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      {
        "text": "uncertainties, and factors, including those described in the annual, quarterly and current reports that we file with the SEC, could cause ",
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        "text": "our actual results to differ materially from those included in any forward-looking statements we make. Factors that could cause or ",
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        "text": "\u00a0",
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        "text": "36",
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        "text": "contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled 'Risk ",
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        "text": "Factors' of this filing. If a change occurs, our business, financial condition, liquidity, results of operations and prospects may vary ",
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      {
        "text": "materially  from  those  expressed  in  our  forward-looking  statements.  Any  forward-looking  statement  speaks  only  as  of  the  date  on ",
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        "text": "which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may ",
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        "text": "affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, ",
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        "text": "whether as a result of new information, future events or otherwise.",
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      {
        "text": "Introduction",
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      {
        "text": "We are  a  CRE  finance  company  focused  primarily  on  originating  senior  and  subordinate  loans  on  transitional  CRE  assets ",
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      {
        "text": "located  in  major  U.S.  markets,  including  mortgage  loans  secured  by  a  first  priority  or  subordinate  mortgage  on  transitional  CRE ",
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      {
        "text": "assets, and subordinate loans including mezzanine loans secured by a pledge of equity ownership interests in the direct or indirect ",
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        "text": "property owner rather than directly in the underlying commercial properties. These loans are subordinate to a mortgage loan but senior ",
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      {
        "text": "to  the  property  owner's  equity  ownership  interests.  Transitional  CRE  assets  are  properties  that  require  repositioning,  renovation, ",
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      {
        "text": "rehabilitation,  leasing,  development  or  redevelopment  or  other  value-added  elements  in  order  to  maximize  value.  We  believe  our ",
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        "confidence": 1.0
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      {
        "text": "Sponsor's  real  estate  development,  ownership  and  operations  experience,  and  infrastructure  differentiates  us  in  lending  on  these ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "transitional  CRE  assets.  Our  objective  is  to  be  a  premier  provider  of  debt  capital  for  transitional  CRE  assets  and,  in  doing  so,  to ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified ",
        "box": [
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      {
        "text": "investment portfolio of CRE loans that we generally intend to hold to maturity. We focus primarily on originating loans ranging from ",
        "box": [
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        "text": "$50 million to $300 million on transitional CRE assets located in U.S. markets with attractive fundamental characteristics supported ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "by macroeconomic tailwinds. ",
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      {
        "text": "Our  loan  origination  and  repayment  volume  may  fluctuate  based  on  market  conditions  or  other  conditions  inherent  in  our ",
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        "confidence": 1.0
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      {
        "text": "portfolio. As such, we may modify our investment strategy from time to time by shifting focus to optimizing outcomes within our ",
        "box": [
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        "confidence": 1.0
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        "text": "existing portfolio, which may include actions such as selling a loan or syndicating a portion of a loan, working with our borrowers to ",
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        "text": "enhance the value of underlying properties that constitute our collateral, and, in certain circumstances in order to maximize recovery ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "from a defaulted loan, assuming legal title and/or physical possession of the collateral property.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "We were organized as a Maryland corporation on April  29,  2015  and  commenced  operations  on  August  25,  2015,  and  our ",
        "box": [
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      {
        "text": "common stock is traded on the New York Stock Exchange, or NYSE, under the symbol 'CMTG.' We have elected and believe we ",
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        "text": "have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, ",
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        "confidence": 1.0
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      {
        "text": "2015.  We  are  externally  managed  and  advised  by  our  Manager,  an  investment  adviser  registered  with  the  U.S.  Securities  and ",
        "box": [
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      {
        "text": "Exchange Commission ('SEC') pursuant to the Investment Advisers Act of 1940, as amended (the 'Advisers Act'). We operate our ",
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        "text": "business in a manner that permits us to maintain our exclusion from registration under the 1940 Act.",
        "box": [
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      {
        "text": "I. Key Financial Measures and Indicators",
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        "text": "As a CRE finance company, we believe the key financial measures and indicators for our business are net income (loss) per ",
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        "confidence": 1.0
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      {
        "text": "share, Distributable Earnings (Loss) per share, Distributable Earnings (Loss) per share prior to realized gains and losses, which such ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "gains and losses includes charge-offs of principal, accrued interest receivable, and/or exit fees, dividends declared per share, book ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "value per share, adjusted book value per share, Net Debt-to-Equity Ratio and Total Leverage Ratio. During the three months ended ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "March 31, 2026, we had net loss per share of $0.39, Diluted Distributable Loss per share of $0.52, Diluted Distributable Loss per ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "share prior to realized losses of $0.05, and our Board did not declare any dividends. As of March 31, 2026, our book value per share ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "was $10.33, our adjusted book value per share was $10.83, our Net Debt-to-Equity Ratio was 1.7x, and our Total Leverage Ratio was ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "2.2x.  We  use  Net  Debt-to-Equity  Ratio  and  Total  Leverage  Ratio,  financial  measures  which  are  not  prepared  in  accordance  with ",
        "box": [
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      {
        "text": "GAAP, to evaluate our financial leverage, which in the case of our Total Leverage Ratio, makes certain adjustments that we believe ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "provide a more conservative measure of our financial condition.",
        "box": [
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      {
        "text": "Net Loss Per Share and Dividends Declared Per Share ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets  forth  the  calculation  of  basic  and  diluted  net  loss  per  share  and  dividends  declared  per  share  ($  in ",
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        "confidence": 1.0
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      {
        "text": "thousands, except per share data):",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
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          86.95433328573262,
          627.268654600437
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          217.37106861137175,
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          219.1699433747486,
          636.04365361081
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          373.43316376103394,
          632.4359084969765,
          375.2320385244109,
          636.04365361081
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        "confidence": 1.0
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      {
        "text": "Three Months Ended",
        "box": [
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          495.54243104939076,
          635.3686536869354
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7690818253703,
          631.7609085730983,
          547.5679565887473,
          635.3686536869354
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          217.37106861137175,
          640.5359075834749,
          219.1699433747486,
          644.1436526973121
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          373.43316376103394,
          640.5359075834749,
          375.2320385244109,
          644.1436526973121
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      },
      {
        "text": "March 31, 2026",
        "box": [
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          643.4686527734375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "December 31, 2025",
        "box": [
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          643.4686527734375
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          643.4686527734375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net loss",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          373.43316376103394,
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          375.6826009904724,
          653.3039935726956
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          385.351131166952,
          652.7732802311803
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        "from_ocr": false,
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      },
      {
        "text": "(54,294) \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          473.17494601237644,
          652.7732802311803
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        "confidence": 1.0
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      {
        "text": "(219,211)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average shares of common stock outstanding, basic and diluted",
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          301.09347537934394,
          662.2232791654278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          375.6826009904724,
          662.7539925069432
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          383.32613139532697,
          662.2232791654278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,456,493\u00a0 \u00a0",
        "box": [
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          658.1620275539535,
          463.50641583589686,
          662.7539925069432
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      {
        "text": "\u00a0",
        "box": [
          469.1249464691264,
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          471.14994624075143,
          662.2232791654278
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      {
        "text": "140,439,492\u00a0",
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        "text": "Basic and diluted net loss per share of common stock",
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        "text": "\u00a0",
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        "text": "$",
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        "text": "(0.39) \u00a0",
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        "text": "(1.56)",
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        "text": "Dividends declared per share of common stock",
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        "text": "-\u00a0",
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        "text": "\u00a0",
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        "text": "-\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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  {
    "page_no": 37,
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    "cells": [
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        "text": "\u00a0",
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        "text": "37",
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      {
        "text": "On December 16, 2024, our Board paused our quarterly dividend on our common stock commencing with the fourth quarter ",
        "box": [
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      {
        "text": "dividend that would have otherwise been paid in January 2025. Such action was taken to preserve capital and create added financial ",
        "box": [
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      {
        "text": "flexibility for capital allocation decisions, including to effectuate the refinancing of our prior secured term loan and reduce leverage on ",
        "box": [
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      {
        "text": "other financings, with the objective of enhancing stockholder value over the long-term. The timing and amount of any future dividends ",
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        "text": "declared by our Board depend on a variety of factors, including cash generated by operating activities, our financial condition, capital ",
        "box": [
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      {
        "text": "requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code, and such other factors as our ",
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        "confidence": 1.0
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      {
        "text": "Board deems relevant.",
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      {
        "text": "Distributable Earnings (Loss)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable  Earnings  (Loss)  is  a  non-GAAP  measure  used  to  evaluate  our  performance  excluding  the  effects  of  certain ",
        "box": [
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      {
        "text": "transactions, non-cash items and GAAP adjustments, as determined by our Manager. Distributable Earnings (Loss) is a non-GAAP ",
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      {
        "text": "measure, which we define as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, ",
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      {
        "text": "(ii)  real  estate  owned  held-for-investment  depreciation  and  amortization,  (iii)  any  unrealized  gains  or  losses  from  mark-to-market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "valuation changes (other than permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in ",
        "box": [
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      {
        "text": "Distributable Earnings (Loss). Furthermore, we present Distributable Earnings (Loss) prior to realized gains and losses, which such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "gains and losses include charge-offs of principal, accrued interest receivable, and/or exit fees, as we believe this more easily allows ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our  Board,  Manager,  and  investors  to  compare  our  operating  performance  to  our  peers,  to  assess  our  ability  to  declare  and  pay ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "dividends, and to determine our compliance with certain financial covenants. Pursuant to the Management Agreement, we use Core ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings, which is substantially the same as Distributable Earnings (Loss) excluding incentive fees, to determine the incentive fees we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pay our Manager.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe  that  Distributable  Earnings  (Loss)  and  Distributable  Earnings  (Loss)  prior  to  realized  gains  and  losses  provide ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "meaningful information to consider in addition to our net income (loss) and cash flows from operating activities in accordance with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP. Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses do not represent net income ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(loss) or cash flows from operating activities in accordance with GAAP and should not be considered as an alternative to GAAP net ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income (loss), an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for  our  cash  needs.  In  addition,  our  methodology  for  calculating  these  non-GAAP  measures  may  differ  from  the  methodologies ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, our reported ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable  Earnings  (Loss)  and  Distributable  Earnings  (Loss)  prior  to  realized  gains  and  losses  may  not  be  comparable  to  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses reported by other companies. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In order to maintain our status as a REIT, we are required to distribute at least 90% of our REIT taxable income, determined ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "without  regard  to  the  deduction  for  dividends  paid  and  excluding  net  capital  gain,  as  dividends.  Distributable  Earnings  (Loss), ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings (Loss) prior to realized gains and losses, and other similar measures, have historically been a useful indicator ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "over time of a mortgage REIT's ability to cover its dividends, and to mortgage REITs themselves in determining the amount of any ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dividends to declare. Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses are key factors, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "among others, considered by our Board in determining the dividend each quarter and as such we believe Distributable Earnings (Loss) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and Distributable Earnings (Loss) prior to realized gains and losses are also useful to investors. ",
        "box": [
          63.11249225831271,
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          407.44978490783967,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "While Distributable Earnings (Loss) excludes the impact of our provision for or reversal of current expected credit loss reserve, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs  of  principal,  accrued  interest  receivable,  and/or  exit  fees  are  recognized  through  Distributable  Earnings  (Loss)  when ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially, when we acquire title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure, or when the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan is sold or anticipated to be sold for an amount less than its carrying value), or (ii) with respect to any amount due under any loan, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "when such amount is determined to be uncollectible.",
        "box": [
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          570.9539501559484
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In determining Distributable Earnings (Loss) per share and Distributable Earnings (Loss) per share prior to realized gains and ",
        "box": [
          85.15545852235574,
          587.3675741648367,
          551.3618746777526,
          591.8789477960709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "losses,  the  dilutive  effects  of  unvested  RSUs  and  warrants  outstanding  are  considered.  The  weighted  average  diluted  shares ",
        "box": [
          63.11249225831271,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding used for Distributable Earnings (Loss) and Distributable Earnings (Loss) per share prior to realized gains and losses have ",
        "box": [
          63.11249225831271,
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          612.803945436197
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "been  adjusted  from  weighted  average  diluted  shares  under  GAAP  to  include  weighted  average  unvested  RSUs  and  warrants ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding, if the exercise price of the warrants outstanding exceeds the average share price of our common stock during such period.",
        "box": [
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          633.0539431524485
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The table  below  summarizes  the  reconciliation  from  weighted  average  diluted  shares  under  GAAP  to  the  weighted  average ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "diluted shares used for Distributable Loss and Distributable Earnings (Loss) prior to realized losses for the three months ended March ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31, 2026 and December 31, 2025:",
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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        "text": "\u00a0",
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        "text": "38",
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        "text": "\u00a0",
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        "text": " ",
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        "text": "\u00a0",
        "box": [
          349.88199116708313,
          94.46086510460373,
          351.68086593045996,
          98.06861021844088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          416.7069836307083,
          93.78586518072916,
          482.27446379572274,
          97.39361029456632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7796253241813,
          93.78586518072916,
          547.5785000875583,
          97.39361029456632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Averages",
        "box": [
          63.11249225831271,
          101.88586426722759,
          122.86175472148649,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.88199116708313,
          101.88586426722759,
          351.68086593045996,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          374.58276963138394,
          101.88586426722759,
          422.3442144449539,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          443.72807433332946,
          101.88586426722759,
          445.5269490967064,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          451.015967511417,
          102.56086419110216,
          452.8148422747939,
          106.16860930493931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          471.4347152086358,
          101.88586426722759,
          529.5783418838263,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7796253241813,
          101.88586426722759,
          547.5785000875583,
          105.49360938106474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Shares - GAAP",
        "box": [
          63.11249225831271,
          110.73698522733321,
          139.82913475637952,
          114.7982368388075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.88199116708313,
          110.14257662521413,
          352.1314283965216,
          114.6539502564483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          354.7335531199347,
          110.73698522733321,
          356.7585528915597,
          114.7982368388075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,456,493\u00a0",
        "box": [
          401.7093290721106,
          110.73698522733321,
          444.2343242762357,
          114.7982368388075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          454.5175296165186,
          110.14257662521413,
          458.79956038360064,
          114.7982368388075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "140,439,492\u00a0",
        "box": [
          503.7503365641515,
          110.73698522733321,
          546.2753317682766,
          114.7982368388075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unvested RSUs",
        "box": [
          63.11249225831271,
          120.18698416158077,
          114.63924567723947,
          124.2482357730587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.88199116708313,
          119.59257555946533,
          352.1314283965216,
          124.1039491906995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          354.7335531199347,
          120.18698416158077,
          356.7585528915597,
          124.2482357730587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,003,627\u00a0",
        "box": [
          409.80932815861064,
          120.18698416158077,
          444.2343242762357,
          124.2482357730587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          454.5175296165186,
          119.59257555946533,
          458.79956038360064,
          124.2482357730587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,516,918\u00a0",
        "box": [
          511.8503356506515,
          120.18698416158077,
          546.2753317682766,
          124.2482357730587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted Shares - Distributable Loss",
        "box": [
          63.11249225831271,
          130.31198301970653,
          177.39446244984487,
          134.37323463118082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          349.88199116708313,
          129.71757441758746,
          352.1314283965216,
          134.22894804882162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          354.7335531199347,
          128.9619831719574,
          356.7585528915597,
          133.0232347834317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,460,120\u00a0",
        "box": [
          401.7093290721106,
          128.9619831719574,
          444.2343242762357,
          133.0232347834317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          454.5175296165186,
          128.9619831719574,
          458.79956038360064,
          134.22894804882162
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "142,956,410\u00a0",
        "box": [
          503.7503365641515,
          128.9619831719574,
          546.2753317682766,
          133.0232347834317
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          139.5246773607214,
          86.50545837010574,
          142.2321784350388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a reconciliation of net loss to Distributable Loss and Distributable Earnings (Loss) prior to realized ",
        "box": [
          85.15545852235574,
          157.39257129646285,
          551.3618746777526,
          161.903944927697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "gains and losses ($ in thousands, except per share data):",
        "box": [
          63.11249225831271,
          168.19257007846318,
          264.00630185869954,
          172.70394370969734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          175.66124657292676,
          85.60433348860761,
          176.5614907139825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.04372613884436,
          180.18585543672816,
          207.84260090222125,
          183.79360055056532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          353.6050409972058,
          180.18585543672816,
          355.40391576058266,
          183.79360055056532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
          418.1308149701317,
          180.18585543672816,
          483.69829513514617,
          183.79360055056532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.452675611054,
          180.18585543672816,
          547.2515503744308,
          183.79360055056532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          206.04372613884436,
          188.9608544471048,
          207.84260090222125,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          353.6050409972058,
          188.9608544471048,
          355.40391576058266,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          377.6202692888215,
          188.9608544471048,
          425.38171410239136,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          446.6179177574193,
          188.9608544471048,
          448.4167925207962,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          452.4397921008412,
          188.9608544471048,
          454.23866686421815,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          471.26596522766704,
          188.9608544471048,
          529.4095919028575,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.452675611054,
          188.9608544471048,
          547.2515503744308,
          192.56859956094195
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          63.11249225831271,
          198.48697533108134,
          89.43749009943771,
          202.54822694255927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          197.89256672896227,
          353.68182222167155,
          202.40394036020007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          358.2351152250362,
          198.48697533108134,
          362.28511476828623,
          202.54822694255927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,294) \u00a0",
        "box": [
          419.79722103219814,
          197.89256672896227,
          452.51657332530704,
          202.54822694255927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          457.0698730786709,
          198.48697533108134,
          461.11987262192093,
          202.54822694255927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(219,211)",
        "box": [
          514.5819725925835,
          198.48697533108134,
          546.947694872449,
          202.54822694255927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          63.11249225831271,
          208.6119741892071,
          106.31380579616415,
          212.6732258006814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          208.01756558708803,
          353.68182222167155,
          212.5289392183222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.7472184439482,
          208.6119741892071,
          444.7722182155732,
          212.6732258006814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          447.5987803967998,
          208.01756558708803,
          452.51657332530704,
          212.6732258006814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5819695475836,
          208.6119741892071,
          543.6069693192087,
          212.6732258006814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          208.6119741892071,
          548.4690815208704,
          212.6732258006814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash stock-based compensation expense",
        "box": [
          67.60546050160569,
          218.0619731234583,
          214.03430611768442,
          222.1232247349326
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          218.1425644452138,
          353.68182222167155,
          222.65393807644796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          358.2351152250362,
          218.0619731234583,
          360.26011499666123,
          222.1232247349326
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,317\u00a0 \u00a0",
        "box": [
          426.5472202709482,
          218.0619731234583,
          452.51657332530704,
          222.65393807644796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          457.0698730786709,
          218.0619731234583,
          459.0948728502959,
          222.1232247349326
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,242\u00a0",
        "box": [
          525.3819713745836,
          218.0619731234583,
          546.2753317682766,
          222.1232247349326
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for current expected credit loss reserve",
        "box": [
          67.60546050160569,
          228.18697198158407,
          226.39787661334825,
          232.24822359305836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          228.26756330333956,
          353.68182222167155,
          232.77893693457372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          358.2351152250362,
          228.18697198158407,
          360.26011499666123,
          232.24822359305836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,372\u00a0 \u00a0",
        "box": [
          422.49722072769816,
          228.18697198158407,
          452.51657332530704,
          232.77893693457372
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          457.0698730786709,
          228.18697198158407,
          459.0948728502959,
          232.24822359305836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "211,681\u00a0",
        "box": [
          517.2819722880836,
          228.18697198158407,
          546.2753317682766,
          232.24822359305836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization expense",
        "box": [
          67.60546050160569,
          238.3119708397062,
          194.22727467147755,
          242.37322245118412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          238.39256216146532,
          353.68182222167155,
          242.90393579269949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          358.2351152250362,
          238.3119708397062,
          360.26011499666123,
          242.37322245118412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,399\u00a0 \u00a0",
        "box": [
          426.5472202709482,
          238.3119708397062,
          452.51657332530704,
          242.90393579269949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          457.0698730786709,
          238.3119708397062,
          459.0948728502959,
          242.37322245118412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,731\u00a0",
        "box": [
          525.3819713745836,
          238.3119708397062,
          546.2753317682766,
          242.37322245118412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of above and below market lease values, net",
        "box": [
          67.60546050160569,
          248.43696969783196,
          255.86320603031368,
          252.49822130930625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          248.51756101958745,
          353.68182222167155,
          253.02893465082525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          358.2351152250362,
          248.43696969783196,
          360.26011499666123,
          252.49822130930625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258\u00a0 \u00a0",
        "box": [
          432.6222195858232,
          248.43696969783196,
          452.51657332530704,
          253.02893465082525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          457.0698730786709,
          248.43696969783196,
          459.0948728502959,
          252.49822130930625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "258\u00a0",
        "box": [
          531.4569706894587,
          248.43696969783196,
          546.2753317682766,
          252.49822130930625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of discount on secured term loan",
        "box": [
          67.60546050160569,
          258.5619685559577,
          218.76457517421508,
          262.623220167432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          351.4323849922331,
          258.6425598777132,
          353.68182222167155,
          263.1539335089474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          358.2351152250362,
          258.5619685559577,
          360.26011499666123,
          262.623220167432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "569\u00a0 \u00a0",
        "box": [
          432.6222195858232,
          258.5619685559577,
          452.51657332530704,
          263.1539335089474
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,898\u00a0 \u00a0",
        "box": [
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          452.51657332530704,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          459.0948728502959,
          272.7482190255578
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        "from_ocr": false,
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      {
        "text": "847\u00a0",
        "box": [
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          546.2753317682766,
          272.7482190255578
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        "from_ocr": false,
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      {
        "text": "Loss on partial sales of real estate owned, net",
        "box": [
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          214.48122842728142,
          283.5482178075581
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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          447.44057391464196,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          459.0948728502959,
          282.87321788368354
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        "from_ocr": false,
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      {
        "text": "1,382\u00a0",
        "box": [
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          546.2753317682766,
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        "from_ocr": false,
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      {
        "text": "Distributable (loss) earnings prior to realized losses",
        "box": [
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          230.02072756477116,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7,481) \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2,930\u00a0",
        "box": [
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          546.2753317682766,
          293.67321666568387
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          360.26011499666123,
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        "from_ocr": false,
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      {
        "text": "(5,898) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          459.0948728502959,
          304.4732154476842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(847)",
        "box": [
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          546.947694872449,
          304.4732154476842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal charge-offs",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          314.4539277234471
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          360.26011499666123,
          315.2732142296845
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        "from_ocr": false,
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      {
        "text": "(61,861) \u00a0",
        "box": [
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          452.51657332530704,
          315.2732142296845
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          459.0948728502959,
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        "from_ocr": false,
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      {
        "text": "(102,222)",
        "box": [
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          546.947694872449,
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        "from_ocr": false,
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      {
        "text": "Loss on partial sales of real estate owned, net",
        "box": [
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          324.7232131639321
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          353.68182222167155,
          324.5789265815729
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          360.26011499666123,
          325.39821308780665
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          447.44057391464196,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          459.0948728502959,
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        "from_ocr": false,
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      {
        "text": "(1,382)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Previously recognized depreciation and amortization on portion of real estate owned",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          334.70392543969865
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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      {
        "text": "(142)",
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      {
        "text": "Distributable loss",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(75,240) \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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      {
        "text": "(101,663)",
        "box": [
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      {
        "text": "Weighted average diluted shares - Distributable loss",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "143,460,120\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "142,956,410\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Diluted Distributable (loss) earnings per share prior to realized losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.05) \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "0.02\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Diluted Distributable loss per share",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          378.11754640358777,
          353.68182222167155,
          382.62892003482557
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.52) \u00a0",
        "box": [
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          452.51657332530704,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.71)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  the  three  months  ended  March  31,  2026,  amount  includes  a  $12.9  million  charge-off  of  accrued  interest  receivable  and  a  $0.3  million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-off of an exit fee related to the sale of a hospitality loan in March 2026. For the three months ended December 31, 2025, amount includes ",
        "box": [
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          551.1374372199391,
          408.4232037244328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  $16.9  million  charge-off  of  accrued  interest  receivable  related  to  the  foreclosure  on  a  land  parcel  in  December  2025  and  the  mortgage ",
        "box": [
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          551.1374372199391,
          417.873202658684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosure of a multifamily property in January 2026. ",
        "box": [
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          257.67594708087665,
          426.648201669057
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          72.55721755315749,
          436.0982006033082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the three months ended December 31, 2025, amounts reflect previously recognized depreciation and amortization on the portions of our ",
        "box": [
          79.30194355750221,
          432.0369489918339,
          551.1374372199391,
          436.0982006033082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mixed-use real estate owned asset that were sold. Amounts not previously recognized in Distributable Earnings (Loss).",
        "box": [
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          441.4869479260815,
          464.6293466711302,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share ",
        "box": [
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          148.60840784939748,
          467.0039105192009
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We believe that presenting book value per share adjusted for our general current expected credit loss reserve and accumulated ",
        "box": [
          85.15545852235574,
          478.017535137089,
          551.3618746777526,
          482.52890876832316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization on our real estate owned held-for-investment is useful for investors as it enhances the comparability to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our peers who may not hold real estate investments. Further, we believe that our investors and lenders consider book value excluding ",
        "box": [
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "these items as an important metric related to our overall capitalization.",
        "box": [
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          316.7054674667828,
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        "confidence": 1.0
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      {
        "text": "The following table sets forth the calculation of our book value and our adjusted book value per share, a non-GAAP financial ",
        "box": [
          85.15545852235574,
          529.9925292754633,
          551.3618746777526,
          534.5039029067011
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measure, as of March 31, 2026 and December 31, 2025 ($ in thousands, except per share data):",
        "box": [
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          405.41314115614904,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          550.0858137202304,
          86.95433328573262,
          553.6935588340675
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          218.33083750313114,
          558.8608127306034,
          220.129712266508,
          562.4685578444405
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          377.746831774548,
          558.8608127306034,
          379.54570653792496,
          562.4685578444405
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          395.7819859905832,
          558.1858128067288,
          443.54343080415316,
          561.793557920566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          458.89447887289595,
          558.1858128067288,
          464.02616576040566,
          561.793557920566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          477.46752702826865,
          558.1858128067288,
          535.6111537034592,
          561.793557920566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7796253241813,
          558.1858128067288,
          547.5785000875583,
          561.793557920566
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          63.11249225831271,
          568.3869336145835,
          103.8300155962805,
          572.4481852260578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
          567.7925250124645,
          377.60213202399194,
          572.3038986436986
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          381.95503779995585,
          567.0369337668344,
          386.00503734320586,
          571.0981853783087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492,848\u00a0 \u00a0",
        "box": [
          424.97573269817707,
          566.4425251647153,
          464.4767282264672,
          571.0981853783087
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.8296340024311,
          567.0369337668344,
          472.8796335456811,
          571.0981853783087
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,531,895\u00a0",
        "box": [
          511.8503356506515,
          567.0369337668344,
          546.2753317682766,
          571.0981853783087
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of shares of common stock outstanding and RSUs",
        "box": [
          63.11249225831271,
          579.8619323204584,
          253.43874265373924,
          583.9231839319327
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
          579.2675237183394,
          377.60213202399194,
          583.7788973495735
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          381.95503779995585,
          578.5119324727093,
          383.98003757158085,
          582.5731840841836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "144,487,311\u00a0 \u00a0",
        "box": [
          416.87573361167705,
          577.9175238705902,
          464.4767282264672,
          582.5731840841836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          468.8296340024311,
          578.5119324727093,
          470.8546337740561,
          582.5731840841836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "143,285,119\u00a0",
        "box": [
          503.7503365641515,
          578.5119324727093,
          546.2753317682766,
          582.5731840841836
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        "confidence": 1.0
      },
      {
        "text": "Book Value per share ",
        "box": [
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          591.3369310263333,
          135.53787674033808,
          595.3981826378076
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
          590.7425224242143,
          377.60213202399194,
          595.2538960554484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          381.95503779995585,
          589.9869311785842,
          386.00503734320586,
          594.0481827900585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.33\u00a0 \u00a0",
        "box": [
          439.1507310995521,
          589.3925225764651,
          464.4767282264672,
          594.0481827900585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          468.8296340024311,
          589.9869311785842,
          472.8796335456811,
          594.0481827900585
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.69\u00a0",
        "box": [
          526.0253340520266,
          589.9869311785842,
          546.2753317682766,
          594.0481827900585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add back: accumulated depreciation and amortization on real estate owned and",
        "box": [
          63.11249225831271,
          600.7869299605845,
          320.4061201413066,
          604.8481815720588
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0related lease intangibles",
        "box": [
          63.11249225831271,
          609.5619289709575,
          144.9786468056289,
          613.6231805824355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
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          377.60213202399194,
          609.4288944568252
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          381.95503779995585,
          609.5619289709575,
          383.98003757158085,
          613.6231805824355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.15\u00a0",
        "box": [
          443.2007306428021,
          609.5619289709575,
          459.40072881580215,
          613.6231805824355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          462.2272909970287,
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          464.4767282264672,
          609.4288944568252
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          470.8546337740561,
          613.6231805824355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.10\u00a0",
        "box": [
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          609.5619289709575,
          546.2753317682766,
          613.6231805824355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Add back: general CECL reserve",
        "box": [
          63.11249225831271,
          619.0119279052087,
          170.61941585391966,
          623.073179516683
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
          618.4175193030896,
          377.60213202399194,
          622.9288929343238
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          381.95503779995585,
          618.3369279813342,
          383.98003757158085,
          622.3981795928084
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.35\u00a0 \u00a0",
        "box": [
          443.2007306428021,
          618.3369279813342,
          464.4767282264672,
          622.9288929343238
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          468.8296340024311,
          618.3369279813342,
          470.8546337740561,
          622.3981795928084
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        "confidence": 1.0
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      {
        "text": "0.54\u00a0",
        "box": [
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          622.3981795928084
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      {
        "text": "Adjusted Book Value per share",
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          633.8731782986833
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          375.3526947945535,
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          377.60213202399194,
          633.7288917163241
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
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          628.4619268394599,
          386.00503734320586,
          632.5231784509342
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.83\u00a0 \u00a0",
        "box": [
          439.1507310995521,
          628.4619268394599,
          464.4767282264672,
          633.0538917924496
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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          472.8796335456811,
          632.5231784509342
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11.33\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
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          143.44405392679693,
          310.97781995737387
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
          341.11754240551824,
          328.5067790939356,
          347.4454911324662,
          331.2278176736254
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          253.44137704344217,
          577.5817510038105,
          261.1260719048793,
          580.3027895835003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          135.53787809033793,
          589.0567497096854,
          141.86582681728586,
          591.7777882893752
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 39,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      },
      {
        "text": "39",
        "box": [
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          310.6066975402138,
          431.2289851618225
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          63.56136722456459,
          82.06157197947687
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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          72.55721755315749,
          93.87330980668048
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, amount excludes 7,542,227 warrants outstanding as the exercise price of $4.00 per share exceeded the closing share price ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our common stock.",
        "box": [
          79.30194355750221,
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          150.39050986029093,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)   Calculated as (i) total equity divided by (ii) number of shares of common stock outstanding and RSUs at period end. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "II. Our Portfolio",
        "box": [
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          126.83913898511247,
          138.2790182000681
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        "from_ocr": false,
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      {
        "text": "The table below summarizes our loans receivable held-for-investment as of March 31, 2026 ($ in thousands): ",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Weighted Average",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          450.3620613351631,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Number",
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      {
        "text": "of",
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      {
        "text": "Loans",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Loan ",
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        "text": "Commitment",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Unpaid",
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        "from_ocr": false,
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        "text": "Principal",
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      {
        "text": "Balance",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "Carrying",
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        "from_ocr": false,
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      {
        "text": "Value",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "Yield to ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Term to",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Initial",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Term to Fully",
        "box": [
          407.18315995478406,
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        "from_ocr": false,
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      {
        "text": "Extended",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Weighted ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Average ",
        "box": [
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          486.55893225296006,
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        "from_ocr": false,
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      {
        "text": "Origination ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "LTV",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Weighted ",
        "box": [
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          538.3018951675032,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average ",
        "box": [
          510.7429105255445,
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          536.4245516292258,
          191.29027116529687
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted ",
        "box": [
          509.60384815400545,
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          537.5530637519547,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LTV",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.5245507157258,
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          546.2120505254134,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior and ",
        "box": [
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          210.5609226191009,
          95.88568158347492,
          214.16866773293805
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0subordinate loans",
        "box": [
          63.11249225831271,
          218.66092170559932,
          117.26835833479736,
          222.26866681943648
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          125.46561022626601,
          214.61092216235193,
          127.26448498964291,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          130.2749846838754,
          214.61092216235193,
          132.0738594472523,
          218.21866727618908
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28\u00a0 \u00a0 $",
        "box": [
          146.45388910925436,
          214.61092216235193,
          167.51726166627378,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,710,319\u00a0 \u00a0 $",
        "box": [
          182.51365404251385,
          214.61092216235193,
          225.15593041591225,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,506,048\u00a0 \u00a0 $",
        "box": [
          230.56521112336554,
          214.61092216235193,
          273.207487496764,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,155,195\u00a0 \u00a0",
        "box": [
          278.6167682042173,
          214.61092216235193,
          314.6507953566294,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.6612950508619,
          214.61092216235193,
          319.4601698142388,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.6%\u00a0",
        "box": [
          346.4226165572237,
          214.61092216235193,
          364.50586448408507,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.4 years\u00a0",
        "box": [
          374.53003863733085,
          214.61092216235193,
          402.94922289852815,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9 years",
        "box": [
          422.56050197056146,
          214.61092216235193,
          448.53522409525317,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          451.54331120194433,
          214.61092216235193,
          455.7890606893681,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72.3% \u00a0\u00a0",
        "box": [
          479.1655703367671,
          214.61092216235193,
          505.6546800656339,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77.2%",
        "box": [
          529.0311897130329,
          214.61092216235193,
          548.2614265567332,
          218.21866727618908
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          226.59973814859404,
          64.46249210606271,
          229.30723922291145
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          233.58704198057967,
          72.55721755315749,
          237.64829359205396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.",
        "box": [
          79.30194355750221,
          233.58704198057967,
          391.5355510744867,
          237.64829359205396
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          243.03704091483087,
          72.55721755315749,
          247.09829252630516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of specific CECL reserves of $348.8 million.",
        "box": [
          79.30194355750221,
          243.03704091483087,
          238.79045172074098,
          247.09829252630516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          251.81203992520386,
          72.55721755315749,
          255.87329153667815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted averages are based on unpaid principal balance.",
        "box": [
          79.30194355750221,
          251.81203992520386,
          267.3144761938647,
          255.87329153667815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4)",
        "box": [
          63.11249225831271,
          261.26203885945506,
          72.55721755315749,
          265.32329047092935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents  the  weighted  average  annualized  yield  to  initial  maturity  of  each  loan,  inclusive  of  coupon,  and  fees  received,  based  on  the ",
        "box": [
          79.30194355750221,
          261.26203885945506,
          551.1374372199391,
          265.32329047092935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "applicable floating benchmark rate/floors (if applicable), in place as of March 31, 2026. For loans placed on non-accrual, the annualized yield to ",
        "box": [
          79.30194355750221,
          270.71203779370626,
          551.1374372199391,
          274.77328940518055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "initial maturity used in calculating the weighted average annualized yield to initial maturity is 0%.",
        "box": [
          79.30194355750221,
          280.1620367279538,
          397.58286459248404,
          284.2232883394281
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          63.11249225831271,
          289.612035662205,
          72.55721755315749,
          293.6732872736793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully extended maturity assumes all extension options are exercised by the borrower upon satisfaction of the applicable conditions.",
        "box": [
          79.30194355750221,
          289.612035662205,
          504.44115808124224,
          293.6732872736793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6)",
        "box": [
          63.11249225831271,
          298.387034672578,
          72.55721755315749,
          302.44828628405594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination LTV represents 'loan-to-value' or 'loan-to-cost,' which is calculated as our total loan commitment upon origination, as if fully ",
        "box": [
          79.30194355750221,
          298.387034672578,
          551.1374372199391,
          302.44828628405594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funded, plus any financings that are pari passu with or senior to our loan, divided by our estimate of either (1) the value of the underlying real ",
        "box": [
          79.30194355750221,
          307.8370336068292,
          551.1374372199391,
          311.8982852183035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estate, determined in accordance with our underwriting process (typically consistent with, if not less than, the value set forth in a third-party ",
        "box": [
          79.30194355750221,
          317.2870325410804,
          551.1374372199391,
          321.3482841525547
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "appraisal) or (2) the borrower's projected, fully funded cost basis in the asset, in each case as we deem appropriate for the relevant loan and ",
        "box": [
          79.30194355750221,
          326.73703147532797,
          551.1374372199391,
          330.7982830868059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other loans with similar characteristics. Underwritten values and projected costs should not be assumed to reflect our judgment of current market ",
        "box": [
          79.30194355750221,
          336.18703040957917,
          551.1374372199391,
          340.24828202105346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values or project costs, which may have changed materially since the date of origination. Weighted average origination LTV is based on loan ",
        "box": [
          79.30194355750221,
          344.9620294199558,
          551.1374372199391,
          349.0232810314301
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "commitment, including non-consolidated senior interests and pari passu interests, and excludes risk rated 5 loans.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7)",
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        "from_ocr": false,
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      {
        "text": "Adjusted LTV represents origination LTV updated only in connection with a partial loan paydown and/or release of collateral, material changes ",
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      {
        "text": "to expected project costs, the receipt of a new appraisal (typically in connection with financing or refinancing activity) or a change in our loan ",
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      {
        "text": "commitment. Adjusted LTV should not be assumed to reflect our judgment of current market values or project costs, which may have changed ",
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      {
        "text": "materially since the date of the most recent determination of LTV. Weighted average adjusted LTV is based on loan commitment, including ",
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        "text": "non-consolidated senior interests, pari passu interests, and risk rated 5 loans. Loans with specific CECL reserves are reflected as 100% LTV.",
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      {
        "text": "(3)",
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      {
        "text": "(1)",
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      {
        "text": "(2)",
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      {
        "text": "(4)",
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      {
        "text": "(5)",
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      {
        "text": "\u00a0(6)",
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      {
        "text": "\u00a0(7)",
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  },
  {
    "page_no": 40,
    "width": 612.0,
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      {
        "text": "\u00a0",
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      {
        "text": "40",
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      {
        "text": "Portfolio Activity and Overview",
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      {
        "text": "The following table details our individual loans receivable held-for-investment based on unpaid principal balances as of March ",
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        "text": "31, 2026 ($ in thousands): ",
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        "text": "\u00a0",
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        "text": "Loan",
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        "text": "\u00a0",
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        "text": "Loan Type",
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        "text": "\u00a0",
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        "text": "Origination",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Value ",
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        "text": "\u00a0",
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        "text": "\u00a0LTV",
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        "text": "Rating",
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        "text": "\u00a0",
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      {
        "text": "1",
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        "text": "\u00a0",
        "box": [
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        "text": "Senior",
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        "text": "\u00a0",
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      {
        "text": "12/16/2021",
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        "text": "\u00a0 $",
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        "text": "405,000\u00a0",
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        "text": "\u00a0 $",
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        "text": "402,341\u00a0",
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        "text": "\u00a0 $",
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        "text": "300,000\u00a0",
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        "text": "\u00a0",
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        "text": "n/m",
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        "text": "7/31/2025",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          545.9331877731129,
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        "from_ocr": false,
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      {
        "text": "Grand Total/Weighted Average",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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          417.3436124673135
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        "from_ocr": false,
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      {
        "text": "3,710,319\u00a0 \u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3,506,048\u00a0 \u00a0 $",
        "box": [
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          413.73586735347635,
          284.9672484205242,
          417.3436124673135
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        "from_ocr": false,
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      {
        "text": "3,107,577\u00a0 \u00a0",
        "box": [
          290.7245793387251,
          413.73586735347635,
          326.80079398637946,
          417.3436124673135
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          409.74604691574734,
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          411.54492167912423,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "6%",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3.7\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
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          86.50545837010574,
          426.4071846424122
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan commitment represents principal outstanding plus remaining unfunded loan commitments.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Net of specific CECL reserves of $348.8 million.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Origination LTV represents 'loan-to-value' or 'loan-to-cost,' which is calculated as our total loan commitment upon origination, as if fully ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "funded, plus any financings that are pari passu with or senior to our loan, divided by our estimate of either (1) the value of the underlying real ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "estate, determined in accordance with our underwriting process (typically consistent with, if not less than, the value set forth in a third-party ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "appraisal) or (2) the borrower's projected, fully funded cost basis in the asset, in each case as we deem appropriate for the relevant loan and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "other loans with similar characteristics. Underwritten values and projected costs should not be assumed to reflect our judgment of current market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "values or project costs, which may have changed materially since the date of origination. Weighted average origination LTV of 72.3% is based ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on loan commitment, including non-consolidated senior interests and pari passu interests, and excludes risk rated 5 loans.",
        "box": [
          79.30194355750221,
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          472.7372554067383,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4)",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully extended maturity assumes all extension options are exercised by the borrower upon satisfaction of the applicable conditions.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5)",
        "box": [
          63.11249225831271,
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          72.55721755315749,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Classification of property type and construction status reflect the state of collateral as of March 31, 2026.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(6)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Percent of total construction loans based on loan commitments as of March 31, 2026. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          63.11249225831271,
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          72.55721755315749,
          545.4482265270562
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average risk rating weighted by carrying value net of specific CECL reserves.",
        "box": [
          79.30194355750221,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(8)",
        "box": [
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          554.8982254613038
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(2)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(3)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5,6)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(7)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0(8)",
        "box": [
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          86.61156934276076,
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        "from_ocr": false,
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  },
  {
    "page_no": 41,
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      {
        "text": "\u00a0",
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      {
        "text": "41",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The  following  table  summarizes  changes  in  unpaid  principal  balance  for  our  loans  receivable  held-for-investment  ($  in ",
        "box": [
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      {
        "text": "thousands): ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          250.20939637418778,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Three Months Ended",
        "box": [
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        "from_ocr": false,
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      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.452675611054,
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        "from_ocr": false,
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      {
        "text": "Unpaid principal balance, beginning of period",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          436.16596918616693,
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      {
        "text": "$",
        "box": [
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      {
        "text": "4,057,357\u00a0",
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        "from_ocr": false,
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      {
        "text": "Advances on existing loans",
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          448.2948740682959,
          149.2232282044315
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        "from_ocr": false,
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      {
        "text": "22,176\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Repayments of loans receivable",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          446.2698742966709,
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        "from_ocr": false,
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      {
        "text": "(244,729)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Assignment of loan receivable to lender",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          446.2698742966709,
          165.4119743092051,
          448.2948740682959,
          169.4732259206794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(71,356)",
        "box": [
          518.6319721358335,
          165.4119743092051,
          546.947694872449,
          169.4732259206794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sale of loan receivable",
        "box": [
          63.11249225831271,
          175.53697316733087,
          137.10013166415038,
          179.59822477880516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          436.16596918616693,
          174.9425645652118,
          438.4154064156054,
          179.45393819644596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          446.2698742966709,
          175.53697316733087,
          448.2948740682959,
          179.59822477880516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(220,000)",
        "box": [
          514.5819725925835,
          175.53697316733087,
          546.947694872449,
          179.59822477880516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to real estate owned, held-for-investment (See Note 5)",
        "box": [
          63.11249225831271,
          185.66197202545663,
          268.4561725501067,
          189.72322363693092
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          436.16596918616693,
          185.06756342333756,
          438.4154064156054,
          189.57893705457172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          446.2698742966709,
          184.98697210157843,
          448.2948740682959,
          189.04822371305636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,400)",
        "box": [
          518.6319721358335,
          184.98697210157843,
          546.947694872449,
          189.04822371305636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid principal balance, end of period",
        "box": [
          63.11249225831271,
          196.46197080745696,
          191.7632606193636,
          200.52322241893125
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          436.16596918616693,
          195.8675622053379,
          438.4154064156054,
          200.37893583657205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          446.2698742966709,
          195.1119709597042,
          450.3198738399209,
          199.17322257118212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,506,048\u00a0",
        "box": [
          511.20697297320856,
          195.1119709597042,
          546.2753317682766,
          199.17322257118212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we resolved $608.8 million of unpaid principal balance prior to charge-offs, ",
        "box": [
          85.15545852235574,
          217.4675597693349,
          551.3618746777526,
          221.9789334005727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including $434.9 million of watchlist loans, and received $4.0 million of partial loan repayments. Such resolutions included (i) $240.8 ",
        "box": [
          63.11249225831271,
          227.59255862746068,
          551.3618746777526,
          232.10393225869484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million  of  full  loan  repayments,  (ii)  $220.0  million  of  loan  sales  below  par,  (iii)  $76.6  million  of  mortgage  foreclosures  prior  to ",
        "box": [
          63.11249225831271,
          237.71755748558644,
          551.3618746777526,
          242.2289311168206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs,  and  (iv)  $71.4  million  related  to  the  assignment  of  our  right,  title,  and  interest  in  a  loan  receivable  and  the  collateral ",
        "box": [
          63.11249225831271,
          248.51755626758677,
          551.3618746777526,
          253.02892989882093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property to our financing counterparty in exchange for the full extinguishment of amounts due under the related financing. Subsequent ",
        "box": [
          63.11249225831271,
          258.64255512571253,
          551.3618746777526,
          263.1539287569467
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  March  31,  2026,  we  resolved  a  watchlist  loan  with  $25.4  million  of  unpaid  principal  balance  prior  to  charge-offs  through  a ",
        "box": [
          63.11249225831271,
          268.7675539838383,
          551.3618746777526,
          273.27892761507246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mortgage foreclosure and received $8.0 million of partial loan repayments.",
        "box": [
          63.11249225831271,
          279.5675527658386,
          332.69753582823284,
          284.0789263970728
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned",
        "box": [
          63.11249225831271,
          305.89254979696125,
          136.58817230417282,
          310.4039234281954
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To maximize recovery from certain defaulted loans, we have assumed legal title and/or physical possession of the collateral ",
        "box": [
          85.15545852235574,
          321.4175480460872,
          551.3618746777526,
          325.92892167732134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property underlying such loan receivables. As of March 31, 2026, our portfolio includes nine real estate owned assets with a total ",
        "box": [
          63.11249225831271,
          332.2175468280875,
          551.3618746777526,
          336.72892045932167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value of $780.2 million (including related net lease intangible assets and deferred leasing costs), of which one was acquired ",
        "box": [
          63.11249225831271,
          342.34254568621327,
          551.3618746777526,
          346.85391931744743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  a  mortgage  foreclosure  during  the  quarter  ended  March  31,  2026.  Such  real  estate  owned  assets  are  not  included  in  the ",
        "box": [
          63.11249225831271,
          352.4675445443354,
          551.3618746777526,
          356.9789181755732
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "summary of our loan portfolio table above. The following table details the carrying value of each of our real estate owned held-for-",
        "box": [
          63.11249225831271,
          362.59254340246116,
          549.1071009938875,
          367.1039170336953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investment assets reflected on our consolidated balance sheet as of March 31, 2026 ($ in thousands):",
        "box": [
          63.11249225831271,
          373.3925421844615,
          424.9199551137138,
          377.90391581569565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          389.2977031367154,
          65.34960922159559,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          121.42615755682655,
          389.2977031367154,
          123.66327452010944,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          130.6546721410551,
          389.2977031367154,
          132.891789104338,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          196.35115248195137,
          389.2977031367154,
          198.58826944523426,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.06481988646547,
          389.2977031367154,
          208.30193684974833,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          271.0863003034868,
          389.2977031367154,
          273.32341726676964,
          393.7865562678671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          387.51323692311445,
          390.78582693372664,
          435.67874053404626,
          394.3935720475638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          390.78582693372664,
          547.2304566268098,
          394.3935720475638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          69.46171029226196,
          407.6608250306017,
          114.4229727270608,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          124.81170405001211,
          407.6608250306017,
          126.610578813389,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          149.5863140059864,
          407.6608250306017,
          176.76965201487917,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          199.97927707277952,
          407.6608250306017,
          201.77815183615638,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          212.56169415376237,
          407.6608250306017,
          263.9314286808278,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          274.1343434597352,
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          275.9332182231121,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate, Net",
        "box": [
          283.78473637138524,
          407.6608250306017,
          333.13776983790314,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          339.1452736279463,
          407.6608250306017,
          340.9441483913232,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          343.99683558079795,
          408.33582495447627,
          345.7957103441748,
          411.9435700683134
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease Intangibles, ",
        "box": [
          348.67964755268076,
          399.56082594410327,
          406.06054729763986,
          403.1685710579404
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          367.6640204116652,
          407.6608250306017,
          378.45023642516367,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          407.1515159583528,
          407.6608250306017,
          408.9503907217297,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          412.0030779112044,
          408.33582495447627,
          413.8019526745813,
          411.9435700683134
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred Leasing ",
        "box": [
          417.9515147403528,
          399.56082594410327,
          473.10702748628614,
          403.1685710579404
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Costs, Net",
        "box": [
          425.61909537562,
          407.6608250306017,
          456.7936853722628,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          475.4530707554546,
          407.6608250306017,
          477.25194551883146,
          411.26857014443885
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          481.57025756557175,
          408.33582495447627,
          483.3691323289487,
          411.9435700683134
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          506.81947346802104,
          407.6608250306017,
          523.2095755580743,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          407.6608250306017,
          547.2304566268098,
          411.26857014443885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel Portfolio",
        "box": [
          63.11249225831271,
          416.5119459907073,
          111.93396991233445,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          121.42615755682655,
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          123.45115732845156,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New York, NY",
        "box": [
          138.3222527763223,
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          188.03758071953763,
          420.5731976021816
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.3964641873967,
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          205.4214639590217,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2021",
        "box": [
          214.51286918371315,
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          261.9777565607282,
          420.5731976021816
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          274.02887472162973,
          416.5119459907073,
          283.6898111320907,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "319,471\u00a0",
        "box": [
          310.97457705497516,
          416.5119459907073,
          339.967929785169,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          343.8808233438815,
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          351.69605346249716,
          420.5731976021816
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          402.6058167210067,
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          407.97417211557547,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
          411.88706567428795,
          416.5119459907073,
          419.7022957929036,
          420.5731976021816
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0$",
        "box": [
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          490.5351003045366,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "319,471\u00a0",
        "box": [
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          546.2331442730344,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          121.42615755682655,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "New York, NY",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 2023",
        "box": [
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          254.78874088148947,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          276.05387449325474,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          281.6648113604657,
          430.0231965364328
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67,335\u00a0",
        "box": [
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          339.967929785169,
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          343.8808233438815,
          425.9619449249549,
          349.67105369087216,
          430.0231965364328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,325\u00a0",
        "box": [
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          407.97417211557547,
          430.0231965364328
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          425.9619449249549,
          417.6772960212786,
          430.0231965364328
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "654\u00a0",
        "box": [
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          476.2757269126772,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "80,314\u00a0",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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      {
        "text": "Phoenix, AZ",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "May 2025",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "40,490\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "268\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "40,758\u00a0",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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        "text": "Henderson, NV",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "74,676\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "688\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "75,364\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "July 2025",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "24,181\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "172\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "24,353\u00a0",
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        "from_ocr": false,
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "July 2025",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "107,740\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "622\u00a0",
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        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "42\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0",
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        "text": "108,404\u00a0",
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      {
        "text": "Land Parcel",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "December 2025",
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        "text": "\u00a0",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "94,277\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "-\u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "text": "-\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "94,277\u00a0",
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        "from_ocr": false,
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        "text": "Multifamily",
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "January 2026",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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        "from_ocr": false,
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        "text": "\u00a0 \u00a0",
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      {
        "text": "37,265\u00a0",
        "box": [
          521.2897843360914,
          480.6369387588311,
          546.2331442730344,
          484.6981903703054
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total, March 31, 2026",
        "box": [
          63.11249225831271,
          490.0869376930823,
          135.77122475402163,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          271.0863003034868,
          490.0869376930823,
          273.1113000751118,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          279.6398115888407,
          490.0869376930823,
          283.6898111320907,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764,763\u00a0 \u00a0 $",
        "box": [
          310.97457705497516,
          490.0869376930823,
          351.69605346249716,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,747\u00a0 \u00a0 $",
        "box": [
          383.0308189286316,
          490.0869376930823,
          419.7022957929036,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "696\u00a0 \u00a0",
        "box": [
          461.45737258385844,
          490.0869376930823,
          481.1272888655288,
          496.1731890761803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          486.4851007612866,
          490.0869376930823,
          490.5351003045366,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "780,206\u00a0",
        "box": [
          517.2397847928414,
          490.0869376930823,
          546.2331442730344,
          494.1481893045566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          500.64963188184265,
          64.46249210606271,
          503.3571329561637
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          506.96193578995735,
          72.55721755315749,
          511.02318740143164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts included in other assets or other liabilities on our consolidated balance sheet.",
        "box": [
          79.30194355750221,
          506.96193578995735,
          359.80792107265864,
          511.02318740143164
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          516.4119347242049,
          72.55721755315749,
          520.4731863356828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents two multifamily properties which previously represented the collateral property for one loan receivable. In May 2026, we entered ",
        "box": [
          79.30194355750221,
          516.4119347242049,
          538.3757199091774,
          520.4731863356828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "into a binding agreement to sell one of the multifamily properties to an unaffiliated purchaser for a gross sales price of $48.0 million. As of ",
        "box": [
          79.30194355750221,
          525.8619336584561,
          532.1108768657125,
          529.9231852699304
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, the individual property's carrying value was $46.8 million, inclusive of lease intangible assets.",
        "box": [
          79.30194355750221,
          535.3119325927073,
          441.46841016316944,
          539.3731842041816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          555.6425216307143,
          87.40489575179419,
          560.1538952619485
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          571.8425198037112,
          87.40489575179419,
          576.3538934349453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          587.3675180528371,
          87.40489575179419,
          591.8788916840713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          602.892516301963,
          87.40489575179419,
          607.4038899331972
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          619.0925144749635,
          87.40489575179419,
          623.6038881061977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          378.45347569485426,
          405.8589971235124,
          385.27794528482764,
          408.27544179850156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          456.7956543595967,
          405.8589971235124,
          463.6201239495701,
          408.27544179850156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          102.26248784306283,
          460.13175949755896,
          109.94718270449994,
          462.85279807724874
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 42,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.492409570972086,
          65.36192948775115,
          62.00378320220625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "42",
        "box": [
          301.60895311120953,
          679.1673394598474,
          310.6066975402138,
          683.6787130910816
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents detail related to changes in our real estate owned held-for-investment, net, during the three months ",
        "box": [
          85.15545852235574,
          93.94240546022047,
          551.3618746777526,
          98.45377909145463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ended March 31, 2026 ($ in thousands):",
        "box": [
          63.11249225831271,
          104.06740431834623,
          206.7995023803559,
          108.5787779495804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          120.11068921985861,
          64.9113670216896,
          123.71843433369577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          135.63568746898454,
          320.2828259714614,
          139.2434325828217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross Cost",
        "box": [
          339.99957378160025,
          134.96068754510998,
          373.7776142521315,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          391.7003492009012,
          134.96068754510998,
          393.4992239642781,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          396.84722362044806,
          135.63568746898454,
          398.646098383825,
          139.2434325828217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated ",
        "box": [
          413.36362800776453,
          127.53568838248611,
          455.9367169227158,
          131.14343349632327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation",
        "box": [
          413.9647964399661,
          134.96068754510998,
          453.52945359502127,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          468.56596553216707,
          134.96068754510998,
          470.36484029554396,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          135.63568746898454,
          474.01405863399316,
          139.2434325828217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned",
        "box": [
          481.23275760363424,
          120.11068921985861,
          539.9912316565533,
          123.71843433369577
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Held-for-Investment, ",
        "box": [
          478.1425269521436,
          127.53568838248611,
          544.8890506408684,
          131.14343349632327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          505.2268988976281,
          134.96068754510998,
          516.0131149111265,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          134.96068754510998,
          547.2410001256208,
          138.56843265894713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total, December 31, 2025",
        "box": [
          63.11249225831271,
          143.8118085052156,
          147.90935850510974,
          147.87306011668989
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          318.4839512080846,
          143.8923998269711,
          327.9761376375768,
          149.22305996443902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,736\u00a0",
        "box": [
          363.5296458779308,
          145.16180835296473,
          392.52300535812384,
          149.22305996443902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0$",
        "box": [
          398.12339197652466,
          145.16180835296473,
          404.8417539688426,
          149.22305996443902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6,731) \u00a0 $",
        "box": [
          445.7952616001967,
          145.16180835296473,
          481.7073703001085,
          149.22305996443902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "730,005\u00a0",
        "box": [
          517.2608785404625,
          145.16180835296473,
          546.2542380206555,
          149.22305996443902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreclosure of multifamily property including capitalized transaction costs",
        "box": [
          63.11249225831271,
          153.93680736333772,
          305.36891085716974,
          157.99805897481565
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          154.01739868509685,
          320.73338843752305,
          158.52877231633101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          155.2868072110905,
          325.9511378659518,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,835\u00a0",
        "box": [
          367.5796454211808,
          155.2868072110905,
          392.52300535812384,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          398.12339197652466,
          155.2868072110905,
          402.8167541972176,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          464.0202595448217,
          155.2868072110905,
          469.3886216893897,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          155.2868072110905,
          474.2401836422413,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          155.2868072110905,
          479.6823705284835,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36,835\u00a0",
        "box": [
          521.3108780837125,
          155.2868072110905,
          546.2542380206555,
          159.34805882256478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital expenditures",
        "box": [
          63.11249225831271,
          164.06180622146348,
          129.91771019416802,
          168.12305783293777
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          164.14239754321898,
          320.73338843752305,
          168.65377117445678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          164.73680614533805,
          325.9511378659518,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264\u00a0",
        "box": [
          371.62964496443084,
          164.73680614533805,
          392.52300535812384,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          398.12339197652466,
          164.73680614533805,
          402.8167541972176,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          464.0202595448217,
          164.73680614533805,
          469.3886216893897,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          472.2151838706163,
          164.73680614533805,
          474.2401836422413,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          164.73680614533805,
          479.6823705284835,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,264\u00a0",
        "box": [
          525.3608776269625,
          164.73680614533805,
          546.2542380206555,
          168.79805775681598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation expense",
        "box": [
          63.11249225831271,
          174.18680507958925,
          133.05408816045426,
          178.24805669106354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          318.4839512080846,
          174.26739640134474,
          320.73338843752305,
          178.7787700325789
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          323.9261380943268,
          174.18680507958925,
          325.9511378659518,
          178.24805669106354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          387.15464321355586,
          174.18680507958925,
          392.52300535812384,
          178.24805669106354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          398.12339197652466,
          174.18680507958925,
          402.8167541972176,
          178.9230566149381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,341) \u00a0",
        "box": [
          445.7952616001967,
          174.18680507958925,
          474.2401836422413,
          178.9230566149381
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          477.6573707568585,
          174.18680507958925,
          479.6823705284835,
          178.24805669106354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,341)",
        "box": [
          522.6608779314624,
          174.18680507958925,
          546.9266011248279,
          178.24805669106354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total, March 31, 2026",
        "box": [
          63.11249225831271,
          184.311803937715,
          135.77122475402163,
          188.3730555491893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          318.4839512080846,
          184.311803937715,
          327.9761376375768,
          190.2537687384538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "775,835\u00a0",
        "box": [
          363.5296458779308,
          184.311803937715,
          392.52300535812384,
          188.3730555491893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          398.12339197652466,
          184.311803937715,
          404.8417539688426,
          190.398055320813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11,072) \u00a0 $",
        "box": [
          441.7452620569467,
          184.311803937715,
          481.7073703001085,
          188.3730555491893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "764,763\u00a0",
        "box": [
          517.2608785404625,
          184.311803937715,
          546.2542380206555,
          188.3730555491893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair  values  of  collateral  assets  used  to  determine  the  initial  estimated  fair  value  of  real  estate  owned  are  calculated  using  a ",
        "box": [
          85.15545852235574,
          206.66739274734573,
          551.3618746777526,
          211.1787663785799
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted  cash  flow  model,  a  sales  comparison  approach,  or  a  market  capitalization  approach.  Estimates  of  fair  values  used  to ",
        "box": [
          63.11249225831271,
          216.7923916054715,
          551.3618746777526,
          221.30376523670566
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "conditions,  among  other  factors  which  we  may  deem  relevant.  Estimates  of  fair  values  used  to  determine  real  estate  owned  upon ",
        "box": [
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      {
        "text": "acquisition during the three months ended March 31, 2026 include assumptions of a market capitalization rate of 5.75% and a discount ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "rate of 8.00%.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See Note 5 - Real Estate Owned to our consolidated financial statements for further detail.",
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      {
        "text": "Asset Management",
        "box": [
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      {
        "text": "Our  Manager  proactively  manages  our  portfolio  from  each  investment's  closing  to  final  resolution  and  our  Sponsor  has ",
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        "confidence": 1.0
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      {
        "text": "dedicated  asset  management  employees  to  perform  asset  management  services.  Following  the  closing  of  an  investment,  the  asset ",
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        "confidence": 1.0
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      {
        "text": "management team rigorously monitors the investment,  with  an  emphasis  on  ongoing  analyses  of  both  quantitative  and  qualitative ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "matters, including financial, legal, and market conditions. Through the final resolution, the asset management team maintains regular ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "contact  with  borrowers,  servicers,  property  managers,  and  local  market  experts  while  monitoring  the  performance  of  the  asset, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "anticipating borrower, property and market issues, and enforcing our rights and remedies when appropriate.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Some of our borrowers may experience delays in the execution of their business plans, changes in their capital position and ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "available liquidity and/or changes in market conditions which may impact the performance of the collateral property, borrower, or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "sponsor. As a transitional lender, we may from time to time execute loan modifications with borrowers when and if appropriate, which ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "may include additional equity contributions  from  them,  repurposing  of  reserves,  pledges  of  additional  collateral  or  other  forms  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "credit support, additional guarantees, temporary deferrals of interest or principal, partial deferral of coupon interest as payment-in-kind ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "interest, and/or a discounted loan payoff. To the extent warranted by ongoing conditions specific to our borrowers or overall market ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "conditions,  we  may  make additional modifications and/or in certain circumstances when and if appropriate, and depending on the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "business plans, financial condition, liquidity and results of operations of our borrowers, among other factors, (i) assume legal title ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and/or physical possession of the collateral property or (ii) assign our right, title, and interest in our loan and the collateral property to ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our financing counterparty in exchange for the extinguishment of amounts due under the related financing. ",
        "box": [
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      {
        "text": "Our Manager evaluates the credit quality of each of our loans receivable on an individual basis and assigns a risk rating at least ",
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        "from_ocr": false,
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      {
        "text": "quarterly.  We  have  developed  a  loan  grading  system  for  all  of  our  outstanding  loans  receivable  that  are  collateralized  directly  or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "indirectly by real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ",
        "box": [
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      {
        "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "based  upon  the  facts  and  circumstances  for  each  loan  and  the  overall  market  conditions,  we  may  consider  certain  previously ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mentioned factors more or less relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "scale, the loans are graded '1' through '5,' from less risk to greater risk, respectively. The weighted average risk rating of our loans ",
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        "from_ocr": false,
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      {
        "text": "receivable held-for-investment portfolio was 3.7 as of March 31, 2026, weighted by carrying value net of specific CECL reserves.",
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  {
    "page_no": 43,
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    "cells": [
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        "text": "\u00a0",
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        "text": "43",
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      {
        "text": "Current Expected Credit Losses",
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      {
        "text": "The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to ",
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      {
        "text": "our  loan  portfolio,  which  may  fluctuate  depending  on  market  conditions  and  changes  in  our  loan  portfolio.  See  Note  2  to  our ",
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      {
        "text": "consolidated  financial  statements  for  further  detail  of  our  current  expected  credit  loss  reserve  methodology.  The  following  table ",
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        "text": "illustrates  the  changes in the current expected credit loss reserve for our loans receivable held-for-investment for the three months ",
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      {
        "text": "ended March 31, 2026 and 2025 ($ in thousands):",
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      {
        "text": "\u00a0",
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        "text": " ",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "General CECL Reserve",
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        "text": "\u00a0 \u00a0",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Specific CECL ",
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        "text": "Reserve",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Loans ",
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        "text": "Receivable",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Unfunded Loan",
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        "text": "Commitments",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      },
      {
        "text": "Total General",
        "box": [
          382.5245689857254,
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          422.8301063901561,
          209.5149752059333
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CECL Reserve",
        "box": [
          381.02691290462775,
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          424.3284239711793,
          216.2649744446826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          428.54057604614195,
          212.88059810178675,
          430.22807585582945,
          216.2649744446826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          433.48706323828804,
          213.5555980256613,
          435.17456304797554,
          216.93997436855716
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Accrued",
        "box": [
          448.9487802445498,
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          473.3153554465414,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest",
        "box": [
          449.88744863868885,
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          472.37865805218007,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Receivable",
        "box": [
          442.947605671349,
          212.88059810178675,
          474.06088408746234,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          487.00190095300303,
          212.88059810178675,
          488.6894007626905,
          216.2649744446826
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          491.9483813951499,
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          493.6358812048374,
          216.93997436855716
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL",
        "box": [
          501.69369279609526,
          206.13059886303745,
          537.5102174567869,
          209.5149752059333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          508.1694733157711,
          212.88059810178675,
          531.0298239876314,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4948631062962,
          212.88059810178675,
          547.1823629159837,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total reserve, December 31, 2024",
        "box": [
          63.11249225831271,
          222.03562742098802,
          161.01047941259438,
          225.64337253482518
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          198.291777263092,
          222.03562742098802,
          206.9309324712872,
          225.64337253482518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,920\u00a0 \u00a0 $",
        "box": [
          227.86521142786555,
          222.03562742098802,
          265.3922506281491,
          225.64337253482518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "122,110\u00a0",
        "box": [
          286.32652958472744,
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          312.1617331373403,
          225.64337253482518
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          317.80895128420957,
          222.03562742098802,
          323.85357553501024,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,546\u00a0",
        "box": [
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          222.03562742098802,
          370.62305129420224,
          225.64337253482518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          376.27026944107143,
          222.03562742098802,
          382.3148936918721,
          225.64337253482518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "127,656\u00a0",
        "box": [
          403.24917264845044,
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          429.0843762010634,
          225.64337253482518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          222.03562742098802,
          440.7762185987332,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,794\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          493.19291250479444,
          222.03562742098802,
          499.2375367555951,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "266,370\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision (reversal)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          200.0906520264689,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          205.1320577079103,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,458\u00a0 \u00a0",
        "box": [
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          258.5519701833308,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          263.5933758647722,
          233.74337162132724
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,975)",
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          312.7590156836741,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
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          230.1356265074901,
          322.05470077163335,
          233.74337162132724
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100\u00a0",
        "box": [
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          370.62305129420224,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
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          230.1356265074901,
          380.51601892849527,
          233.74337162132724
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,875)",
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          429.68165874739714,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          233.74337162132724
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,540\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          233.74337162132724
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,123\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Charge-offs",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(43,113) \u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          238.23562559398852,
          438.97734383535635,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(3,540)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          493.19291250479444,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(46,653)",
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        "from_ocr": false,
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      {
        "text": "Total reserve, March 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "119,265\u00a0 \u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "118,135\u00a0",
        "box": [
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          250.6183697182023
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5,646\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "123,781\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          247.01062460436515,
          440.7762185987332,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,794\u00a0",
        "box": [
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          487.54569435792524,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
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          247.01062460436515,
          499.2375367555951,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "260,840\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          200.0906520264689,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          258.5519701833308,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total reserve, December 31, 2025",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          198.291777263092,
          263.8856227012402,
          206.9309324712872,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "365,424\u00a0 \u00a0 $",
        "box": [
          227.86521142786555,
          263.8856227012402,
          265.3922506281491,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73,328\u00a0",
        "box": [
          289.92301692912355,
          263.8856227012402,
          312.1617331373403,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
          317.80895128420957,
          263.8856227012402,
          323.85357553501024,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,340\u00a0",
        "box": [
          351.9808224303815,
          263.8856227012402,
          370.62305129420224,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          376.27026944107143,
          263.8856227012402,
          382.3148936918721,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77,668\u00a0",
        "box": [
          406.84565999284655,
          263.8856227012402,
          429.0843762010634,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          263.8856227012402,
          440.7762185987332,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,782\u00a0",
        "box": [
          465.3069781497084,
          263.8856227012402,
          487.54569435792524,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          493.19291250479444,
          263.8856227012402,
          499.2375367555951,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "469,874\u00a0",
        "box": [
          520.1718157121734,
          263.8856227012402,
          546.0070192647863,
          267.49336781507736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision (reversal)",
        "box": [
          63.11249225831271,
          271.98562178773864,
          120.06152032317128,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          271.98562178773864,
          200.0906520264689,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.33318294453343,
          271.98562178773864,
          205.1320577079103,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32,368\u00a0 \u00a0",
        "box": [
          231.4616920222624,
          271.98562178773864,
          258.5519701833308,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          261.7945011013953,
          271.98562178773864,
          263.5933758647722,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25,710)",
        "box": [
          287.5288731991298,
          271.98562178773864,
          312.7590156836741,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          317.80895128420957,
          271.98562178773864,
          322.05470077163335,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,864)",
        "box": [
          349.5866787003878,
          271.98562178773864,
          371.220333840536,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          376.27026944107143,
          271.98562178773864,
          380.51601892849527,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,574)",
        "box": [
          404.4515162628528,
          271.98562178773864,
          429.68165874739714,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          434.73159434793257,
          271.98562178773864,
          438.97734383535635,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26,578\u00a0",
        "box": [
          465.3069781497084,
          271.98562178773864,
          487.54569435792524,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          493.19291250479444,
          271.98562178773864,
          497.4386619922183,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31,372\u00a0",
        "box": [
          523.7683030565695,
          271.98562178773864,
          546.0070192647863,
          275.5933669015758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Charge-offs",
        "box": [
          63.11249225831271,
          280.0856208742407,
          97.47725256679445,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          198.291777263092,
          280.0856208742407,
          200.0906520264689,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.33318294453343,
          280.0856208742407,
          205.1320577079103,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,977) \u00a0",
        "box": [
          229.06755504226788,
          280.0856208742407,
          258.5519701833308,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          261.7945011013953,
          280.0856208742407,
          263.5933758647722,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          307.3148084677158,
          280.0856208742407,
          312.1617331373403,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          317.80895128420957,
          280.0856208742407,
          322.05470077163335,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          365.7761333745769,
          280.0856208742407,
          370.62305129420224,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          376.27026944107143,
          280.0856208742407,
          380.51601892849527,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          424.2374515314388,
          280.0856208742407,
          429.0843762010634,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          434.73159434793257,
          280.0856208742407,
          438.97734383535635,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,884)",
        "box": [
          462.9128411697139,
          280.0856208742407,
          488.142976904259,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          493.19291250479444,
          280.0856208742407,
          497.4386619922183,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(61,861)",
        "box": [
          521.3741593265758,
          280.0856208742407,
          546.6043018111201,
          283.6933659880742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total reserve, March 31, 2026",
        "box": [
          63.11249225831271,
          288.8606198846137,
          150.22777379114405,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          198.291777263092,
          288.8606198846137,
          206.9309324712872,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "348,815\u00a0",
        "box": [
          227.86521142786555,
          288.8606198846137,
          253.70040823047918,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          256.7530954199539,
          288.8606198846137,
          265.3922506281491,
          293.8183648462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47,618\u00a0",
        "box": [
          289.92301692912355,
          288.8606198846137,
          312.1617331373403,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          317.80895128420957,
          288.8606198846137,
          323.85357553501024,
          293.8183648462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,476\u00a0",
        "box": [
          351.9808224303815,
          288.8606198846137,
          370.62305129420224,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          376.27026944107143,
          288.8606198846137,
          382.3148936918721,
          293.8183648462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,094\u00a0",
        "box": [
          406.84565999284655,
          288.8606198846137,
          429.0843762010634,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          434.73159434793257,
          288.8606198846137,
          440.7762185987332,
          293.8183648462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,476\u00a0",
        "box": [
          465.3069781497084,
          288.8606198846137,
          487.54569435792524,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          493.19291250479444,
          288.8606198846137,
          499.2375367555951,
          293.8183648462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "439,385\u00a0",
        "box": [
          520.1718157121734,
          288.8606198846137,
          546.0070192647863,
          292.46836499845085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          303.78674015959405,
          72.55721755315749,
          307.84799177106834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves for accrued interest receivable, if any, are included in other assets on our consolidated balance sheets. ",
        "box": [
          79.30194355750221,
          303.78674015959405,
          461.42573709242635,
          307.84799177106834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          313.2367390938416,
          72.55721755315749,
          317.29799070531953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves for unfunded commitments are included in other liabilities on our consolidated balance sheets.",
        "box": [
          79.30194355750221,
          313.2367390938416,
          436.27539301882643,
          317.29799070531953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table illustrates our specific and general CECL reserves as a percentage of total unpaid principal balance of loans ",
        "box": [
          85.15545852235574,
          334.2423280557232,
          547.8708628214612,
          338.75370168695736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "receivable held-for-investment as of March 31, 2026, December 31, 2025, March 31, 2025, and December 31, 2024:",
        "box": [
          63.11249225831271,
          344.36732691384896,
          482.6232198035673,
          348.8787005450831
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          360.56732508684945,
          87.40489575179419,
          365.0786987180836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          378.63560975998917,
          64.9113670216896,
          382.2433548738263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL",
        "box": [
          276.8343431552352,
          370.53561067349074,
          322.60370633602366,
          374.14335578732425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          284.1116860845126,
          377.9606098361146,
          308.4807952991489,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          347.40347919660417,
          377.9606098361146,
          349.20235395998105,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL",
        "box": [
          373.6019137420027,
          370.53561067349074,
          420.1688327353449,
          374.14335578732425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          381.2800378760808,
          377.9606098361146,
          405.6491470907173,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          444.57182423817324,
          377.9606098361146,
          446.3706990015501,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL",
        "box": [
          476.34955840435066,
          370.53561067349074,
          514.5299103335112,
          374.14335578732425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve",
        "box": [
          479.8405702606421,
          377.9606098361146,
          504.2096794752785,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.545644463347,
          377.9606098361146,
          546.3445192267238,
          381.56835494995175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at December 31, 2024",
        "box": [
          63.11249225831271,
          386.7356088464876,
          151.62261840633653,
          390.34335396032475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          386.7356088464876,
          256.5797081557581,
          390.34335396032475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.2%\u00a0",
        "box": [
          332.068324676069,
          386.7356088464876,
          353.7480531973272,
          390.34335396032475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3%\u00a0",
        "box": [
          432.8331570620341,
          386.7356088464876,
          450.91640498889547,
          390.34335396032475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0%",
        "box": [
          532.7858767895875,
          386.7356088464876,
          548.4196262888918,
          390.34335396032475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at March 31, 2025",
        "box": [
          63.11249225831271,
          395.5106078568642,
          140.83991278488622,
          399.1183529707014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          395.5106078568642,
          256.5797081557581,
          399.1183529707014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.4%\u00a0",
        "box": [
          332.068324676069,
          395.5106078568642,
          353.7480531973272,
          399.1183529707014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4%\u00a0",
        "box": [
          432.8331570620341,
          395.5106078568642,
          450.91640498889547,
          399.1183529707014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.1%",
        "box": [
          532.7858767895875,
          395.5106078568642,
          548.4196262888918,
          399.1183529707014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at December 31, 2025",
        "box": [
          63.11249225831271,
          403.61060694336265,
          151.62261840633653,
          407.2183520571998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          403.61060694336265,
          256.5797081557581,
          407.2183520571998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.0%\u00a0",
        "box": [
          332.068324676069,
          403.61060694336265,
          353.7480531973272,
          407.2183520571998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.9%\u00a0",
        "box": [
          432.8331570620341,
          403.61060694336265,
          450.91640498889547,
          407.2183520571998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.9%",
        "box": [
          529.1893961951906,
          403.61060694336265,
          548.4196262888918,
          407.2183520571998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve at March 31, 2026",
        "box": [
          63.11249225831271,
          411.7106060298647,
          140.83991278488622,
          415.3183511437019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          254.78083339238123,
          411.7106060298647,
          256.5797081557581,
          415.3183511437019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26.8%\u00a0",
        "box": [
          332.068324676069,
          411.7106060298647,
          353.7480531973272,
          415.3183511437019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.3%\u00a0",
        "box": [
          432.8331570620341,
          411.7106060298647,
          450.91640498889547,
          415.3183511437019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.4%",
        "box": [
          529.1893961951906,
          411.7106060298647,
          548.4196262888918,
          415.3183511437019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          424.61172653321773,
          72.55721755315749,
          428.672978144692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents specific CECL reserves on loans receivable held-for-investment as a percentage of unpaid principal balance of risk rated 5 loans.",
        "box": [
          79.30194355750221,
          424.61172653321773,
          534.5274382881782,
          428.672978144692
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          434.06172546746893,
          72.55721755315749,
          438.1229770789432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents general CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of unpaid ",
        "box": [
          79.30194355750221,
          434.06172546746893,
          551.1374372199391,
          438.1229770789432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance of loans subject to the general CECL reserve.",
        "box": [
          79.30194355750221,
          443.5117244017165,
          283.97326155512377,
          447.5729760131944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          452.2867234120931,
          72.55721755315749,
          456.3479750235674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents total CECL reserves on loans receivable held-for-investment and related unfunded loan commitments as a percentage of total unpaid ",
        "box": [
          79.30194355750221,
          452.2867234120931,
          551.1374372199391,
          456.3479750235674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance of loans receivable held-for-investment.",
        "box": [
          79.30194355750221,
          461.7367223463443,
          266.4206259046711,
          465.7979739578186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Reserves",
        "box": [
          63.11249225831271,
          482.7423113082259,
          150.5680590910491,
          487.2536849394601
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain circumstances, we may determine that a borrower is experiencing financial difficulty, and, if the repayment of the ",
        "box": [
          85.15545852235574,
          498.2673095573482,
          551.3618746777526,
          502.778683188586
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan's  principal  is  collateral  dependent,  the  loan  is  no  longer  suited  for  the  WARM  model.  In  these  instances,  there  have  been ",
        "box": [
          63.11249225831271,
          509.06730833934853,
          551.3618746777526,
          513.5786819705827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "diminutions in the fair value and performance of the collateral property primarily as a result of reduced tenant and/or capital markets ",
        "box": [
          63.11249225831271,
          519.1923071974743,
          551.3618746777526,
          523.7036808287085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "demand for such property  types  in  the  markets  in  which  these  assets  and  borrowers  operate.  For  such  loans,  we  seek  resolutions ",
        "box": [
          63.11249225831271,
          529.3173060556,
          551.3618746777526,
          533.8286796868342
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through  a  variety  of  means  including,  but  not  limited  to,  foreclosures  on  the  collateral  asset,  sales  of  our  loan  receivable,  and ",
        "box": [
          63.11249225831271,
          540.1173048376004,
          551.3618746777526,
          544.6286784688346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted repayments. If we anticipate assuming legal title and/or physical possession of the collateral property and the fair value of ",
        "box": [
          63.11249225831271,
          550.2423036957262,
          551.3618746777526,
          554.7536773269603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  collateral  property  is  determined  to  be  below  the  carrying  value  of  our  loan,  we  may  recognize  a  specific  CECL  reserve. ",
        "box": [
          63.11249225831271,
          560.3673025538483,
          551.3618746777526,
          564.8786761850861
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Furthermore,  in  certain  circumstances,  we  may  recognize  a  specific  CECL  reserve  based  upon  anticipated  proceeds  from  the ",
        "box": [
          63.11249225831271,
          571.1673013358486,
          551.3618746777526,
          575.6786749670828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disposition of our loan. The following table presents a summary of our risk rated 5 loans receivable held-for-investment as of March ",
        "box": [
          63.11249225831271,
          581.2923001939744,
          551.3618746777526,
          585.8036738252085
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31, 2026 ($ in thousands):",
        "box": [
          63.11249225831271,
          591.4172990521001,
          157.3339021339769,
          595.9286726833343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          607.6172972251006,
          87.40489575179419,
          612.1286708563348
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          360.6503527026511,
          210.9804470939671,
          365.923643195985,
          213.24797917601973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          474.0608834124624,
          211.65544701784165,
          479.33417390579626,
          213.92297909989793
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(1)",
        "box": [
          308.4855148356861,
          376.1587819290253,
          315.3099844256595,
          378.5752266040108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(2)",
        "box": [
          405.6538598772551,
          376.1587819290253,
          412.47832946722855,
          378.5752266040108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0(3)",
        "box": [
          504.2143990118156,
          376.1587819290253,
          511.038868601789,
          378.5752266040108
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 44,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.49231222697563,
          65.36192948775115,
          62.00368585820979
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "44",
        "box": [
          301.60895311120953,
          625.8422481297275,
          310.6066975402138,
          630.3536217609617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          79.05936545985963,
          97.83559438799057,
          124.02062789465847,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.8488146530489,
          97.83559438799057,
          145.64768941642578,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Location",
        "box": [
          162.5589687929591,
          97.83559438799057,
          189.74230680185184,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.54997608175063,
          97.83559438799057,
          208.3488508451275,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid",
        "box": [
          236.8300541668304,
          82.9855960627392,
          259.6286528802243,
          86.59334117657636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          234.04567948084602,
          90.41059522536307,
          262.42711357104326,
          94.01834033920022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          236.03903525603977,
          97.83559438799057,
          260.42218298409284,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          286.16832985256883,
          97.83559438799057,
          287.9672046159457,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          292.9605165865611,
          98.51059431186513,
          294.7593913499379,
          102.11833942570229
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value Before ",
        "box": [
          299.4679343526689,
          90.41059522536307,
          371.61445743239364,
          94.01834033920022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Reserve",
        "box": [
          298.6769221918775,
          97.83559438799057,
          370.6142553993746,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          372.57886360738,
          97.83559438799057,
          374.37773837075696,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          379.37105034137227,
          98.51059431186513,
          381.16992510474915,
          102.11833942570229
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific",
        "box": [
          409.0605034930614,
          90.41059522536307,
          433.03961530168095,
          94.01834033920022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve",
        "box": [
          397.975735743177,
          97.83559438799057,
          444.13508794285815,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          458.98940411219047,
          97.83559438799057,
          460.78827887556736,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          465.78159084618267,
          98.51059431186513,
          467.58046560955955,
          102.11833942570229
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net",
        "box": [
          502.07338025327493,
          90.41059522536307,
          512.8595962667733,
          94.01834033920022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          483.38431986098584,
          97.83559438799057,
          531.5498234719176,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          97.83559438799057,
          547.2304566268098,
          101.44333950182772
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          81.95975575776004,
          106.68671534809255,
          121.10711371280757,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          106.68671534809255,
          145.76834568656844,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CA",
        "box": [
          170.5218551449224,
          106.68671534809255,
          181.7740514959246,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          106.68671534809255,
          205.43200745783264,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          212.15036945015063,
          106.68671534809255,
          216.20036899340064,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,341\u00a0 \u00a0",
        "box": [
          257.99762652959845,
          106.68671534809255,
          291.8425479626431,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          298.56090320496185,
          106.68671534809255,
          302.61090274821186,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "402,223\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          106.68671534809255,
          378.2530817174543,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.97144370977225,
          106.68671534809255,
          389.02144325302226,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(102,223)",
        "box": [
          428.11870109372006,
          106.68671534809255,
          460.48442337358546,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0$",
        "box": [
          468.7136217655147,
          106.68671534809255,
          475.43197700783344,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "300,000\u00a0",
        "box": [
          517.2292412940304,
          106.68671534809255,
          546.2225940242243,
          110.74796695956684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          81.95975575776004,
          116.13671428234375,
          121.10711371280757,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          116.13671428234375,
          145.76834568656844,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CO",
        "box": [
          170.5218551449224,
          116.13671428234375,
          181.7740514959246,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          116.13671428234375,
          205.43200745783264,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          116.13671428234375,
          214.17536922177564,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,000\u00a0 \u00a0",
        "box": [
          257.99762652959845,
          116.13671428234375,
          291.8425479626431,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          116.13671428234375,
          300.58590297658685,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "170,000\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          116.13671428234375,
          378.2530817174543,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          116.13671428234375,
          386.99644348139725,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(72,000)",
        "box": [
          432.1687006369701,
          116.13671428234375,
          460.48442337358546,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          468.7136217655147,
          116.13671428234375,
          473.40697723620843,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "98,000\u00a0",
        "box": [
          521.2792408372804,
          116.13671428234375,
          546.2225940242243,
          120.19796589381804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          81.95975575776004,
          125.58671321659494,
          121.10711371280757,
          129.64796482806923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          125.58671321659494,
          145.76834568656844,
          129.64796482806923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX",
        "box": [
          170.75388636875442,
          125.58671321659494,
          181.55124833105185,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          125.58671321659494,
          205.43200745783264,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          125.58671321659494,
          214.17536922177564,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "139,237\u00a0 \u00a0",
        "box": [
          257.99762652959845,
          125.58671321659494,
          291.8425479626431,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          125.58671321659494,
          300.58590297658685,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "138,722\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          125.58671321659494,
          378.2530817174543,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          125.58671321659494,
          386.99644348139725,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(48,722)",
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          432.1687006369701,
          125.58671321659494,
          460.48442337358546,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
          468.7136217655147,
          125.58671321659494,
          473.40697723620843,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90,000\u00a0",
        "box": [
          521.2792408372804,
          125.58671321659494,
          546.2225940242243,
          129.64796482806923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          78.12069369072096,
          135.0367121508425,
          117.26805164576852,
          139.0979637623168
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          135.0367121508425,
          145.76834568656844,
          139.0979637623168
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "TX",
        "box": [
          170.75388636875442,
          135.0367121508425,
          181.55124833105185,
          139.0979637623168
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          135.0367121508425,
          205.43200745783264,
          139.0979637623168
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          134.36171222696794,
          214.17536922177564,
          138.42296383844223
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,434\u00a0 \u00a0",
        "box": [
          262.04762607284846,
          134.36171222696794,
          291.8425479626431,
          139.0979637623168
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          134.36171222696794,
          300.58590297658685,
          138.42296383844223
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25,373\u00a0 \u00a0",
        "box": [
          348.45816657765886,
          134.36171222696794,
          378.2530817174543,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          134.36171222696794,
          386.99644348139725,
          138.42296383844223
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(2,973)",
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          436.2187001802201,
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          138.42296383844223
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          468.7136217655147,
          134.36171222696794,
          473.40697723620843,
          139.0979637623168
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "22,400\u00a0",
        "box": [
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          546.2225940242243,
          138.42296383844223
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Multifamily",
        "box": [
          63.11249225831271,
          144.4867110850937,
          121.37869520717922,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
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          214.17536922177564,
          148.547962696568
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "737,012\u00a0 \u00a0",
        "box": [
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          144.4867110850937,
          291.8425479626431,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          300.58590297658685,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "736,318\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          144.4867110850937,
          378.2530817174543,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          144.4867110850937,
          386.99644348139725,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(225,918)",
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          460.48442337358546,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
          468.7136217655147,
          144.4867110850937,
          473.40697723620843,
          148.547962696568
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "510,400\u00a0",
        "box": [
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          546.2225940242243,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Land",
        "box": [
          93.21327011361358,
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          109.8562369866566,
          158.67296155469376
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          154.61170994321947,
          145.76834568656844,
          158.67296155469376
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "VA",
        "box": [
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          181.99949445049964,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          205.43200745783264,
          158.67296155469376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          153.9367100193449,
          214.17536922177564,
          157.9979616308192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,644\u00a0 \u00a0",
        "box": [
          257.99762652959845,
          153.9367100193449,
          291.8425479626431,
          158.67296155469376
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          300.58590297658685,
          157.9979616308192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,644\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          153.9367100193449,
          378.2530817174543,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          386.99644348139725,
          157.9979616308192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,544)",
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          153.9367100193449,
          460.48442337358546,
          157.9979616308192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          468.7136217655147,
          153.9367100193449,
          473.40697723620843,
          158.67296155469376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,100\u00a0",
        "box": [
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          153.9367100193449,
          546.2225940242243,
          157.9979616308192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Land",
        "box": [
          63.11249225831271,
          164.06170887746703,
          98.87430412517469,
          168.12296048894495
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          164.06170887746703,
          205.43200745783264,
          168.12296048894495
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          214.17536922177564,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "157,644\u00a0 \u00a0",
        "box": [
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          164.06170887746703,
          291.8425479626431,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "157,644\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          164.06170887746703,
          378.2530817174543,
          168.12296048894495
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          386.99644348139725,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37,544)",
        "box": [
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          164.06170887746703,
          460.48442337358546,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          473.40697723620843,
          168.12296048894495
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "120,100\u00a0",
        "box": [
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          164.06170887746703,
          546.2225940242243,
          168.12296048894495
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
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          173.51170781171822,
          111.87332710917362,
          177.57295942319251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          173.51170781171822,
          145.76834568656844,
          177.57295942319251
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GA",
        "box": [
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          173.51170781171822,
          181.99949445049964,
          177.57295942319251
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          173.51170781171822,
          205.43200745783264,
          177.57295942319251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          173.51170781171822,
          214.17536922177564,
          177.57295942319251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225,746\u00a0 \u00a0",
        "box": [
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          173.51170781171822,
          291.8425479626431,
          177.57295942319251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          173.51170781171822,
          300.58590297658685,
          177.57295942319251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "225,746\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          173.51170781171822,
          378.2530817174543,
          177.57295942319251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          173.51170781171822,
          386.99644348139725,
          177.57295942319251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(34,946)",
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          460.48442337358546,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          173.51170781171822,
          473.40697723620843,
          177.57295942319251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "190,800\u00a0",
        "box": [
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          173.51170781171822,
          546.2225940242243,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
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          182.96170674596942,
          111.87332710917362,
          187.0229583574437
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          145.76834568656844,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CA",
        "box": [
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          181.7740514959246,
          187.0229583574437
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          205.43200745783264,
          187.0229583574437
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          214.17536922177564,
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,542\u00a0 \u00a0",
        "box": [
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          182.96170674596942,
          291.8425479626431,
          187.0229583574437
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "111,263\u00a0 \u00a0",
        "box": [
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          378.2530817174543,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(23,363)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "87,900\u00a0",
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        "from_ocr": false,
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      {
        "text": "Office",
        "box": [
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          111.87332710917362,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          145.76834568656844,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          205.43200745783264,
          196.4729572916949
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          214.17536922177564,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66,642\u00a0 \u00a0",
        "box": [
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          291.8425479626431,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          191.73670575634242,
          300.58590297658685,
          195.79795736782035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "66,244\u00a0 \u00a0",
        "box": [
          348.45816657765886,
          191.73670575634242,
          378.2530817174543,
          196.4729572916949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          191.73670575634242,
          386.99644348139725,
          195.79795736782035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(27,044)",
        "box": [
          432.1687006369701,
          191.73670575634242,
          460.48442337358546,
          195.79795736782035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          468.7136217655147,
          191.73670575634242,
          473.40697723620843,
          196.4729572916949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39,200\u00a0",
        "box": [
          521.2792408372804,
          191.73670575634242,
          546.2225940242243,
          195.79795736782035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Office",
        "box": [
          63.11249225831271,
          201.86170461446818,
          102.91639401931673,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          201.86170461446818,
          214.17536922177564,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "403,930\u00a0 \u00a0",
        "box": [
          257.99762652959845,
          201.86170461446818,
          291.8425479626431,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          201.86170461446818,
          300.58590297658685,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "403,253\u00a0 \u00a0",
        "box": [
          344.40816703440885,
          201.86170461446818,
          378.2530817174543,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          201.86170461446818,
          386.99644348139725,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(85,353)",
        "box": [
          432.1687006369701,
          201.86170461446818,
          460.48442337358546,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          468.7136217655147,
          201.86170461446818,
          473.40697723620843,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "317,900\u00a0",
        "box": [
          517.2292412940304,
          201.86170461446818,
          546.2225940242243,
          205.92295622594247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          88.46717689886746,
          211.98670347259394,
          106.90970436896004,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          143.74334591494343,
          211.98670347259394,
          145.76834568656844,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          166.9253745505255,
          211.98670347259394,
          185.36790202061806,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          211.98670347259394,
          205.43200745783264,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          211.31170354871938,
          214.17536922177564,
          215.37295516019367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          266.09762561609847,
          211.31170354871938,
          291.8425479626431,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          211.31170354871938,
          300.58590297658685,
          215.37295516019367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          352.50816612090887,
          211.31170354871938,
          378.2530817174543,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          211.31170354871938,
          386.99644348139725,
          215.37295516019367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          454.4436981248451,
          211.31170354871938,
          459.8120602694131,
          215.37295516019367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          468.7136217655147,
          211.31170354871938,
          473.40697723620843,
          216.04795508406824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0",
        "box": [
          525.3292403805305,
          211.31170354871938,
          546.2225940242243,
          215.37295516019367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Other",
        "box": [
          63.11249225831271,
          221.43670240684514,
          100.67386472222422,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.15036945015063,
          221.43670240684514,
          214.17536922177564,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          266.09762561609847,
          221.43670240684514,
          291.8425479626431,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          298.56090320496185,
          221.43670240684514,
          300.58590297658685,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0 \u00a0",
        "box": [
          352.50816612090887,
          221.43670240684514,
          378.2530817174543,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          384.97144370977225,
          221.43670240684514,
          386.99644348139725,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          454.4436981248451,
          221.43670240684514,
          459.8120602694131,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          468.7136217655147,
          221.43670240684514,
          473.40697723620843,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,607\u00a0",
        "box": [
          525.3292403805305,
          221.43670240684514,
          546.2225940242243,
          225.49795401831943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.11249225831271,
          232.23670118884183,
          80.20633748050666,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          140.61092101821137,
          232.23670118884183,
          142.63592078983638,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          175.14138587394194,
          232.23670118884183,
          177.16638564556695,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          203.40700768620763,
          232.23670118884183,
          205.43200745783264,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          212.15036945015063,
          231.56170126496727,
          216.20036899340064,
          235.6229528764452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,300,193\u00a0 \u00a0",
        "box": [
          251.9226272147234,
          231.56170126496727,
          291.8425479626431,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          298.56090320496185,
          231.56170126496727,
          302.61090274821186,
          235.6229528764452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,298,822\u00a0 \u00a0",
        "box": [
          338.33316771953383,
          231.56170126496727,
          378.2530817174543,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          384.97144370977225,
          231.56170126496727,
          389.02144325302226,
          235.6229528764452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(348,815)",
        "box": [
          428.11870109372006,
          231.56170126496727,
          460.48442337358546,
          235.6229528764452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          468.7136217655147,
          231.56170126496727,
          475.43197700783344,
          236.29795280031976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "950,007\u00a0",
        "box": [
          517.2292412940304,
          231.56170126496727,
          546.2225940242243,
          235.6229528764452
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          241.4493955298567,
          64.46249210606271,
          244.1568966041741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          247.76169943796776,
          72.55721755315749,
          251.82295104944205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure.",
        "box": [
          79.30194355750221,
          247.76169943796776,
          384.74072995079166,
          251.82295104944205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          257.21169837221896,
          72.55721755315749,
          261.27294998369325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts deemed uncollectible have been charged-off as of March 31, 2026.",
        "box": [
          79.30194355750221,
          257.21169837221896,
          327.6135901834641,
          261.27294998369325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ",
        "box": [
          85.15545852235574,
          278.21728733410055,
          551.3618746777526,
          282.7286609653347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ",
        "box": [
          63.11249225831271,
          288.3422861922263,
          551.3618746777526,
          292.8536598234605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may include,  among  others,  assumptions  of  property  specific  cash  flows  over  estimated  holding  periods,  assumptions  of  property ",
        "box": [
          63.11249225831271,
          299.14228497422664,
          551.3618746777526,
          303.6536586054608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ",
        "box": [
          63.11249225831271,
          309.26728383234877,
          551.3618746777526,
          313.77865746358293
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ",
        "box": [
          63.11249225831271,
          319.39228269047453,
          551.3618746777526,
          323.9036563217087
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ",
        "box": [
          63.11249225831271,
          329.5172815486003,
          551.3618746777526,
          334.02865517983446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of March 31, 2026 include discount rates ",
        "box": [
          63.11249225831271,
          340.3172803306006,
          551.3618746777526,
          344.8286539618348
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ranging from 6.0% to 9.5%, market and terminal capitalization rates ranging from 4.72% to 8.25%, and, with respect to the land loan, ",
        "box": [
          63.11249225831271,
          350.4422791887264,
          551.3618746777526,
          354.95365281996055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value per buildable square foot of $140 based on current entitlements.",
        "box": [
          63.11249225831271,
          360.5672780468485,
          314.7196273432416,
          365.0786516780863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical Originations and Realizations",
        "box": [
          63.11249225831271,
          382.1672756108492,
          210.33181680352462,
          386.67864924208334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The  following  table  presents  our  loan  commitment  originations,  loan  commitment  realizations,  and  the  amount  of  principal ",
        "box": [
          85.15545852235574,
          397.6922738599751,
          551.3618746777526,
          402.20364749120927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs recognized for each origination vintage year as of March 31, 2026 by year of origination ($ in thousands): ",
        "box": [
          63.11249225831271,
          407.81727271810087,
          489.8630568634532,
          412.32864634933503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          422.8676617807505,
          86.05489590404419,
          424.67153433766725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          103.2011596122015,
          427.9105571628643,
          105.0000343755784,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          146.94959555334967,
          427.9105571628643,
          148.74847031672655,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          171.23904256403958,
          427.9105571628643,
          173.03791732741647,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          195.5284963247287,
          427.9105571628643,
          197.3273710881056,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          200.3800582775803,
          427.9105571628643,
          202.17893304095716,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total by Origination Year as of March 31, 2026",
        "box": [
          300.7230157111236,
          427.9105571628643,
          446.82158622694993,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4210316146227,
          427.9105571628643,
          547.2199063779997,
          431.51830227670143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          63.11249225831271,
          444.78555525973934,
          64.9113670216896,
          448.3933003735765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          145.74725193894733,
          444.78555525973934,
          147.54612670232422,
          448.3933003735765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          163.94060588714112,
          444.1105553358648,
          180.33070797719438,
          447.7183004497019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          195.5284963247287,
          444.1105553358648,
          197.3273710881056,
          447.7183004497019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          200.3800582775803,
          444.78555525973934,
          202.17893304095716,
          448.3933003735765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          213.8062252634069,
          444.1105553358648,
          228.197196437925,
          447.7183004497019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          239.8253663290257,
          444.1105553358648,
          241.6242410924026,
          447.7183004497019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          244.6769282818773,
          444.78555525973934,
          246.47580304525417,
          448.3933003735765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "2024",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          323.082388189483,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          330.7031372962818,
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        "from_ocr": false,
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      {
        "text": "2023",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          368.7035202606827,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "2022",
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        "text": "\u00a0",
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      {
        "text": "\u00a0",
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      {
        "text": "2021",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "2020",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      {
        "text": "2019 and ",
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        "from_ocr": false,
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        "text": "Prior",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
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          547.2199063779997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Commitment",
        "box": [
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          114.29449243611995,
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0Originations",
        "box": [
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        "text": "\u00a0",
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      {
        "text": "$",
        "box": [
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        "text": "18,148,694\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
          235.72262904172337,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          243.47458466747494,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
          277.003093136204,
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          281.5909866187915,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
          289.22692325762745,
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          294.9327786141337,
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        "from_ocr": false,
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        "text": "104,455\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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        "text": "101,059\u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
          375.0257383314269,
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        "from_ocr": false,
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        "text": "3,463,564\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 $ 2,959,122\u00a0",
        "box": [
          420.49331470369424,
          457.9055234284133,
          458.6202601538217,
          463.3148995429365
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
          464.3050285127061,
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          470.01088386921236,
          463.3148995429365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "401,743\u00a0",
        "box": [
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          498.16049344456167,
          461.28989977130914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          503.8452550534468,
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          509.5511171599523,
          463.3148995429365
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11,118,751\u00a0",
        "box": [
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          545.8640003146658,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Commitment",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0Realizations through",
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          122.53753480648787,
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        "from_ocr": false,
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      {
        "text": "\u00a0\u00a0Repayment, Sale, or",
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        "text": "\u00a0\u00a0Assignment",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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      {
        "text": "13,468,185\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "$",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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          281.5909866187915,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "101,059\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,567,843\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $ 1,813,911\u00a0",
        "box": [
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          492.339896269561
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
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          486.9305201550378,
          470.01088386921236,
          492.339896269561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "276,933\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,708,439\u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Principal Charge-offs",
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        "from_ocr": false,
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        "text": "\u00a0\u00a0from Repayment",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0or Sale",
        "box": [
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        "from_ocr": false,
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        "text": "\u00a0",
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        "text": "-\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "315\u00a0",
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        "text": "Loan Commitment",
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      {
        "text": "(1)",
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        "text": "Loan commitment upsizes and protective advances subsequent to origination are reflected as increases in loan commitment in the year that the ",
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        "text": "loan was originated.",
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        "text": "Reflects a loan receivable acquired in connection with a full loan repayment.",
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        "text": "(3)",
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        "text": "Excludes loss recognized in connection with the reclassification of our real estate owned hotel portfolio to held-for-sale and loss on partial sales ",
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        "text": "of our mixed-use real estate owned asset, net.",
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      {
        "text": "\u00a0(1)",
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        "text": "(2)",
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        "text": "\u00a0(1)",
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  },
  {
    "page_no": 45,
    "width": 612.0,
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        "text": "\u00a0",
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      {
        "text": "45",
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      {
        "text": "Portfolio Financing ",
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      {
        "text": "Our financing arrangements include repurchase arrangements, a term participation facility, asset-specific financings, debt related ",
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      {
        "text": "to real estate owned hotel portfolio, and secured term loan borrowings. ",
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      {
        "text": "The following table summarizes our secured financings ($ in thousands):",
        "box": [
          85.15545852235574,
          146.59237566647425,
          347.77253981422865,
          151.10374929770842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          157.7494784573537,
          86.50545837010574,
          160.45697953167473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          202.4894330396897,
          165.33566026348853,
          204.28830780306654,
          168.9434053773257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          344.32379204392447,
          165.33566026348853,
          346.12266680730136,
          168.9434053773257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          423.0772954122786,
          164.66066033961397,
          470.83874022584854,
          168.26840545345112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          164.66066033961397,
          547.2410001256208,
          168.26840545345112
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          202.4894330396897,
          189.63565752298746,
          204.28830780306654,
          193.2434026368246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          344.32379204392447,
          189.63565752298746,
          346.12266680730136,
          193.2434026368246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capacity",
        "box": [
          364.9007394733019,
          188.9606575991129,
          392.4811016328498,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          408.89175351209263,
          188.9606575991129,
          410.6906282754696,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          412.5409718505419,
          188.9606575991129,
          414.3398466139188,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Borrowings",
        "box": [
          428.38237631398334,
          181.53565843648903,
          464.3598194405904,
          185.14340355032618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0Outstanding",
        "box": [
          426.2835450506849,
          188.9606575991129,
          466.4735703256429,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          476.04369568884516,
          188.9606575991129,
          477.8425704522221,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          479.6929140272944,
          188.9606575991129,
          481.4917887906713,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted",
        "box": [
          499.26791181966945,
          173.43565934998696,
          528.8474191658277,
          177.04340446382412
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average",
        "box": [
          501.2718178436734,
          181.53565843648903,
          526.842508530298,
          185.14340355032618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Spread",
        "box": [
          500.24877445904997,
          188.9606575991129,
          522.2392910735776,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          188.9606575991129,
          547.2410001256208,
          192.56840271295005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase agreements and term participation facility",
        "box": [
          63.11249225831271,
          198.48677848309308,
          238.3145256094149,
          202.54803009456737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          344.32379204392447,
          197.892369880974,
          354.3960531579972,
          202.54803009456737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,638,348\u00a0 \u00a0 $",
        "box": [
          374.64605087424724,
          198.48677848309308,
          422.61323296461455,
          202.54803009456737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,932,274\u00a0 \u00a0 \u00a0",
        "box": [
          441.797999800999,
          198.48677848309308,
          486.569475751771,
          202.54803009456737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 2.91%\u00a0",
        "box": [
          516.0690851748702,
          198.48677848309308,
          546.2542380206555,
          202.54803009456737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan",
        "box": [
          63.11249225831271,
          208.6117773412152,
          122.03919505268952,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          344.32379204392447,
          208.01736873909977,
          346.5732292733629,
          212.52874237033393
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          350.3460536147472,
          208.6117773412152,
          352.3710533863722,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000\u00a0 \u00a0",
        "box": [
          380.72105018912225,
          208.01736873909977,
          414.79040907998035,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          418.56323342136454,
          208.6117773412152,
          420.58823319298955,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "500,000\u00a0 \u00a0 \u00a0",
        "box": [
          447.872999115874,
          208.6117773412152,
          486.569475751771,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 6.75%\u00a0",
        "box": [
          516.0690851748702,
          208.6117773412152,
          546.2542380206555,
          212.67302895269313
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt related to real estate owned hotel portfolio",
        "box": [
          63.11249225831271,
          218.73677619934097,
          218.08034719138078,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          344.32379204392447,
          218.81736752109646,
          346.5732292733629,
          223.32874115233426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          350.3460536147472,
          218.73677619934097,
          352.3710533863722,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0",
        "box": [
          380.72105018912225,
          218.1423675972219,
          414.79040907998035,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          418.56323342136454,
          218.73677619934097,
          420.58823319298955,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "235,000\u00a0 \u00a0 \u00a0",
        "box": [
          447.872999115874,
          218.73677619934097,
          486.569475751771,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.18%\u00a0",
        "box": [
          516.0690851748702,
          218.73677619934097,
          546.2542380206555,
          222.79802781081526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total/Weighted Average",
        "box": [
          63.11249225831271,
          230.21177490521586,
          143.4005701536009,
          234.27302651669015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          344.32379204392447,
          229.5367749813413,
          354.3960531579972,
          234.80373985820916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,373,348\u00a0 \u00a0 $",
        "box": [
          374.64605087424724,
          229.5367749813413,
          422.61323296461455,
          233.5980265928156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,274\u00a0 \u00a0 \u00a0",
        "box": [
          441.797999800999,
          229.5367749813413,
          486.569475751771,
          233.5980265928156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "+ 3.65%\u00a0",
        "box": [
          516.0690851748702,
          229.5367749813413,
          546.2542380206555,
          233.5980265928156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          240.0994691701053,
          64.46249210606271,
          242.8069702444227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          246.41177307821636,
          72.55721755315749,
          250.47302468969065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of March 31, 2026 was 3.66%.",
        "box": [
          79.30194355750221,
          246.41177307821636,
          531.6244115755751,
          250.47302468969065
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See Note 6 - Debt Obligations to our consolidated financial statements for further detail.",
        "box": [
          85.15545852235574,
          267.41736204009794,
          402.98468369890367,
          271.9287356713321
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements and Term Participation Facility",
        "box": [
          63.11249225831271,
          288.34235968022404,
          273.3072073932329,
          292.8537333114582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  finance  certain  of  our  loans  and  multifamily  real  estate  owned  properties  using  repurchase  agreements  and  a  term ",
        "box": [
          85.15545852235574,
          304.54235785322453,
          551.3618746777526,
          309.0537314844587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participation  facility.  As  of  March  31,  2026,  aggregate  borrowings  outstanding  under  our  repurchase  agreements  and  term ",
        "box": [
          63.11249225831271,
          314.66735671134666,
          551.3618746777526,
          319.17873034258446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "participation facility totaled $1.9 billion, with a weighted average spread of SOFR plus 2.91% per annum based on unpaid principal ",
        "box": [
          63.11249225831271,
          324.7923555694724,
          551.3618746777526,
          329.3037292007066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance. As of March 31, 2026, the loans receivable securing the outstanding borrowings under these facilities had a weighted average ",
        "box": [
          63.11249225831271,
          335.59235435147275,
          551.3618746777526,
          340.1037279827069
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term to initial maturity and fully extended maturity of 0.4 years and 0.9 years, respectively, assuming all conditions to extend are met. ",
        "box": [
          63.11249225831271,
          345.7173532095985,
          551.3618746777526,
          350.2287268408327
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Further, we have a repurchase agreement that specifically provides for the ability to finance (i) loans receivable, including those which ",
        "box": [
          63.11249225831271,
          355.8423520677243,
          551.3618746777526,
          360.35372569895844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may be delinquent or in default, and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the ",
        "box": [
          63.11249225831271,
          365.96735092585004,
          551.3618746777526,
          370.4787245570842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral property. As of March 31, 2026, $232.5 million of borrowings outstanding relate to our multifamily real estate owned assets.",
        "box": [
          63.11249225831271,
          376.76734970785037,
          548.3795802265892,
          381.27872333908454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Each repurchase agreement contains 'margin maintenance' provisions, which are designed to allow the counterparty to require ",
        "box": [
          85.15545852235574,
          397.6923473479728,
          551.3618746777526,
          402.203720979207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the delivery of cash or other assets to de-lever financings on assets that are determined to have experienced a diminution in value. ",
        "box": [
          63.11249225831271,
          407.8173462060986,
          551.3618746777526,
          412.32871983733276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Since inception through March 31, 2026, we have not received any margin calls under any of our repurchase agreements.",
        "box": [
          63.11249225831271,
          418.6173449880989,
          499.59942404290706,
          423.1287186193331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan",
        "box": [
          63.11249225831271,
          439.542342628225,
          137.08903547768654,
          444.0537162594592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  January  2026,  we  refinanced  our  prior  secured  term  loan  with  a  new  secured  term  loan  which  provides  for  an  aggregate ",
        "box": [
          85.15545852235574,
          455.0673408773473,
          551.3618746777526,
          459.57871450858147
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal amount of $500.0 million and a maturity date of January 30, 2030. Our secured term loan is presented net of any discounts ",
        "box": [
          63.11249225831271,
          465.86733965934764,
          551.3618746777526,
          470.3787132905818
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  transaction  costs  which  are  deferred  and  recognized  as  interest  expense  over  the  life  of  the  loan  using  the  effective  interest ",
        "box": [
          63.11249225831271,
          475.9923385174734,
          551.3618746777526,
          480.50371214870756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method. As of March 31, 2026, our secured term loan has an unpaid principal balance of $500.0 million and a carrying value of ",
        "box": [
          63.11249225831271,
          486.11733737559916,
          551.3618746777526,
          490.6287110068333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$465.6  million.  As  consideration  for  and  in  connection  with  entering  into  our  new  secured  term  loan  in  January  2026,  we  issued ",
        "box": [
          63.11249225831271,
          496.9173361575995,
          551.3618746777526,
          501.42870978883366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "detachable  warrants  to  purchase  up  to  7,542,227  shares  of  our  common  stock  at  an  exercise  price  of  $4.00  per  share,  with  an ",
        "box": [
          63.11249225831271,
          507.04233501572526,
          551.3618746777526,
          511.5537086469594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expiration date of January 2037. ",
        "box": [
          63.11249225831271,
          517.1673338738474,
          181.54629138473587,
          521.6787075050852
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt Related to Real Estate Owned Hotel Portfolio",
        "box": [
          63.11249225831271,
          538.767331437848,
          250.79964688512058,
          543.2787050690822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "On February 8, 2021, we assumed a $300.0 million securitized senior mortgage in connection with a foreclosure on a hotel ",
        "box": [
          85.15545852235574,
          554.292329686974,
          551.3618746777526,
          558.8037033182081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio which, subsequent thereto, was modified to provide for, among other things, total principal payments of $25.0 million, an ",
        "box": [
          63.11249225831271,
          564.4173285450997,
          551.3618746777526,
          568.9287021763339
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extension of the contractual maturity date to February 9, 2025, and the designation of a portion of the loan becoming partial recourse ",
        "box": [
          63.11249225831271,
          574.5423274032255,
          551.3618746777526,
          579.0537010344597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  us.  Upon  maturity  in  February  2025,  we  entered  into  forbearance  agreements  with  our  lender  through  September  9,  2025  and ",
        "box": [
          63.11249225831271,
          585.3423261852258,
          551.3618746777526,
          589.85369981646
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "concurrently repaid $5.0 million of the principal balance. On June 9, 2025, we refinanced our debt related to real estate owned hotel ",
        "box": [
          63.11249225831271,
          595.467325043348,
          551.3618746777526,
          599.9786986745821
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio with a non-recourse senior mortgage in the amount of $235.0 million. Such financing matures on June 9, 2027, and we may ",
        "box": [
          63.11249225831271,
          605.5923239014737,
          551.3618746777526,
          610.1036975327079
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "extend the maturity to June 9, 2030 pursuant to three one-year extension options, subject to meeting prescribed conditions. As of ",
        "box": [
          63.11249225831271,
          616.392322683474,
          551.3618746777526,
          620.9036963147082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, our debt related to real estate owned hotel portfolio has an unpaid principal balance of $235.0 million, a carrying ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
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      {
        "text": "value of $231.7 million and a stated rate of SOFR plus 3.18%. See Derivatives below for further detail of our interest rate cap.",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 46,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "46",
        "box": [
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      {
        "text": "Derivatives",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "Prior to the June 2025 refinance of our debt related to real estate owned hotel portfolio, we acquired interest rate caps with ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity dates and notional amounts equal to that of the then maturity dates and outstanding principal balance of our debt related to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate owned hotel portfolio, respectively, and strike rates ranging from 3.0% to 5.0% which effectively limited the maximum ",
        "box": [
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      {
        "text": "interest rate to 7.94%. Concurrent with refinancing our debt related to real estate owned hotel portfolio in June 2025, we acquired an ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate cap for a price of $71,000 with a notional amount of $235.0 million, a strike rate of 6.79%, and a maturity date of June ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027, which effectively limits the maximum interest rate of our debt related to real estate owned hotel portfolio to 9.97%.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Changes  in  the  fair  value  of  our  interest  rate  cap  are  recorded  as  an  unrealized  gain  or  loss  on  interest  rate  cap  on  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated  statements  of  operations  and  the  fair  value  is  recorded  in  other  assets  on  our  consolidated  balance  sheets.  Proceeds ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "statements of operations. As of March 31, 2026 and December 31, 2025, the fair value of our interest rate cap was de minimis. During ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the three months ended March 31, 2026 and 2025, we did not recognize any proceeds from our interest rate caps.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Financial Covenants",
        "box": [
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      },
      {
        "text": "Our financing agreements generally contain certain financial covenants. As of March 31, 2026, we are in compliance with all ",
        "box": [
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      {
        "text": "financial covenants under our financing agreements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  the  overall  market  conditions  in  which  we  and  our  borrowers  operate.  The  impact  of  macroeconomic  conditions  on  the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate and capital markets, including elevated benchmark interest rates compared to recent historical levels and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "effects thereof on our and our borrowers' operating performance, may make it more difficult for us to satisfy these financial covenants ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the respective agreements. As the results of our operating activities, our financial condition, and the overall market conditions in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which we and our borrowers operate evolve, we may continue to work with our counterparties on modifying financial covenants as ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "needed; however, there is no assurance that our counterparties will agree to such modifications.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Repurchase Agreements and Term Participation Facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As calculated in accordance with our repurchase agreements and our term participation facility and as of March 31, 2026, (i) our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "tangible net worth shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from any equity issuances, capital contributions, and/or subscriptions (net of any related costs), (ii) our total debt to equity ratio shall ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not exceed 3.50 to 1.00, and (iii) our cash liquidity shall not be less than the greater of (x) $20.0 million or (y) 5% of total recourse ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "indebtedness  (which  includes  our  secured  term  loan).  For  the  quarters  ending  March  31,  2026  to  June  30,  2027,  there  is  no ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measurement of our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (our 'Interest Coverage ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ratio'). Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be ",
        "box": [
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          467.6785429550873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "less than 1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Term Loan",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As calculated in accordance with our new secured term loan agreement and effective upon its closing, (i) our tangible net worth ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "shall not be less than $1.0 billion plus 75% of the aggregate cash proceeds received by us after January 30, 2026 from any equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "issuances, capital contributions, and/or subscriptions (net of any related costs) and (ii) our total debt to equity ratio shall not exceed ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.50  to  1.00.  For  the  quarters  ending  March  31,  2026  to  June  30,  2027,  there  is  no  measurement  of  our  Interest  Coverage  Ratio. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commencing with the quarters ending September 30, 2027 and December 31, 2027, our Interest Coverage Ratio shall not be less than ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.10 to 1.00. Subsequent thereto, our Interest Coverage Ratio shall not be less than (i) 1.20 to 1.00 for the quarters ending March 31, ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028 and June 30, 2028 and (ii) 1.30 to 1.00 for the quarters ending September 30, 2028 and thereafter.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
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          597.9535282629658
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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          65.36192948775115,
          608.078527121088
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Consolidated Senior Interests Sold and Non-Consolidated Senior Interests Held by Third Parties",
        "box": [
          63.11249225831271,
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          635.0785240760888
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In certain instances, we use structural leverage through the non-recourse syndication of a match-term senior loan interest to a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third party which qualifies for sale accounting under GAAP, or through the acquisition of a subordinate loan for which a non-recourse ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior interest is retained by a third party. In such instances, the senior loan is not included on our consolidated balance sheet. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 47,
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    "cells": [
      {
        "text": "\u00a0",
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      {
        "text": "47",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The following table summarizes our non-consolidated senior interest and related retained subordinate interest as of March 31, ",
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      {
        "text": "2026 ($ in thousands):",
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
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      {
        "text": "\u00a0",
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        "from_ocr": false,
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      },
      {
        "text": "Loan",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Count",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Commitment",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Unpaid",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Principal",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Balance",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Carrying",
        "box": [
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      {
        "text": "Value",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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        "text": "Weighted ",
        "box": [
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        "text": "Average ",
        "box": [
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          439.9898437211689,
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        "text": "Interest ",
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        "from_ocr": false,
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      {
        "text": "Rate ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          445.1519056727529,
          152.510439805872,
          446.95078043612983,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term to",
        "box": [
          456.8272916060287,
          130.23544231799679,
          481.80070139208294,
          133.84318743183394
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Initial",
        "box": [
          459.91752900751857,
          137.66044148062065,
          478.71081456154616,
          141.2681865944578
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Maturity",
        "box": [
          455.32963552493106,
          145.08544064324815,
          483.30349705760096,
          148.6931857570853
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(in years)",
        "box": [
          454.8233855820248,
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          483.79857135171153,
          156.11818491970917
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          491.68471292488584,
          152.510439805872,
          493.4835876882628,
          156.11818491970917
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          496.5362748777374,
          152.510439805872,
          498.33514964111436,
          156.11818491970917
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term to",
        "box": [
          509.38236717898354,
          122.13544323149836,
          534.3557769650378,
          125.74318834533551
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully",
        "box": [
          513.8753354222765,
          129.56044239412222,
          529.8684426086093,
          133.16818750795937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extended",
        "box": [
          507.27299241687416,
          137.66044148062065,
          536.4589901299115,
          141.2681865944578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Maturity",
        "box": [
          507.8847110978859,
          145.08544064324815,
          535.8585726305558,
          148.6931857570853
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(in years) ",
        "box": [
          503.6765050724781,
          152.510439805872,
          534.4505571130987,
          156.11818491970917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          152.510439805872,
          547.2304566268098,
          156.11818491970917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed rate non-consolidated senior loans",
        "box": [
          63.11249225831271,
          161.9604387401232,
          179.8107641014033,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          221.27341192127412,
          161.9604387401232,
          223.07228668465098,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          239.6460660992468,
          161.9604387401232,
          243.24381562600058,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          256.9323956497328,
          161.9604387401232,
          265.38170712933817,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "830,000\u00a0 \u00a0 $",
        "box": [
          280.8948929472954,
          161.9604387401232,
          318.2320884189891,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "830,000\u00a0 \u00a0",
        "box": [
          328.88316878528383,
          161.9604387401232,
          359.56992754074906,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          373.44370725984487,
          161.9604387401232,
          385.8355577788268,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          398.5136296825145,
          161.9604387401232,
          400.3125044458914,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          402.16284802096374,
          161.9604387401232,
          403.9617227843406,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.47%",
        "box": [
          416.1058151985067,
          161.9604387401232,
          434.69181395736285,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          445.1519056727529,
          161.9604387401232,
          446.95078043612983,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.80112401120215,
          161.9604387401232,
          450.59999877457903,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.8\u00a0",
        "box": [
          480.84252664764364,
          161.9604387401232,
          492.2812440738604,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          496.5362748777374,
          161.9604387401232,
          498.33514964111436,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          500.18549321618667,
          161.9604387401232,
          501.98436797956356,
          165.56818385396036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.8\u00a0",
        "box": [
          534.5683018385696,
          161.9604387401232,
          546.0070192647863,
          165.56818385396036
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retained fixed rate subordinate loans",
        "box": [
          63.11249225831271,
          170.06043782662164,
          170.20859763931435,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          221.27341192127412,
          170.06043782662164,
          223.07228668465098,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          239.6460660992468,
          170.06043782662164,
          243.24381562600058,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          256.9323956497328,
          170.06043782662164,
          265.38170712933817,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,000\u00a0 \u00a0 $",
        "box": [
          280.8948929472954,
          170.06043782662164,
          318.2320884189891,
          173.6681829404588
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "125,000\u00a0 \u00a0 $",
        "box": [
          328.88316878528383,
          170.06043782662164,
          366.2203642569775,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "124,954\u00a0 \u00a0",
        "box": [
          373.2749572788761,
          170.06043782662164,
          403.9617227843406,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.50%",
        "box": [
          416.1058151985067,
          170.06043782662164,
          434.69181395736285,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          445.1519056727529,
          170.06043782662164,
          446.95078043612983,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          448.80112401120215,
          170.06043782662164,
          450.59999877457903,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.8\u00a0",
        "box": [
          480.84252664764364,
          170.06043782662164,
          492.2812440738604,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          496.5362748777374,
          170.06043782662164,
          498.33514964111436,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          500.18549321618667,
          170.06043782662164,
          501.98436797956356,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.8\u00a0",
        "box": [
          534.5683018385696,
          170.06043782662164,
          546.0070192647863,
          173.6681829404588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          177.32425434573815,
          64.46249210606271,
          180.0317554200592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
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          72.55721755315749,
          187.69780986532714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average is based on unpaid principal balance.",
        "box": [
          79.30194355750221,
          183.63655825384922,
          259.67722033517754,
          187.69780986532714
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
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          193.08655718810041,
          72.55721755315749,
          197.1478087995747
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension ",
        "box": [
          79.30194355750221,
          193.08655718810041,
          551.1374372199391,
          197.1478087995747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.",
        "box": [
          79.30194355750221,
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          422.9902880570911,
          206.5978077338259
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating and Fixed Rate Portfolio",
        "box": [
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          192.06831937620993,
          232.77851818259296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our business model seeks to minimize our exposure to changing interest rates by originating floating rate loans and financing ",
        "box": [
          85.15545852235574,
          244.4671427243593,
          551.3618746777526,
          248.97851635559346
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "them with floating rate liabilities. Further, we seek to match the benchmark rate index in the floating rate loans we originate with the ",
        "box": [
          63.11249225831271,
          254.59214158248142,
          551.3618746777526,
          259.1035152137156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmark index used in the related floating rate financings. Generally, we use SOFR as the benchmark rate index in both our floating ",
        "box": [
          63.11249225831271,
          264.7171404406072,
          551.3618746777526,
          269.22851407184135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate  loans  and floating rate financings. As of March 31, 2026, 96.4% of our loans receivable held-for-investment based on unpaid ",
        "box": [
          63.11249225831271,
          275.5171392226075,
          551.3618746777526,
          280.0285128538417
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal balance were floating rate and indexed to SOFR. All of our financing is floating rate and indexed to SOFR, which resulted in ",
        "box": [
          63.11249225831271,
          285.6421380807333,
          551.3618746777526,
          290.15351171196744
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximately $712.2 million of net floating rate exposure. ",
        "box": [
          63.11249225831271,
          295.76713693885904,
          278.51424919890417,
          300.2785105700932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table details our net floating rate exposure as of March 31, 2026 ($ in thousands):",
        "box": [
          85.15545852235574,
          317.36713450285606,
          431.7308459605966,
          321.87850813409386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          332.892132751982,
          87.40489575179419,
          337.40350638321615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          266.57223831257267,
          350.9604174251217,
          268.37111307594955,
          354.56816253895886
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.8788578218802,
          350.9604174251217,
          425.6777325852571,
          354.56816253895886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Floating",
        "box": [
          444.21323052861464,
          342.8604183386233,
          482.3830454264075,
          346.46816345246043
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rate Exposure",
        "box": [
          440.61674993421775,
          350.28541750124714,
          485.9855604480544,
          353.8931626150843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          497.337837287339,
          350.28541750124714,
          499.1367120507159,
          353.8931626150843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate loans receivable",
        "box": [
          111.71248677731285,
          359.8115383852273,
          207.2988053372992,
          363.8727899967016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.8788578218802,
          359.8921297069828,
          426.1282950513187,
          364.403503338217
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          430.6288570606302,
          360.4865383091019,
          434.6788566038802,
          364.5477899205762
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,379,441\u00a0",
        "box": [
          463.57729084477876,
          360.4865383091019,
          498.6456496398468,
          364.5477899205762
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate liabilities secured by loans receivable",
        "box": [
          111.71248677731285,
          369.9365372433531,
          276.35446221935507,
          373.9977888548274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.8788578218802,
          370.0171285651086,
          426.1282950513187,
          374.52850219634274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          430.6288570606302,
          369.9365372433531,
          432.6538568322552,
          373.9977888548274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,699,764)",
        "box": [
          460.87729114927873,
          369.9365372433531,
          499.3180127440192,
          373.9977888548274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net floating rate exposure - loan portfolio",
        "box": [
          111.71248677731285,
          379.38653617760065,
          247.11852639651917,
          383.44778778907494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          423.8788578218802,
          379.46712749935614,
          426.1282950513187,
          383.97850113059394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          430.6288570606302,
          380.0615361014752,
          432.6538568322552,
          384.12278771295314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,679,677\u00a0",
        "box": [
          463.57729084477876,
          380.0615361014752,
          498.6456496398468,
          384.12278771295314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating rate liabilities secured by real estate owned assets",
        "box": [
          111.71248677731285,
          389.5115350357264,
          301.10138502845194,
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "(467,510)",
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        "text": "Secured term loan",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "(500,000)",
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        "text": "Net floating rate exposure",
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        "text": "\u00a0",
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        "text": "$",
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        "text": "712,167",
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        "text": "\u00a0",
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      {
        "text": "(1)",
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      {
        "text": "As of March 31, 2026, amount includes $960.2 million of net floating rate exposure related to loans on non-",
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        "text": "accrual status.",
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        "text": "As of March 31, 2026 and aside from our interest rate cap on our debt related to real estate owned hotel portfolio, we do not ",
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      {
        "text": "employ interest rate derivatives (interest rate swaps, caps, collars or floors) to hedge our asset or liability portfolio, but we may do so ",
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        "text": "in the future.",
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        "text": "(1)",
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        "text": "(2)",
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      {
        "text": "\u00a0(1)",
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  {
    "page_no": 48,
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        "text": "\u00a0",
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      {
        "text": "48",
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      {
        "text": "Results of Operations - Three Months Ended March 31, 2026 and December 31, 2025",
        "box": [
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      {
        "text": "As previously disclosed, beginning with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and for ",
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      {
        "text": "all subsequent reporting periods, we have elected to present results of operations by comparing to the immediately preceding period, ",
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        "text": "as well as the same year to date period in the prior year. Given the dynamic nature of our business and the sensitivity to the real estate ",
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      {
        "text": "and capital markets, we believe providing analysis of results of operations by comparing to the immediately preceding period is more ",
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        "text": "meaningful to our stockholders in assessing the overall performance of our current business.",
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      {
        "text": "Operating Results",
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        "text": "The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, ",
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        "text": "2026, and December 31, 2025 ($ in thousands, except per share data): ",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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      {
        "text": "Three Months Ended",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
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      {
        "text": "March 31, 2026",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "December 31, 2025",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "$ Change",
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        "text": "\u00a0",
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        "text": "Revenue",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
        "box": [
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        "text": "\u00a0",
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        "text": "\u00a0\u00a0",
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        "text": "\u00a0",
        "box": [
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          226.70348104371806
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Interest and related income",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "$",
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      {
        "text": "58,999\u00a0 \u00a0",
        "box": [
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      {
        "text": "$",
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        "text": "74,427\u00a0 \u00a0",
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      {
        "text": "$",
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      {
        "text": "(15,428)",
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        "text": "Less: interest and related expense",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          319.06402589266503,
          246.42276541845422
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        "from_ocr": false,
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        "text": "50,894\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "text": "61,929\u00a0 \u00a0",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          496.18822466698975,
          246.42276541845422
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      {
        "text": "(11,035)",
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      {
        "text": "Net interest income",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "8,105\u00a0 \u00a0",
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          399.758160792159,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          407.626128654827,
          257.22276420045455
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      {
        "text": "12,498\u00a0 \u00a0",
        "box": [
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          488.3202568043218,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          253.16151258897662,
          496.18822466698975,
          257.22276420045455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(4,393)",
        "box": [
          522.6608779314624,
          253.16151258897662,
          546.9266011248279,
          257.22276420045455
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          63.11249225831271,
          263.2865114471024,
          167.4672193994174,
          267.3477630585767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          262.6921028449833,
          311.4204954878105,
          267.2034764762175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          262.6115115232278,
          319.06402589266503,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,414\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          262.6115115232278,
          399.758160792159,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          262.6115115232278,
          407.626128654827,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34,249\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          262.6115115232278,
          488.3202568043218,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          262.6115115232278,
          496.18822466698975,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(12,835)",
        "box": [
          518.6108783882124,
          262.6115115232278,
          546.9266011248279,
          266.6727631347021
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          67.60546050160569,
          272.7365103813536,
          124.27776912022809,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          272.8171017031091,
          311.4204954878105,
          277.32847533434324
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          272.7365103813536,
          319.06402589266503,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,519\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          272.7365103813536,
          399.758160792159,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          272.7365103813536,
          407.626128654827,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,747\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          272.7365103813536,
          488.3202568043218,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          272.7365103813536,
          496.18822466698975,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17,228)",
        "box": [
          518.6108783882124,
          272.7365103813536,
          546.9266011248279,
          276.7977619928279
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          63.11249225831271,
          282.86150923947935,
          95.06952071426976,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          282.94210056123484,
          311.4204954878105,
          287.453474192469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          282.86150923947935,
          392.2382363902395,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          395.06479857146604,
          282.86150923947935,
          399.758160792159,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
          282.86150923947935,
          480.8003391524015,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          282.86150923947935,
          488.3202568043218,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          282.86150923947935,
          543.5858755715876,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          282.86150923947935,
          548.4690815208704,
          286.92276085095364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - affiliate",
        "box": [
          63.11249225831271,
          292.9865080976015,
          152.39046267974064,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          293.0670994193606,
          311.4204954878105,
          297.57847305059477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          292.9865080976015,
          319.06402589266503,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,347\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          292.9865080976015,
          399.758160792159,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          292.9865080976015,
          407.626128654827,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,774\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          292.9865080976015,
          488.3202568043218,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          292.9865080976015,
          496.18822466698975,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(427)",
        "box": [
          528.7358772463375,
          292.9865080976015,
          546.9266011248279,
          297.0477597090794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          63.11249225831271,
          303.11150695572724,
          182.09309695994324,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          303.1920982774827,
          311.4204954878105,
          307.7034719087169
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          303.11150695572724,
          319.06402589266503,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,212\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          303.11150695572724,
          399.758160792159,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          303.11150695572724,
          407.626128654827,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,869\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          303.11150695572724,
          488.3202568043218,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          303.11150695572724,
          496.18822466698975,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,657)",
        "box": [
          522.6608779314624,
          303.11150695572724,
          546.9266011248279,
          307.1727585672015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-based compensation expense",
        "box": [
          63.11249225831271,
          313.236505813853,
          177.8295231207797,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          313.3170971356085,
          311.4204954878105,
          317.82847076684266
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          313.236505813853,
          319.06402589266503,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,317\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          313.236505813853,
          399.758160792159,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          313.236505813853,
          407.626128654827,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,242\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          313.236505813853,
          488.3202568043218,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          313.236505813853,
          496.18822466698975,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75\u00a0",
        "box": [
          535.4858764850876,
          313.236505813853,
          546.2542380206555,
          317.2977574253273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned:",
        "box": [
          63.11249225831271,
          323.36150467197876,
          124.28963561888983,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          322.7670960698597,
          311.4204954878105,
          327.27846970109385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          323.36150467197876,
          392.2382363902395,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          395.06479857146604,
          323.36150467197876,
          399.758160792159,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
          323.36150467197876,
          480.8003391524015,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          323.36150467197876,
          488.3202568043218,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          323.36150467197876,
          543.5858755715876,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          323.36150467197876,
          548.4690815208704,
          327.42275628345305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          67.60546050160569,
          333.4865035301045,
          131.25848279295866,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          332.89209492798545,
          311.4204954878105,
          337.4034685592196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          333.4865035301045,
          319.06402589266503,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,054\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          333.4865035301045,
          399.758160792159,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          333.4865035301045,
          407.626128654827,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,375\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          333.4865035301045,
          488.3202568043218,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          333.4865035301045,
          496.18822466698975,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,321)",
        "box": [
          522.6608779314624,
          333.4865035301045,
          546.9266011248279,
          337.5477551415788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          67.60546050160569,
          343.61150238822665,
          120.00628644195646,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          343.0170937861076,
          311.4204954878105,
          347.5284674173454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          343.61150238822665,
          319.06402589266503,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,176\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          343.61150238822665,
          399.758160792159,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          343.61150238822665,
          407.626128654827,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,026\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          343.61150238822665,
          488.3202568043218,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          343.61150238822665,
          496.18822466698975,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150\u00a0",
        "box": [
          531.4358769418376,
          343.61150238822665,
          546.2542380206555,
          347.6727539997046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          67.60546050160569,
          353.7365012463524,
          166.11458111196495,
          357.7977528578267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          353.14209264423334,
          311.4204954878105,
          357.6534662754675
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          353.06150132247785,
          319.06402589266503,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,399\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          353.06150132247785,
          399.758160792159,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          353.06150132247785,
          407.626128654827,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,731\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          353.06150132247785,
          488.3202568043218,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          353.06150132247785,
          496.18822466698975,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "668\u00a0",
        "box": [
          531.4358769418376,
          353.06150132247785,
          546.2542380206555,
          357.12275293395214
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          72.10897561870922,
          363.8615001044782,
          120.46771166491794,
          367.9227517159525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          363.2670915023591,
          311.4204954878105,
          367.7784651335933
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
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          319.06402589266503,
          367.2477517920779
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,505\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          363.1865001806036,
          399.758160792159,
          367.2477517920779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          363.1865001806036,
          407.626128654827,
          367.2477517920779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52,017\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          363.1865001806036,
          488.3202568043218,
          367.2477517920779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          363.1865001806036,
          496.18822466698975,
          367.2477517920779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,512)",
        "box": [
          522.6608779314624,
          363.1865001806036,
          546.9266011248279,
          367.2477517920779
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on partial sales of real estate owned, net",
        "box": [
          63.11249225831271,
          373.98649896260395,
          209.98826018398844,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          373.3920903604849,
          311.4204954878105,
          377.90346399171904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          373.98649896260395,
          319.06402589266503,
          378.04775057407824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          389.53823669473945,
          373.98649896260395,
          394.90659883930743,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          397.733161020534,
          373.98649896260395,
          399.758160792159,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          373.98649896260395,
          407.626128654827,
          378.04775057407824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,382) \u00a0",
        "box": [
          459.8753415122764,
          373.98649896260395,
          488.3202568043218,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          373.98649896260395,
          496.18822466698975,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,382\u00a0",
        "box": [
          525.3608776269625,
          373.98649896260395,
          546.2542380206555,
          378.04775057407824
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from equity method investment",
        "box": [
          63.11249225831271,
          384.1114978207297,
          182.34621869139676,
          388.172749432204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          383.51708921861064,
          311.4204954878105,
          388.0284628498448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          384.1114978207297,
          319.06402589266503,
          388.172749432204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38) \u00a0",
        "box": [
          381.43823760823943,
          384.1114978207297,
          399.758160792159,
          388.172749432204
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          384.1114978207297,
          407.626128654827,
          388.172749432204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31) \u00a0",
        "box": [
          470.00034037040143,
          384.1114978207297,
          488.3202568043218,
          388.172749432204
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          384.1114978207297,
          496.18822466698975,
          388.172749432204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(7)",
        "box": [
          536.8358763328375,
          384.1114978207297,
          546.9266011248279,
          388.172749432204
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          63.11249225831271,
          394.23649667885184,
          165.25237346920284,
          398.29774829032976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          393.64208807673276,
          311.4204954878105,
          398.15346170797056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          394.23649667885184,
          319.06402589266503,
          398.29774829032976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,898) \u00a0",
        "box": [
          371.3132387501144,
          394.23649667885184,
          399.758160792159,
          398.29774829032976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          394.23649667885184,
          407.626128654827,
          398.29774829032976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(847) \u00a0",
        "box": [
          465.9503408271514,
          394.23649667885184,
          488.3202568043218,
          398.29774829032976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          394.23649667885184,
          496.18822466698975,
          398.29774829032976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,051)",
        "box": [
          522.6608779314624,
          394.23649667885184,
          546.9266011248279,
          398.29774829032976
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for current expected credit loss reserve",
        "box": [
          63.11249225831271,
          404.3614955369776,
          221.90490837005527,
          408.4227471484519
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          403.7670869348585,
          311.4204954878105,
          408.2784605660927
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          404.3614955369776,
          319.06402589266503,
          408.4227471484519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,372) \u00a0",
        "box": [
          367.2632392068644,
          404.3614955369776,
          399.758160792159,
          408.4227471484519
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          404.3614955369776,
          407.626128654827,
          408.4227471484519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(211,681) \u00a0",
        "box": [
          451.7753424257764,
          404.3614955369776,
          488.3202568043218,
          408.4227471484519
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          404.3614955369776,
          496.18822466698975,
          408.4227471484519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "180,309\u00a0",
        "box": [
          517.2608785404625,
          404.3614955369776,
          546.2542380206555,
          408.4227471484519
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss",
        "box": [
          63.11249225831271,
          415.16149431897793,
          89.8844140290346,
          419.2227459304522
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          414.56708571685886,
          311.4204954878105,
          419.078459348093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          317.03902612104,
          414.48649439510336,
          321.08902566429003,
          418.54774600657765
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(54,294) \u00a0",
        "box": [
          367.2632392068644,
          414.48649439510336,
          399.758160792159,
          418.54774600657765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          405.601128883202,
          414.48649439510336,
          409.65112842645203,
          418.54774600657765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(219,211) \u00a0",
        "box": [
          451.7753424257764,
          414.48649439510336,
          488.3202568043218,
          418.54774600657765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          494.16322489536475,
          414.48649439510336,
          498.21322443861476,
          418.54774600657765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "164,917\u00a0",
        "box": [
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          414.48649439510336,
          546.2542380206555,
          418.54774600657765
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock:",
        "box": [
          63.11249225831271,
          425.96149310097826,
          187.7409468729913,
          430.02274471245255
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          425.3670844988592,
          311.4204954878105,
          429.87845813009335
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          425.96149310097826,
          392.2382363902395,
          430.02274471245255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          395.06479857146604,
          425.96149310097826,
          399.758160792159,
          430.02274471245255
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
          425.96149310097826,
          480.8003391524015,
          430.02274471245255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          425.96149310097826,
          488.3202568043218,
          430.02274471245255
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          425.96149310097826,
          543.5858755715876,
          430.02274471245255
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          425.96149310097826,
          548.4690815208704,
          430.02274471245255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and diluted",
        "box": [
          63.11249225831271,
          436.7614918829786,
          119.34974263600003,
          440.8227434944529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          436.1670832808595,
          311.4204954878105,
          440.6784569120937
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          317.03902612104,
          435.41149203522946,
          321.08902566429003,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.39) \u00a0",
        "box": [
          375.3632382933644,
          435.41149203522946,
          399.758160792159,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          405.601128883202,
          435.41149203522946,
          409.65112842645203,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1.56) \u00a0",
        "box": [
          463.9253410555264,
          435.41149203522946,
          488.3202568043218,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          494.16322489536475,
          435.41149203522946,
          498.21322443861476,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.17\u00a0",
        "box": [
          529.4108771702125,
          435.41149203522946,
          546.2542380206555,
          439.47274364670375
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comparison of the three months ended March 31, 2026 and December 31, 2025",
        "box": [
          63.11249225831271,
          457.7670808448602,
          358.04763396243015,
          462.27845447609434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Revenue",
        "box": [
          63.11249225831271,
          473.2920790939861,
          108.32526209703182,
          477.80345272522027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue decreased $17.2 million during the three months ended March 31, 2026, compared to the three months ended ",
        "box": [
          85.15545852235574,
          489.49207726698296,
          551.3618746777526,
          494.00345089822076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025. The decrease is primarily due to a decrease in revenue from real estate owned of $12.8 million attributable to a ",
        "box": [
          63.11249225831271,
          499.6170761251087,
          551.3618746777526,
          504.1284497563429
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decrease in revenue at the hotel portfolio compared to the three months ended December 31, 2025, due to expected seasonally lower ",
        "box": [
          63.11249225831271,
          509.7420749832345,
          551.3618746777526,
          514.2534486144687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "overall  occupancy,  average  daily  rate  ('ADR')  and  revenue  per  available  room  ('RevPAR')  levels,  as  well  as  a  decrease  in  net ",
        "box": [
          63.11249225831271,
          520.5420737652348,
          551.3618746777526,
          525.053447396469
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income of $4.4 million, which was driven by a decrease in interest income of $15.4 million as a result of decreased average ",
        "box": [
          63.11249225831271,
          530.6670726233606,
          551.3618746777526,
          535.1784462545947
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans receivable balances and additional loans on non-accrual status, partially offset by a decrease in interest expense of $11.0 million ",
        "box": [
          63.11249225831271,
          540.7920714814863,
          551.3618746777526,
          545.3034451127205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a result of lower average borrowing levels during the three months ended March 31, 2026 compared to the three months ended ",
        "box": [
          63.11249225831271,
          550.9170703396085,
          551.3618746777526,
          555.4284439708426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025 as a result of loan realizations during the quarter in addition to incremental deleveraging.",
        "box": [
          63.11249225831271,
          561.7170691216088,
          455.87599873893816,
          566.228442752843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses ",
        "box": [
          63.11249225831271,
          582.6420667617349,
          98.84825383623759,
          587.1534403929691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  are  primarily  comprised  of  base  management  fees  payable  to  our  Manager,  general  and  administrative  expenses, ",
        "box": [
          85.15545852235574,
          598.1670650108608,
          551.3618746777526,
          602.678438642095
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock-based  compensation  expense,  operating  expenses  from  real  estate  owned,  interest  expense  from  real  estate  owned,  and ",
        "box": [
          63.11249225831271,
          608.9670637928612,
          551.3618746777526,
          613.4784374240953
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization on real estate owned and related in-place and other lease intangible values. Operating expenses from ",
        "box": [
          63.11249225831271,
          619.0920626509869,
          551.3618746777526,
          623.6034362822211
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real  estate  owned  primarily  include  real  estate  taxes,  utilities,  repairs  and  maintenance,  personnel  costs  of  third-party  property ",
        "box": [
          63.11249225831271,
          629.217061509109,
          551.3618746777526,
          633.7284351403432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "managers, property management fees incurred to third-parties, insurance, marketing, and general and administrative expenses specific ",
        "box": [
          63.11249225831271,
          640.0170602911094,
          551.3618746777526,
          644.5284339223435
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our real estate ",
        "box": [
          63.11249225831271,
          650.1420591492351,
          125.07832900306772,
          654.6534327804693
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 49,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "49",
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      {
        "text": "owned properties.  Expenses  decreased  by  $5.5  million  during  the  three  months  ended  March  31,  2026,  as  compared  to  the  three ",
        "box": [
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      {
        "text": "months ended December 31, 2025, primarily due to:",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "(i)",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  decrease  in  operating  expenses  from  real  estate  owned  of  $3.3  million  during  the  comparative  period,  due  to  lower ",
        "box": [
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      {
        "text": "variable operating expenses in connection with lower occupancy levels at the hotel portfolio due to seasonality;",
        "box": [
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      {
        "text": "(ii)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  decrease  in  general  and  administrative  expenses  of  $2.7  million  primarily  as  a  result  of  a  decrease  in  certain  non-",
        "box": [
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      {
        "text": "recurring  charges  incurred  over  the  comparative  period  generally  related  to  legal  and  professional  fees  incurred  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "connection with the modification of our prior secured term loan in November 2025;",
        "box": [
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      {
        "text": "(iii)",
        "box": [
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          98.60547166296499,
          176.07855668908815
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a  decrease  in  management  fees  of  $0.4  million  as  a  result  of  lower  stockholders'  equity  compared  to  the  comparative ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "period;",
        "box": [
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          186.2035555472139
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv)",
        "box": [
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          196.32855440533967
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by an increase in depreciation and amortization from real estate owned of $0.7 million due to depreciation ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and amortization expense recognized relating to the multifamily property we foreclosed on during the three months ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Loss on Partial Sales of Real Estate Owned, Net",
        "box": [
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          238.17854968558822
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the  three  months  ended  December  31,  2025,  we  sold  the  remaining  office  floors  and  the  signage  component  of  our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mixed-use real estate owned asset to unaffiliated purchasers, which resulted in a loss on partial sale of $1.3 million. During the three ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2026, there were no partial sales of our real estate owned assets.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Loss from Equity Method Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and December 31, 2025, we recognized de minimis losses from our equity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "method investment as a result of the net losses recognized by our investee during each respective period.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Loss on Extinguishment of Debt",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and December 31, 2025, we recognized losses on extinguishment of debt of $5.9 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and $0.8 million, respectively, relating to the accelerated recognition of unamortized deferred financing costs resulting from ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the repayment of financing balances prior to maturity. The loss on extinguishment of debt incurred during the three months ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 was in connection with the refinancing of our prior secured term loan; the loss on extinguishment of debt incurred ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "during the three months ended December 31, 2025 was in connection with a $150.0 million partial repayment of our prior secured ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term loan as part of a modification to its terms.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for Current Expected Credit Loss Reserve",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a provision for current expected credit losses of $31.4 million, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which consisted of a $32.4 million increase in our specific CECL reserves prior to principal and exit fee charge-offs and a $26.6 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase in CECL reserves on accrued interest receivable prior to charge-offs, offset in part by a $27.6 million decrease in our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general CECL reserves. The increase in our specific CECL reserves was primarily attributable to protective advances made on certain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans and a specific reserve determined on a loan sold which was not previously classified as held-for-sale, offset in part by principal ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs  recognized.  The  increase  in  our  CECL  reserves  on  accrued  interest  receivable  is  attributable  to  reserving  against ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding interest due to us upon a loan being placed on non-accrual status during the three months ended March 31, 2026, offset in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "part  by  a  reduction  in  reserves  upon  the  receipt  of  past  due  interest  and  charge-offs  recognized  in  connection  with  the  sale  of  a ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "delinquent loan. The decrease in our general CECL reserves was primarily attributable to seasoning of our loan portfolio, a reduction ",
        "box": [
          63.11249225831271,
          525.9421430922303,
          551.3618746777526,
          530.4535167234644
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the size of our loan portfolio subject to determination of the general CECL reserve, and changes in the historical loss rate of the ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "analogous data set, offset in part by changes in risk ratings and expected remaining duration within our loan portfolio. During the three ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended December 31, 2025, we recorded a provision for current expected credit losses of $211.7 million, which consisted of a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$282.9 million increase in our specific CECL reserve prior to principal charge-offs, offset in part by a $62.1 million decrease in our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general  CECL  reserve  and  a  $9.1  million  decrease  in  CECL  reserves  on  accrued  interest  receivable.  The  increase  of  our  specific ",
        "box": [
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          581.7535109379642
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL reserves was primarily attributable to specific reserves determined on loans now classified as risk rated 5, changes to collateral ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "values, and protective advances made, offset in part by principal charge-offs recognized. The decrease in our general CECL reserve ",
        "box": [
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          551.3618746777526,
          602.6785085780903
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "was  primarily  attributable  to  a  reduction  in  the  size  of  our  loan  portfolio  subject  to  determination  of  the  general  CECL  reserve, ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by changes in expected remaining duration within our loan portfolio. The decrease in our CECL reserves on accrued ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest receivable was attributable to interest receipts on outstanding amounts owed that were previously reserved against.",
        "box": [
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  {
    "page_no": 50,
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      {
        "text": "\u00a0",
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        "text": "50",
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      {
        "text": "Results of Operations - Three Months Ended March 31, 2026 and March 31, 2025",
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      {
        "text": "The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, ",
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      {
        "text": "2026 and 2025 ($ in thousands, except per share data): ",
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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          142.62008997812518
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        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
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      {
        "text": "Three Months Ended",
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          482.6460386942475,
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          484.44491345762447,
          141.9450900542506
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          486.2952570326968,
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          488.09413179607367,
          142.62008997812518
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
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          495.9620996587417,
          142.62008997812518
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
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          546.0281130124074,
          142.62008997812518
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
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      {
        "text": "March 31, 2026",
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      {
        "text": "\u00a0",
        "box": [
          394.0839426820848,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          400.44370421484496,
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      {
        "text": "March 31, 2025",
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      {
        "text": "\u00a0",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          486.2952570326968,
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          488.09413179607367,
          151.3950889885018
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ Change",
        "box": [
          504.37259874397415,
          147.1123439507901,
          533.3583239029589,
          150.72008906462725
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          147.1123439507901,
          547.2410001256208,
          150.72008906462725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue",
        "box": [
          63.11249225831271,
          156.63846483476664,
          92.80721607940745,
          160.69971644624457
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          156.71905615652577,
          311.4204954878105,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          156.71905615652577,
          319.2884633504785,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          392.88159906768243,
          156.71905615652577,
          395.1310362971209,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          397.733161020534,
          156.71905615652577,
          399.98259824997245,
          161.23042978775993
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.5433081569444,
          156.71905615652577,
          480.7927453863829,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.394870109796,
          156.71905615652577,
          488.54469426213524,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          156.71905615652577,
          496.4126621248032,
          161.23042978775993
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          544.2292382490306,
          156.71905615652577,
          546.478675478469,
          161.23042978775993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest and related income",
        "box": [
          63.11249225831271,
          166.7634636928924,
          151.045735661396,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          166.84405501465153,
          311.4204954878105,
          171.3554286458857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          317.03902612104,
          166.7634636928924,
          321.08902566429003,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58,999\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          166.7634636928924,
          399.758160792159,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          405.601128883202,
          166.7634636928924,
          409.65112842645203,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "118,038\u00a0 \u00a0",
        "box": [
          454.47534212127636,
          166.7634636928924,
          488.3202568043218,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          494.16322489536475,
          166.7634636928924,
          498.21322443861476,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(59,039)",
        "box": [
          518.6108783882124,
          166.7634636928924,
          546.9266011248279,
          170.82471530437033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: interest and related expense",
        "box": [
          63.11249225831271,
          176.88846255101816,
          171.96809810181824,
          180.94971416249246
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          176.2940539488991,
          311.4204954878105,
          180.80542758013326
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          176.88846255101816,
          319.06402589266503,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,894\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          176.88846255101816,
          399.758160792159,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          176.88846255101816,
          407.626128654827,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89,227\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          176.88846255101816,
          488.3202568043218,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          176.88846255101816,
          496.18822466698975,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38,333)",
        "box": [
          518.6108783882124,
          176.88846255101816,
          546.9266011248279,
          180.94971416249246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          67.60546050160569,
          187.01346140914393,
          131.03304199838337,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          186.41905280702485,
          311.4204954878105,
          190.93042643825902
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          187.01346140914393,
          319.06402589266503,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,105\u00a0",
        "box": [
          374.01323844561443,
          187.01346140914393,
          394.90659883930743,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          402.932766434134,
          187.01346140914393,
          407.626128654827,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28,811\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          187.01346140914393,
          488.3202568043218,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          187.01346140914393,
          496.18822466698975,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20,706)",
        "box": [
          518.6108783882124,
          187.01346140914393,
          546.9266011248279,
          191.07471302061822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Revenue from real estate owned",
        "box": [
          63.11249225831271,
          197.1384602672697,
          167.4672193994174,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          196.54405166515062,
          311.4204954878105,
          201.05542529638478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          197.1384602672697,
          319.06402589266503,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,414\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          197.1384602672697,
          399.758160792159,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          197.1384602672697,
          407.626128654827,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,564\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          197.1384602672697,
          488.3202568043218,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          197.1384602672697,
          496.18822466698975,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,850\u00a0",
        "box": [
          525.3608776269625,
          197.1384602672697,
          546.2542380206555,
          201.19971187874398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue",
        "box": [
          67.60546050160569,
          207.26345912539182,
          124.27776912022809,
          211.32471073686975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          206.66905052327638,
          311.4204954878105,
          211.18042415451055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          206.58845920151725,
          319.06402589266503,
          210.64971081299518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29,519\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          206.58845920151725,
          399.758160792159,
          211.32471073686975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          206.58845920151725,
          407.626128654827,
          210.64971081299518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43,375\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          206.58845920151725,
          488.3202568043218,
          211.32471073686975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          206.58845920151725,
          496.18822466698975,
          210.64971081299518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13,856)",
        "box": [
          518.6108783882124,
          206.58845920151725,
          546.9266011248279,
          210.64971081299518
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          63.11249225831271,
          217.38845798351758,
          95.06952071426976,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          216.7940493813985,
          311.4204954878105,
          221.30542301263267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          217.38845798351758,
          392.2382363902395,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          395.06479857146604,
          217.38845798351758,
          399.758160792159,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
          217.38845798351758,
          480.8003391524015,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          217.38845798351758,
          488.3202568043218,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          217.38845798351758,
          543.5858755715876,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          217.38845798351758,
          548.4690815208704,
          221.4497095949955
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - affiliate",
        "box": [
          63.11249225831271,
          227.51345684164335,
          152.39046267974064,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          226.91904823952427,
          311.4204954878105,
          231.43042187075844
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          227.51345684164335,
          319.06402589266503,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,347\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          227.51345684164335,
          399.758160792159,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          227.51345684164335,
          407.626128654827,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,397\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          227.51345684164335,
          488.3202568043218,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          227.51345684164335,
          496.18822466698975,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,050)",
        "box": [
          522.6608779314624,
          227.51345684164335,
          546.9266011248279,
          231.57470845311764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General and administrative expenses",
        "box": [
          63.11249225831271,
          237.6384556997691,
          182.09309695994324,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          237.04404709765004,
          311.4204954878105,
          241.5554207288842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          237.6384556997691,
          319.06402589266503,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,212\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          237.6384556997691,
          399.758160792159,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          237.6384556997691,
          407.626128654827,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,270\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          237.6384556997691,
          488.3202568043218,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          237.6384556997691,
          496.18822466698975,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,058)",
        "box": [
          522.6608779314624,
          237.6384556997691,
          546.9266011248279,
          241.6997073112434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stock-based compensation expense",
        "box": [
          63.11249225831271,
          247.76345455789487,
          177.8295231207797,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          247.1690459557758,
          311.4204954878105,
          251.68041958700996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          247.76345455789487,
          319.06402589266503,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,317\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          247.76345455789487,
          399.758160792159,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          247.76345455789487,
          407.626128654827,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,074\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          247.76345455789487,
          488.3202568043218,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          247.76345455789487,
          496.18822466698975,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,757)",
        "box": [
          522.6608779314624,
          247.76345455789487,
          546.9266011248279,
          251.82470616936916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate owned:",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
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          311.4204954878105,
          261.80541844513573
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          257.888453416017,
          392.2382363902395,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
          395.06479857146604,
          257.888453416017,
          399.758160792159,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
          257.888453416017,
          480.8003391524015,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          257.888453416017,
          488.3202568043218,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          257.888453416017,
          543.5858755715876,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          257.888453416017,
          548.4690815208704,
          261.94970502749493
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expenses",
        "box": [
          67.60546050160569,
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          131.25848279295866,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          267.4190436720237,
          311.4204954878105,
          271.93041730325785
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          268.01345227414276,
          319.06402589266503,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18,054\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          268.01345227414276,
          399.758160792159,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          268.01345227414276,
          407.626128654827,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12,915\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          268.01345227414276,
          488.3202568043218,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          268.01345227414276,
          496.18822466698975,
          272.0747038856207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,139\u00a0",
        "box": [
          525.3608776269625,
          268.01345227414276,
          546.2542380206555,
          272.0747038856207
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          67.60546050160569,
          278.13845113226853,
          120.00628644195646,
          282.1997027437428
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          277.54404253014945,
          311.4204954878105,
          282.0554161613836
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          278.13845113226853,
          319.06402589266503,
          282.1997027437428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,176\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          278.13845113226853,
          399.758160792159,
          282.1997027437428
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          278.13845113226853,
          407.626128654827,
          282.1997027437428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,554\u00a0 \u00a0",
        "box": [
          462.5753412077764,
          278.13845113226853,
          488.3202568043218,
          282.1997027437428
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          278.13845113226853,
          496.18822466698975,
          282.1997027437428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,622\u00a0",
        "box": [
          525.3608776269625,
          278.13845113226853,
          546.2542380206555,
          282.1997027437428
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          67.60546050160569,
          287.5884500665197,
          166.11458111196495,
          291.649701677994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          287.6690413882752,
          311.4204954878105,
          292.1804150195094
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          287.5884500665197,
          319.06402589266503,
          291.649701677994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,399\u00a0 \u00a0",
        "box": [
          374.01323844561443,
          287.5884500665197,
          399.758160792159,
          291.649701677994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          287.5884500665197,
          407.626128654827,
          291.649701677994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "438\u00a0 \u00a0",
        "box": [
          468.6503405226514,
          287.5884500665197,
          488.3202568043218,
          291.649701677994
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          287.5884500665197,
          496.18822466698975,
          291.649701677994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,961\u00a0",
        "box": [
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          546.2542380206555,
          291.649701677994
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        "from_ocr": false,
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      {
        "text": "Total expenses",
        "box": [
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          120.46771166491794,
          301.7747005361198
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          297.794040246401,
          311.4204954878105,
          302.30541387763515
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          297.7134489246455,
          319.06402589266503,
          301.7747005361198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,505\u00a0 \u00a0",
        "box": [
          369.9632389023644,
          297.7134489246455,
          399.758160792159,
          301.7747005361198
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          297.7134489246455,
          407.626128654827,
          301.7747005361198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37,648\u00a0 \u00a0",
        "box": [
          458.52534166452637,
          297.7134489246455,
          488.3202568043218,
          301.7747005361198
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          297.7134489246455,
          496.18822466698975,
          301.7747005361198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,857\u00a0",
        "box": [
          525.3608776269625,
          297.7134489246455,
          546.2542380206555,
          301.7747005361198
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from equity method investment",
        "box": [
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          307.8384477827676,
          182.34621869139676,
          311.89969939424554
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          307.91903910452675,
          311.4204954878105,
          312.4304127357609
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          307.8384477827676,
          319.06402589266503,
          311.89969939424554
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(38) \u00a0",
        "box": [
          381.43823760823943,
          307.8384477827676,
          399.758160792159,
          311.89969939424554
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
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          407.626128654827,
          311.89969939424554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(37) \u00a0",
        "box": [
          470.00034037040143,
          307.8384477827676,
          488.3202568043218,
          311.89969939424554
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          307.8384477827676,
          496.18822466698975,
          311.89969939424554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
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          536.8358763328375,
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          546.9266011248279,
          311.89969939424554
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on extinguishment of debt",
        "box": [
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          317.9634466408934,
          165.25237346920284,
          322.02469825236767
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          318.0440379626489,
          311.4204954878105,
          322.55541159388304
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          317.9634466408934,
          319.06402589266503,
          322.02469825236767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,898) \u00a0",
        "box": [
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          399.758160792159,
          322.02469825236767
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          317.9634466408934,
          407.626128654827,
          322.02469825236767
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(547) \u00a0",
        "box": [
          465.9503408271514,
          317.9634466408934,
          488.3202568043218,
          322.02469825236767
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          317.9634466408934,
          496.18822466698975,
          322.02469825236767
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      {
        "text": "(5,351)",
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          546.9266011248279,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on real estate owned held-for-sale",
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          190.18914081688933,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
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          311.4204954878105,
          332.6804104520088
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          317.03902612104,
          328.08844549901914,
          319.06402589266503,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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          394.90659883930743,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          397.733161020534,
          328.08844549901914,
          399.758160792159,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
          328.08844549901914,
          407.626128654827,
          332.14969711049343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(49) \u00a0",
        "box": [
          470.00034037040143,
          328.08844549901914,
          488.3202568043218,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          494.16322489536475,
          328.08844549901914,
          496.18822466698975,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49\u00a0",
        "box": [
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          328.08844549901914,
          546.2542380206555,
          332.14969711049343
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision for current expected credit loss reserve",
        "box": [
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          338.2134443571449,
          221.90490837005527,
          342.2746959686192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
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          311.4204954878105,
          342.13040938626
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          319.06402589266503,
          342.2746959686192
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(31,372) \u00a0",
        "box": [
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          342.2746959686192
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          405.601128883202,
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          407.626128654827,
          342.2746959686192
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(41,123) \u00a0",
        "box": [
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          488.3202568043218,
          342.2746959686192
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          496.18822466698975,
          342.2746959686192
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        "from_ocr": false,
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      {
        "text": "9,751\u00a0",
        "box": [
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          546.2542380206555,
          342.2746959686192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation adjustment for loan receivable held-for-sale",
        "box": [
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          238.76540395856588,
          352.39969482674496
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          311.4204954878105,
          352.25540824438576
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          319.06402589266503,
          352.39969482674496
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        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          407.626128654827,
          352.39969482674496
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        "from_ocr": false,
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      {
        "text": "(42,594) \u00a0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          496.18822466698975,
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        "from_ocr": false,
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      {
        "text": "42,594\u00a0",
        "box": [
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          546.2542380206555,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net loss",
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          363.1996936087453
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          363.0554070263861
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          317.03902612104,
          357.78844214951823,
          321.08902566429003,
          361.8496937609925
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(54,294) \u00a0",
        "box": [
          367.2632392068644,
          357.78844214951823,
          399.758160792159,
          363.1996936087453
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          405.601128883202,
          357.78844214951823,
          409.65112842645203,
          361.8496937609925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(78,623) \u00a0",
        "box": [
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          357.78844214951823,
          488.3202568043218,
          363.1996936087453
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          498.21322443861476,
          361.8496937609925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24,329\u00a0",
        "box": [
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          357.78844214951823,
          546.2542380206555,
          361.8496937609925
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss per share of common stock:",
        "box": [
          63.11249225831271,
          369.9384407792677,
          187.7409468729913,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          311.4204954878105,
          373.8554058083864
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          390.2132366186145,
          369.9384407792677,
          392.2382363902395,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
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          399.758160792159,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          478.7753393807765,
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          480.8003391524015,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0\u00a0",
        "box": [
          483.62690133362804,
          369.9384407792677,
          488.3202568043218,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          541.5608757999626,
          369.9384407792677,
          543.5858755715876,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          546.4440817492454,
          369.9384407792677,
          548.4690815208704,
          373.9996923907456
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Basic and diluted",
        "box": [
          63.11249225831271,
          380.06343963739346,
          119.34974263600003,
          384.12469124886775
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          309.17105825837206,
          380.14403095914895,
          311.4204954878105,
          384.6554045903831
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          317.03902612104,
          379.3884397135189,
          321.08902566429003,
          383.4496913249932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.39) \u00a0",
        "box": [
          375.3632382933644,
          379.3884397135189,
          399.758160792159,
          384.12469124886775
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          405.601128883202,
          379.3884397135189,
          409.65112842645203,
          383.4496913249932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.56) \u00a0",
        "box": [
          463.9253410555264,
          379.3884397135189,
          488.3202568043218,
          384.12469124886775
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          494.16322489536475,
          379.3884397135189,
          498.21322443861476,
          383.4496913249932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.17\u00a0",
        "box": [
          529.4108771702125,
          379.3884397135189,
          546.2542380206555,
          383.4496913249932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comparison of the three months ended March 31, 2026 and March 31, 2025",
        "box": [
          63.11249225831271,
          406.4690279902752,
          345.57465792660474,
          410.9804016215094
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Revenue",
        "box": [
          63.11249225831271,
          422.6690261632757,
          108.32526209703182,
          427.18039979450987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total net revenue decreased $13.9 million during the three months ended March 31, 2026, compared to the three months ended ",
        "box": [
          85.15545852235574,
          438.19402441240163,
          551.3618746777526,
          442.7053980436358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2025. The decrease is primarily due to a decrease in net interest income of $20.7 million, which was driven by a decrease in ",
        "box": [
          63.11249225831271,
          448.3190232705274,
          551.3618746777526,
          452.83039690176156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest income of $59.0 million as a result of a reduction in the size of our loan portfolio and an increase in the portion of loans on ",
        "box": [
          63.11249225831271,
          459.1190220525241,
          551.3618746777526,
          463.63039568375825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-accrual status during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, partially ",
        "box": [
          63.11249225831271,
          469.24402091064985,
          551.3618746777526,
          473.755394541884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset by a decrease in interest expense of $38.3 million primarily as a result of lower average borrowing levels. The decrease in total ",
        "box": [
          63.11249225831271,
          479.3690197687756,
          551.3618746777526,
          483.8803934000098
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net revenue was partially offset by an increase in revenue from real estate owned of $6.9 million attributable to revenue recognized ",
        "box": [
          63.11249225831271,
          490.16901855077595,
          551.3618746777526,
          494.6803921820101
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from the multifamily properties we foreclosed on in 2025 and January 2026 and attributable to higher overall average occupancy, ",
        "box": [
          63.11249225831271,
          500.2940174089017,
          551.3618746777526,
          504.8053910401359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RevPAR, and ADR levels at our hotel portfolio compared to the three months ended March 31, 2025, offset in part by a reduction in ",
        "box": [
          63.11249225831271,
          510.4190162670275,
          551.3618746777526,
          514.9303898982616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "revenue from our mixed-use real estate owned asset as a result of partial asset sales during 2025.",
        "box": [
          63.11249225831271,
          521.2190150490242,
          410.6588731909257,
          525.730388680262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses ",
        "box": [
          63.11249225831271,
          542.1440126891503,
          98.84825383623759,
          546.6553863203844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses  are  primarily  comprised  of  base  management  fees  payable  to  our  Manager,  general  and  administrative  expenses, ",
        "box": [
          85.15545852235574,
          557.6690109382762,
          551.3618746777526,
          562.1803845695104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock-based  compensation  expense,  operating  expenses  from  real  estate  owned,  interest  expense  from  real  estate  owned,  and ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          572.9803833515107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization on real estate owned and related in-place and other lease intangible values. Operating expenses from ",
        "box": [
          63.11249225831271,
          578.5940085784023,
          551.3618746777526,
          583.1053822096364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real  estate  owned  primarily  include  real  estate  taxes,  utilities,  repairs  and  maintenance,  personnel  costs  of  third-party  property ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          593.2303810677622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "managers, property management fees incurred to third-parties, insurance, marketing, and general and administrative expenses specific ",
        "box": [
          63.11249225831271,
          598.8440062946502,
          551.3618746777526,
          603.3553799258843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to our real estate owned properties. Expenses increased by $8.9 million during the three months ended March 31, 2026, as compared ",
        "box": [
          63.11249225831271,
          609.6440050766505,
          551.3618746777526,
          614.1553787078847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to the three months ended March 31, 2025, primarily due to:",
        "box": [
          63.11249225831271,
          619.7690039347763,
          280.50799840267473,
          624.2803775660104
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          629.894002792902,
          65.36192948775115,
          634.4053764241362
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 51,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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          65.36192948775115,
          61.330392382267746
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51",
        "box": [
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          691.318947193533,
          310.6066975402138,
          695.8303208247671
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(i)",
        "box": [
          85.11327102711356,
          83.1440157821562,
          93.60575910682151,
          87.65538941339037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an increase in operating expenses from real estate owned of $5.1 million during the comparative period, due to operating ",
        "box": [
          107.15623729115659,
          83.1440157821562,
          551.3618746777526,
          87.65538941339037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expenses such as real estate taxes, utilities, and repairs and maintenance expenses incurred from the multifamily properties ",
        "box": [
          107.15623729115659,
          93.26901464028197,
          551.3618746777526,
          97.78038827151613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we foreclosed on in 2025 and January 2026;",
        "box": [
          107.15623729115659,
          103.39401349840773,
          266.3256976496233,
          107.9053871296419
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(ii)",
        "box": [
          85.11327102711356,
          114.19401228040806,
          96.10561538489326,
          118.70538591164222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an increase in interest expense on real estate owned of $2.6 million during the comparative period, due to interest expense ",
        "box": [
          107.15623729115659,
          114.19401228040806,
          551.3618746777526,
          118.70538591164222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "recognized on debt related to the multifamily properties we foreclosed on in 2025 and January 2026;",
        "box": [
          107.15623729115659,
          124.31901113853382,
          469.20533061180697,
          128.830384769768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iii)",
        "box": [
          85.11327102711356,
          134.44400999665595,
          98.60547166296499,
          138.95538362789011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "an  increase  in  depreciation  and  amortization  from  real  estate  owned  of  $6.0  million  primarily  due  to  depreciation  and ",
        "box": [
          107.15623729115659,
          134.44400999665595,
          551.3618746777526,
          138.95538362789011
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization  expense  recognized  on  the  multifamily  properties  we  foreclosed  on  in  2025  and  January  2026  and ",
        "box": [
          107.15623729115659,
          145.24400877865992,
          551.3618746777526,
          149.75538240989408
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation expense not being recognized on the hotel portfolio during the three months ended March 31, 2025 while the ",
        "box": [
          107.15623729115659,
          155.36900763678568,
          551.3618746777526,
          159.88038126801985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hotel portfolio was classified as held-for sale;",
        "box": [
          107.15623729115659,
          165.49400649490417,
          271.06616703500356,
          170.00538012613833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(iv)",
        "box": [
          85.11327102711356,
          176.2940052769045,
          98.10462907694891,
          180.80537890813866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "partially offset by a decrease in stock-based compensation of $2.8 million due to the vesting period of previously issued ",
        "box": [
          107.15623729115659,
          176.2940052769045,
          551.3618746777526,
          180.80537890813866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted stock units ending on July 1, 2025 and the remaining unvested restricted stock unit grants having a grant date ",
        "box": [
          107.15623729115659,
          186.41900413503026,
          551.3618746777526,
          190.93037776626443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value less than that of the grant which vested;",
        "box": [
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          196.54400299315603,
          286.30257844917486,
          201.0553766243902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(v)",
        "box": [
          85.11327102711356,
          207.34400177515636,
          95.60477279887716,
          211.85537540639052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further offset by a decrease in general and administrative expenses of $1.1 million primarily as a result of a decrease in ",
        "box": [
          107.15623729115659,
          207.34400177515636,
          551.3618746777526,
          211.85537540639052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recurring costs incurred over the comparative period, generally related to legal and professional fees related to loan ",
        "box": [
          107.15623729115659,
          217.46900063328212,
          551.3618746777526,
          221.98037426451629
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "enforcement and financing related matters;",
        "box": [
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          227.59399949140789,
          261.5456564612057,
          232.10537312264205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(vi)",
        "box": [
          85.11327102711356,
          237.71899834953365,
          98.10462907694891,
          242.2303719807678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "further offset by a decrease in management fees of $1.1 million as a result of lower stockholders' equity compared to the ",
        "box": [
          107.15623729115659,
          237.71899834953365,
          551.3618746777526,
          242.2303719807678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparative period;",
        "box": [
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          179.35782415266772,
          253.03037076276814
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss from Equity Method Investment",
        "box": [
          63.11249225831271,
          269.4439947716601,
          195.56113880279378,
          273.95536840289424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and 2025, we recognized de minimis losses from our equity method investment ",
        "box": [
          85.15545852235574,
          284.96899302078236,
          551.3618746777526,
          289.4803666520165
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a result of the net losses recognized by our investee during each respective period.",
        "box": [
          63.11249225831271,
          295.7689918027827,
          368.6753116257389,
          300.28036543401686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on Extinguishment of Debt",
        "box": [
          63.11249225831271,
          316.6939894429088,
          178.0796852693134,
          321.20536307414295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026 and 2025, we recognized losses on extinguishment of debt of $5.9 million and ",
        "box": [
          85.15545852235574,
          332.2189876920311,
          551.3618746777526,
          336.73036132326524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.6 million, respectively, due to the recognition of unamortized deferred financing costs resulting from the repayment of financing ",
        "box": [
          63.11249225831271,
          343.0189864740314,
          551.3618746777526,
          347.5303601052656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balances prior to maturity.",
        "box": [
          63.11249225831271,
          353.1439853321572,
          158.0588255536003,
          357.65535896339134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on Real Estate Owned, Held-for-Sale",
        "box": [
          63.11249225831271,
          374.06898297228327,
          216.05644888234696,
          378.58035660351743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, we recognized an additional $49,000 of loss on real estate owned held-for-sale ",
        "box": [
          85.15545852235574,
          390.2689811452801,
          551.3618746777526,
          394.7803547765143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as a result of capital expenditures incurred at our hotel portfolio which was classified as held-for-sale at that time.",
        "box": [
          63.11249225831271,
          400.3939800034059,
          472.11847296964794,
          404.90535363464005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Provision for Current Expected Credit Loss Reserve",
        "box": [
          63.11249225831271,
          421.318977643532,
          253.79481118629784,
          425.83035127476614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we recorded a provision for current expected credit losses of $31.4 million, ",
        "box": [
          85.15545852235574,
          442.91897520753264,
          551.3618746777526,
          447.4303488387668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which consisted of a $32.4 million increase in our specific CECL reserves prior to principal and exit fee charge-offs and a $26.6 ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          457.55534769689257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase in CECL reserves on accrued interest receivable prior to charge-offs, offset in part by a $27.6 million decrease in our ",
        "box": [
          63.11249225831271,
          463.16897292378417,
          551.3618746777526,
          467.68034655501833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "general CECL reserves. The increase in our specific CECL reserves was primarily attributable to protective advances made on certain ",
        "box": [
          63.11249225831271,
          473.29397178190993,
          551.3618746777526,
          477.8053454131441
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans and a specific reserve determined on a loan sold which was not previously classified as held-for-sale, offset in part by principal ",
        "box": [
          63.11249225831271,
          484.09397056391026,
          551.3618746777526,
          488.6053441951444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "charge-offs  recognized.  The  increase  in  our  CECL  reserves  on  accrued  interest  receivable  is  attributable  to  reserving  against ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          498.7303430532702
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding interest due to us upon a loan being placed on non-accrual status during the three months ended March 31, 2026, offset in ",
        "box": [
          63.11249225831271,
          504.3439682801618,
          551.3618746777526,
          508.85534191139595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "part  by  a  reduction  in  reserves  upon  the  receipt  of  past  due  interest  and  charge-offs  recognized  in  connection  with  the  sale  of  a ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          519.655340693389
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "delinquent loan. The decrease in our general CECL reserves was primarily attributable to seasoning of our loan portfolio, a reduction ",
        "box": [
          63.11249225831271,
          525.2689659202806,
          551.3618746777526,
          529.7803395515148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in the size of our loan portfolio subject to determination of the general CECL reserve, and changes in the historical loss rate of the ",
        "box": [
          63.11249225831271,
          535.3939647784064,
          551.3618746777526,
          539.9053384096405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "analogous data set, offset in part by changes in risk ratings and expected remaining duration within our loan portfolio. During the three ",
        "box": [
          63.11249225831271,
          546.1939635604067,
          551.3618746777526,
          550.7053371916409
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "months ended March 31, 2025, we recorded a provision for current expected credit losses of $41.1 million, which consisted of a $41.5 ",
        "box": [
          63.11249225831271,
          556.3189624185325,
          551.3618746777526,
          560.8303360497666
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million increase in our specific CECL reserve prior to charge-offs of principal and exit fees and a $3.5 million increase in CECL ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          570.9553349078924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reserves on accrued interest receivable prior to charge-offs, offset in part by a $3.9 million decrease in our general CECL reserve. The ",
        "box": [
          63.11249225831271,
          577.2439600586586,
          551.3618746777526,
          581.7553336898927
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase in our specific CECL reserves was primarily attributable to specific reserves determined on a discounted loan repayment, ",
        "box": [
          63.11249225831271,
          587.3689589167843,
          551.3618746777526,
          591.8803325480185
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "offset in part by changes to collateral values and protective advances made. The reversal of our general CECL reserves was primarily ",
        "box": [
          63.11249225831271,
          597.4939577749101,
          551.3618746777526,
          602.0053314061443
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "attributable to changes in the historical loss rate of the analogous data set, seasoning of our loan portfolio, and a reduction in the size ",
        "box": [
          63.11249225831271,
          608.2939565569104,
          551.3618746777526,
          612.8053301881446
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our loan portfolio subject to determination of the general CECL reserve. ",
        "box": [
          63.11249225831271,
          618.4189554150362,
          335.2142428044043,
          622.9303290462703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Valuation Adjustment for Loan Receivable Held-for-Sale",
        "box": [
          63.11249225831271,
          639.343953055155,
          268.27233179605514,
          643.8553266863964
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2025, we recognized a valuation adjustment of $42.6 million for our loan receivable ",
        "box": [
          85.15545852235574,
          654.8689513042846,
          551.3618746777526,
          659.3803249355187
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held-for-sale as a result of a reduction in anticipated proceeds from the sale of such loan.",
        "box": [
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          665.6689500862849,
          382.40911286437114,
          670.1803237175191
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 52,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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          62.00534113813774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52",
        "box": [
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          704.818894503027,
          310.6066975402138,
          709.3302681342611
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquidity and Capital Resources",
        "box": [
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          99.34396278714848,
          187.8506400489021,
          103.85533641838265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization",
        "box": [
          63.11249225831271,
          115.54396096015262,
          115.11307902108632,
          120.05533459138678
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We have capitalized our business to date primarily through the issuance of shares of our common stock, issuance of warrants, ",
        "box": [
          85.15545852235574,
          131.0689592092749,
          551.3618746777526,
          135.58033284050907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  borrowings  under  our  secured  financings  and  secured  term  loan.  As  of  March  31,  2026,  we  had  140,218,764  shares  of  our ",
        "box": [
          63.11249225831271,
          141.19395806740067,
          551.3618746777526,
          145.70533169863484
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock outstanding, representing $1.5 billion of equity, and, in connection with entering into our new secured term loan in ",
        "box": [
          63.11249225831271,
          151.31895692552644,
          551.3618746777526,
          155.8303305567606
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January  2026,  had  7,542,227  of  warrants  outstanding  with  an  exercise  price  of  $4.00  per  share.  Further,  we  had  $2.7  billion  of ",
        "box": [
          63.11249225831271,
          162.11895570752677,
          551.3618746777526,
          166.63032933876093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding borrowings under our secured financings, our secured term loan, and our debt related to real estate owned hotel portfolio. ",
        "box": [
          63.11249225831271,
          172.24395456565253,
          551.3618746777526,
          176.7553281968867
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, our secured financings consisted of four repurchase agreements with capacity of $3.3 billion and a combined ",
        "box": [
          63.11249225831271,
          182.3689534237783,
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          186.88032705501246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "outstanding balance of $1.6 billion, and a term participation facility with a capacity of $347.1 million and an outstanding balance of ",
        "box": [
          63.11249225831271,
          193.16895220577862,
          551.3618746777526,
          197.6803258370128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$339.2 million. As of March 31, 2026, our debt related to real estate owned hotel portfolio had an outstanding balance of $235.0 ",
        "box": [
          63.11249225831271,
          203.2939510639044,
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          207.80532469513855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million and our secured term loan had an outstanding balance of $500.0 million.",
        "box": [
          63.11249225831271,
          213.41894992203015,
          351.9714943195584,
          217.93032355326432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Debt-to-Equity Ratio and Total Leverage Ratio",
        "box": [
          63.11249225831271,
          235.01894748602354,
          252.0429832448998,
          239.53032111726498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Debt-to-Equity Ratio and Total Leverage Ratio are non-GAAP measures that we use to evaluate our financial leverage, ",
        "box": [
          85.15545852235574,
          250.5439457351531,
          551.3618746777526,
          255.05531936638727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "which in the case of our Total Leverage Ratio, makes certain adjustments that we believe provide a more conservative measure of our ",
        "box": [
          63.11249225831271,
          260.66894459327887,
          551.3618746777526,
          265.18031822451303
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financial condition. ",
        "box": [
          63.11249225831271,
          271.4689433752792,
          135.3298903469193,
          275.98031700651336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net  Debt-to-Equity  Ratio  is  calculated  as  the  ratio  of  asset-specific  debt  (repurchase  agreements,  term  participation  facility, ",
        "box": [
          85.15545852235574,
          292.3939410154053,
          551.3618746777526,
          296.90531464663945
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes payable, net, and debt related to real estate owned hotel portfolio, net) and secured term loan, less cash and cash equivalents to ",
        "box": [
          63.11249225831271,
          302.5189398735238,
          551.3618746777526,
          307.0303135047652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total equity. ",
        "box": [
          63.11249225831271,
          313.3189386555241,
          108.35098713954034,
          317.83031228675827
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Leverage Ratio is similar to Net Debt-to-Equity Ratio; however, it includes non-consolidated senior interests sold and ",
        "box": [
          85.15545852235574,
          334.2439362956502,
          551.3618746777526,
          338.75530992688437
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-consolidated senior interests held by third parties. Non-consolidated senior interests sold and non-consolidated senior interests ",
        "box": [
          63.11249225831271,
          344.36893515377596,
          551.3618746777526,
          348.88030878501013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "held by third parties, as applicable, are secured by the same collateral as our loan and are structurally senior in repayment priority ",
        "box": [
          63.11249225831271,
          354.49393401190173,
          551.3618746777526,
          359.0053076431359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "relative to our loan. We believe the inclusion of non-consolidated senior interests sold and non-consolidated senior interests held by ",
        "box": [
          63.11249225831271,
          365.29393279390206,
          551.3618746777526,
          369.8053064251362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third parties provides a meaningful measure of our financial leverage.",
        "box": [
          63.11249225831271,
          375.4189316520278,
          313.95077671245076,
          379.930305283262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table presents our Net Debt-to-Equity Ratios and Total Leverage Ratios as of March 31, 2026 and December 31, ",
        "box": [
          85.15545852235574,
          396.3439292921539,
          551.3618746777526,
          400.8553029233881
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025 ($ in thousands):",
        "box": [
          63.11249225831271,
          407.14392807415425,
          143.83730255109353,
          411.6553017053884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          420.6876038834889,
          85.60433348860761,
          421.58784802454466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.80427562640455,
          424.61333477314474,
          214.82927539802955,
          428.67458638462267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          424.61333477314474,
          366.55660203655736,
          428.67458638462267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          387.54488091954573,
          424.53721282341576,
          435.3063257331156,
          428.14495793725655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          454.99213556299355,
          423.9383348492702,
          460.3499474587514,
          428.14495793725655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          475.55853949356003,
          424.53721282341576,
          533.7021661687506,
          428.14495793725655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.7796253241813,
          424.53721282341576,
          547.5785000875583,
          428.14495793725655
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific debt",
        "box": [
          63.11249225831271,
          433.3883337835214,
          124.96595395261613,
          437.4495853949993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          364.53160226493236,
          433.46892510527687,
          373.43316376103394,
          438.12458531887387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,163,973\u00a0 \u00a0",
        "box": [
          421.07338938827473,
          433.46892510527687,
          460.57438491656484,
          438.12458531887387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.02221593182327,
          434.06333370739594,
          469.0722154750733,
          438.12458531887387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,595,580\u00a0",
        "box": [
          511.8503356506515,
          434.06333370739594,
          546.2753317682766,
          438.12458531887387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured term loan, net",
        "box": [
          63.11249225831271,
          442.8383327177726,
          135.98479904993513,
          446.8995843292432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          443.59392396340263,
          366.7810394943708,
          448.1052975946368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          369.38316421778393,
          443.51333264164714,
          371.40816398940893,
          447.57458425312507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "465,577\u00a0 \u00a0",
        "box": [
          427.14838870314975,
          442.91892403952806,
          460.57438491656484,
          447.57458425312507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          465.02221593182327,
          443.51333264164714,
          467.0472157034483,
          447.57458425312507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "549,447\u00a0",
        "box": [
          517.9253349655265,
          443.51333264164714,
          546.2753317682766,
          447.57458425312507
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total debt",
        "box": [
          63.11249225831271,
          452.96333157589834,
          96.17694124937731,
          457.024583187369
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          453.04392289765383,
          366.7810394943708,
          457.555296528888
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          369.38316421778393,
          453.6383314997729,
          371.40816398940893,
          457.69958311124356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,629,550\u00a0 \u00a0",
        "box": [
          421.07338938827473,
          453.04392289765383,
          460.57438491656484,
          457.69958311124356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          465.02221593182327,
          453.6383314997729,
          467.0472157034483,
          457.69958311124356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,145,027\u00a0",
        "box": [
          511.8503356506515,
          453.6383314997729,
          546.2753317682766,
          457.69958311124356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: cash and cash equivalents",
        "box": [
          63.11249225831271,
          462.41333051014954,
          165.6795253010296,
          466.4745821216202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          463.1689217557796,
          366.7810394943708,
          467.68029538701376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          369.38316421778393,
          463.0883304340241,
          371.40816398940893,
          467.14958204549475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(116,782) \u00a0",
        "box": [
          424.4483890076497,
          462.493921831905,
          460.57438491656484,
          467.14958204549475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          465.02221593182327,
          463.0883304340241,
          467.0472157034483,
          467.14958204549475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(173,186)",
        "box": [
          515.2253352700266,
          463.0883304340241,
          546.947694872449,
          467.14958204549475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Debt",
        "box": [
          63.11249225831271,
          472.538329368268,
          92.57782167527806,
          476.59958097974595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          364.53160226493236,
          472.6189206900308,
          373.43316376103394,
          477.2745809036205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,512,768\u00a0 \u00a0",
        "box": [
          421.07338938827473,
          472.6189206900308,
          460.57438491656484,
          477.2745809036205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.02221593182327,
          473.21332929214987,
          469.0722154750733,
          477.2745809036205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,971,841\u00a0",
        "box": [
          511.8503356506515,
          473.21332929214987,
          546.2753317682766,
          477.2745809036205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          63.11249225831271,
          481.9883283025192,
          103.8300155962805,
          486.04957991399715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          364.53160226493236,
          482.6633282263938,
          373.43316376103394,
          488.60529302713985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,492,848\u00a0 \u00a0",
        "box": [
          421.07338938827473,
          482.0689196242747,
          460.57438491656484,
          486.7245798378717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.02221593182327,
          482.6633282263938,
          469.0722154750733,
          486.7245798378717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,531,895\u00a0",
        "box": [
          511.8503356506515,
          482.6633282263938,
          546.2753317682766,
          486.7245798378717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Debt-to-Equity Ratio",
        "box": [
          63.11249225831271,
          493.4633270083941,
          145.44534364299585,
          497.52457861987205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          495.5689181017806,
          366.7810394943708,
          500.08029173301475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7x \u00a0\u00a0",
        "box": [
          439.2983873328998,
          493.5439183301496,
          460.57438491656484,
          498.1995785437466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.9x \u00a0",
        "box": [
          530.0753335952766,
          494.1383269322687,
          549.1124374483142,
          498.1995785437466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-consolidated senior loans",
        "box": [
          63.11249225831271,
          504.938325714269,
          161.64138901644165,
          508.99957732574694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          505.69391695990635,
          366.7810394943708,
          510.2052905911405
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          369.38316421778393,
          505.6133256381436,
          371.40816398940893,
          509.6745772496215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "830,000\u00a0 \u00a0",
        "box": [
          427.14838870314975,
          505.0189170360245,
          460.57438491656484,
          509.6745772496215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          465.02221593182327,
          505.6133256381436,
          467.0472157034483,
          509.6745772496215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "830,000\u00a0",
        "box": [
          517.9253349655265,
          505.6133256381436,
          546.2753317682766,
          509.6745772496215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Leverage",
        "box": [
          63.11249225831271,
          515.0633245723948,
          112.35716489460748,
          519.1245761838727
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          364.53160226493236,
          515.7383244962693,
          373.43316376103394,
          521.6802892970154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,342,768\u00a0 \u00a0",
        "box": [
          421.07338938827473,
          515.1439158941503,
          460.57438491656484,
          519.7995761077473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          465.02221593182327,
          515.7383244962693,
          469.0722154750733,
          519.7995761077473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,801,841\u00a0",
        "box": [
          511.8503356506515,
          515.7383244962693,
          546.2753317682766,
          519.7995761077473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Leverage Ratio",
        "box": [
          63.11249225831271,
          526.5383232782697,
          131.9308442771312,
          530.5995748897476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.53160226493236,
          527.3745058456552,
          367.00547695218427,
          532.3360014966456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2x \u00a0\u00a0",
        "box": [
          439.2983873328998,
          526.6189146000252,
          460.57438491656484,
          531.2745748136222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5x \u00a0",
        "box": [
          530.0753335952766,
          527.2133232021442,
          549.1124374483142,
          531.2745748136222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sources of Liquidity",
        "box": [
          63.11249225831271,
          549.568912011775,
          138.09509059465643,
          554.0802856430091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  primary  sources  of  liquidity  include  cash  and  cash  equivalents,  interest  income  from  our  loans,  proceeds  from  loan ",
        "box": [
          85.15545852235574,
          565.0939102609045,
          551.3618746777526,
          569.6052838921387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments, available borrowings under our repurchase agreements based on existing collateral, available borrowing capacity related ",
        "box": [
          63.11249225831271,
          575.2189091190303,
          551.3618746777526,
          579.7302827502645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  our  asset-specific  financings  based  on  existing  collateral,  proceeds  from  the  issuance  of  incremental  secured  term  loan  or  other ",
        "box": [
          63.11249225831271,
          585.343907977156,
          551.3618746777526,
          589.8552816083902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate  debt  issuances,  and  proceeds  from  the  issuance  of  our  common  stock.  As  circumstances  warrant  and  to  the  extent ",
        "box": [
          63.11249225831271,
          596.1439067591564,
          551.3618746777526,
          600.6552803903905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "permissible,  we  and  our  subsidiaries  may  also  issue  common  equity,  preferred  equity,  warrants,  and/or  debt,  incur  other  debt, ",
        "box": [
          63.11249225831271,
          606.2689056172749,
          551.3618746777526,
          610.780279248509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "including term loans, or explore sales of certain of our loans receivable or real estate owned assets from time to time, dependent upon ",
        "box": [
          63.11249225831271,
          616.3939044754006,
          551.3618746777526,
          620.9052781066348
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market conditions and available pricing. ",
        "box": [
          63.11249225831271,
          627.193903257401,
          210.03340092202268,
          631.7052768886351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although  we  generally  intend  to  hold  our  loans  to  maturity,  sales  of  loans  receivable,  which  may  result  in  realized  losses, ",
        "box": [
          85.15545852235574,
          648.118900897527,
          551.3618746777526,
          652.6302745287612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted  loan  payoffs,  and/or  sales  of  real  estate  owned  assets  may  occur  in  order  to  redeploy  capital  to  more  accretive ",
        "box": [
          63.11249225831271,
          658.2438997556528,
          551.3618746777526,
          662.755273386887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "opportunities, meet operating objectives, adapt to market conditions, and/or manage liquidity needs. Furthermore, we cannot predict ",
        "box": [
          63.11249225831271,
          669.0438985376531,
          551.3618746777526,
          673.5552721688873
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the timing or ",
        "box": [
          63.11249225831271,
          679.1688973957789,
          111.8525492446419,
          683.6802710270131
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 53,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.49391537890915,
          65.36192948775115,
          62.005289010143315
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          301.60895311120953,
          677.8188454200354,
          310.6066975402138,
          682.3302190512695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "impact of future asset sales or loan repayments, and, since many of our loans and real estate owned assets are financed, a portion, or in ",
        "box": [
          63.11249225831271,
          93.94391126815754,
          551.3618746777526,
          98.4552848993917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "some cases all, of the net proceeds from the sales or repayments of our loans or our real estate owned assets are expected to be used to ",
        "box": [
          63.11249225831271,
          104.74391005015787,
          551.3618746777526,
          109.25528368139203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "de-lever our secured financings.",
        "box": [
          63.11249225831271,
          114.86890890828363,
          178.53220268215813,
          119.3802825395178
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table sets forth, as of March 31, 2026 and December 31, 2025, our sources of available liquidity ($ in thousands): ",
        "box": [
          85.15545852235574,
          135.79390654840972,
          548.9360937013269,
          140.3052801796439
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          145.60100949154003,
          64.46249210606271,
          148.30851056586107
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          212.44568191684596,
          152.58831332352565,
          214.47068168847096,
          156.64956493500358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.4577707732589,
          152.58831332352565,
          366.4827705448839,
          156.64956493500358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          391.26792399966916,
          152.51219137379667,
          439.0293688132391,
          156.11993648763746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          457.97690422637794,
          152.51219137379667,
          463.6511223364522,
          156.64956493500358
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          475.9593206983608,
          152.51219137379667,
          534.1029473735514,
          156.11993648763746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4421253622438,
          152.51219137379667,
          547.2410001256208,
          156.11993648763746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          63.11249225831271,
          162.71331218165142,
          148.3641945138143,
          166.77456379312935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.4577707732589,
          162.11890357953234,
          366.70720800269737,
          166.6302772107665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          374.17144492777226,
          162.71331218165142,
          378.22144447102227,
          166.77456379312935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "116,782\u00a0 \u00a0 $",
        "box": [
          429.80620090340756,
          162.71331218165142,
          470.5276840609288,
          166.77456379312935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "173,186\u00a0",
        "box": [
          517.2608785404625,
          162.71331218165142,
          546.2542380206555,
          166.77456379312935
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Approved and undrawn credit capacity",
        "box": [
          63.11249225831271,
          172.83831103977718,
          189.0619433240122,
          176.8995626512551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.4577707732589,
          172.91890236153267,
          366.70720800269737,
          177.43027599276684
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          374.17144492777226,
          172.83831103977718,
          376.19644469939726,
          176.8995626512551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14,879\u00a0 \u00a0 \u00a0",
        "box": [
          433.85620044665757,
          172.83831103977718,
          468.5026842893038,
          176.8995626512551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,446\u00a0",
        "box": [
          521.3108780837125,
          172.83831103977718,
          546.2542380206555,
          176.8995626512551
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total sources of liquidity",
        "box": [
          63.11249225831271,
          184.31330974565208,
          144.77298053882348,
          188.37456135713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          364.4577707732589,
          184.39390106740757,
          366.70720800269737,
          188.90527469864173
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          374.17144492777226,
          183.6383098217775,
          378.22144447102227,
          187.69956143325544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "131,661\u00a0 \u00a0 $",
        "box": [
          429.80620090340756,
          183.6383098217775,
          470.5276840609288,
          187.69956143325544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184,632\u00a0",
        "box": [
          517.2608785404625,
          183.6383098217775,
          546.2542380206555,
          187.69956143325544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          194.20100401053787,
          64.46249210606271,
          196.90850508485892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          200.51330791864893,
          72.55721755315749,
          204.57455953012686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts based on existing collateral.",
        "box": [
          79.30194355750221,
          200.51330791864893,
          201.45056401185093,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Under the terms of our loan agreements with certain of our borrowers, we require and have oversight of borrower funds held in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reserve accounts with third-party loan servicers for our benefit which provide additional collateral support for our loans. Upon the ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "occurrence of certain events or the borrower meeting prescribed conditions in accordance with the terms of the loan agreement, these ",
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        "from_ocr": false,
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      {
        "text": "funds may be transferred by the third-party loan servicers to the borrower or to other third parties, subject to our approval, to satisfy ",
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        "from_ocr": false,
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      {
        "text": "certain obligations. In instances where the borrower is in monetary default under the terms of the loan agreement, we have the ability ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  direct  the  third-party  loan  servicers to release such reserve funds to us to satisfy past due amounts. To date, funds held in such ",
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        "text": "reserve accounts are not and have not been reflected on our consolidated balance sheets.",
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      {
        "text": "The following table presents a summary of our unencumbered loans receivable held-for-investment as of March 31, 2026 ($ in ",
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        "text": "thousands):",
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        "text": "\u00a0",
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        "text": "Loan ",
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        "text": "Loan",
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        "text": "Commitment",
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        "text": "Unpaid",
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        "text": "Carrying",
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        "text": "Subordinate",
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        "text": "\u00a0",
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      {
        "text": "$",
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        "from_ocr": false,
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      {
        "text": "125,000\u00a0 \u00a0",
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        "text": "$",
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        "text": "125,000\u00a0 \u00a0",
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        "text": "$",
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        "text": "IL",
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        "text": "Senior",
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        "text": "115,250\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "Hospitality",
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        "text": "335,388\u00a0 \u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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      {
        "text": "(1)",
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      {
        "text": "Carrying value reflects amount net of specific CECL reserves of $27.0 million.",
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      {
        "text": "As of March 31, 2026, we held unencumbered real estate owned assets with a total carrying value of $174.6 million, comprised ",
        "box": [
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      {
        "text": "of  our  mixed-use  real  estate  owned  asset  with  a  carrying  value  of  $80.3  million  (including  related  net  lease  intangible  assets  and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "deferred leasing costs) and our land parcel real estate owned asset with a carrying value of $94.3 million were unencumbered.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Our  ability  to  finance  or  sell  certain  of  these  unencumbered  assets  is  subject  to  one  or  more  counterparties'  willingness  to ",
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        "from_ocr": false,
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      {
        "text": "finance or purchase such loans or real estate owned assets.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "To facilitate future offerings of equity, debt and other securities, we have in place an effective shelf registration statement (the ",
        "box": [
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      {
        "text": "'Shelf') with the SEC. The securities covered by this Shelf include up to $250,000,000 in the aggregate of: (i) common stock, (ii) ",
        "box": [
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      {
        "text": "preferred stock, (iii) debt securities, (iv) depositary shares, (v) warrants, (vi) purchase contracts, and (vii) units, and up to 16,058,983 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "shares of common stock offered by the selling securityholders. The specifics of any future offerings, along with the use of proceeds of ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "any securities offered, will be described in detail in a prospectus supplement, or other offering material, at the time of any offering.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "On May 10, 2024, we entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, ",
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        "from_ocr": false,
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      {
        "text": "from time to time, up to an aggregate sales price of $150.0 million of our common stock pursuant to a continuous offering program ",
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      {
        "text": "(the  'ATM  Agreement')  under  our  in  place  effective  shelf  registration.  Sales  of  our  common  stock  made  pursuant  to  the  ATM ",
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        "from_ocr": false,
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      {
        "text": "Agreement may be made in negotiated transactions or transactions that are deemed to be 'at the market' offerings as defined in Rule ",
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        "from_ocr": false,
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      {
        "text": "415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors, including ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "market conditions,  the  trading  price  of  our  common  stock,  our  capital  needs,  and  our  determination  of  the  appropriate  sources  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "funding  to  meet  such  needs.  During  the  three  months  ended  March  31,  2026,  we  did  not  issue  any  shares  of  our  common  stock ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "pursuant to the ",
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        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0(1)",
        "box": [
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  {
    "page_no": 54,
    "width": 612.0,
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        "text": "\u00a0",
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        "text": "54",
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      {
        "text": "ATM Agreement.  As  of  March  31,  2026,  the  ATM  Agreement  has  not  been  utilized,  and  $150.0  million  of  our  common  stock ",
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        "text": "remained available for issuance pursuant to the ATM Agreement.",
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      {
        "text": "Liquidity Needs",
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      {
        "text": "Our  primary  liquidity  needs  generally  include  loan  origination  and  acquisitions,  future  fundings  to  our  borrowers  on  our ",
        "box": [
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      {
        "text": "unfunded loan commitments, interest payment and principal repayment obligations on outstanding borrowings under our financings, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "operating expenses, management fees, and dividend payments to our stockholders necessary to satisfy REIT dividend requirements, if ",
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        "text": "any. We currently maintain, and seek to maintain, cash and liquidity to i) comply with minimum liquidity covenants under certain of ",
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      {
        "text": "our financing agreements and ii) meet our above mentioned primary liquidity needs. Further, we seek to meet such liquidity needs ",
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        "text": "through our sources of liquidity discussed above. ",
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        "text": "During the three months ended March 31, 2026 and the year ended December 31, 2025, we made deleveraging payments to ",
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          551.3618746777526,
          218.60522114114428
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain of our financing counterparties in the amounts of $142.1 million and $579.7 million, respectively, which include $56.2 million ",
        "box": [
          63.11249225831271,
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          228.73021999927005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and $150.0 million of deleveraging upon the refinancing of our secured term loan in January 2026 and the modification of our prior ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "secured term loan in November 2025, respectively. Such deleveraging payments are generally funded from proceeds generated from ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          249.65521763939614
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the resolution of our loans receivable and real estate owned assets. In April 2026, we further deleveraged certain of our financing ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "counterparties in the amount of $8.0 million and expect to continue to do so as agreed with our lenders. Our ability to make any future ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deleveraging payments or required principal repayments will depend upon the results of our operating activities, our total sources of ",
        "box": [
          63.11249225831271,
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          280.03021421377343
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity, the timing, amount, and pace of resolutions of our loans and real estate owned assets, our financial condition, and the overall ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          290.83021299577376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market conditions in which we operate, among other factors.",
        "box": [
          63.11249225831271,
          296.44383822266536,
          281.48776689605734,
          300.9552118538995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had aggregate unfunded loan commitments of $204.3 million which is comprised of funding for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capital expenditures and construction, leasing costs, and carry costs. The timing of these fundings will vary depending on the progress ",
        "box": [
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          551.3618746777526,
          332.68020827602595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  capital  projects,  leasing,  and  cash  flows  at  the  properties  securing  our  loans  and  equity  contributions  from  our  borrowers,  if ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          342.80520713414444
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "required. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future ",
        "box": [
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          551.3618746777526,
          352.9302059922702
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of the collateral property, but are expected to occur over the remaining loan term. In certain circumstances, conditions to ",
        "box": [
          63.11249225831271,
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          363.73020477427053
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding may not be met by our borrowers and portions of our unfunded loan commitments may never become eligible to be drawn on.",
        "box": [
          63.11249225831271,
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          547.1231018207918,
          373.8552036323963
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We may from time to time use capital to retire, redeem, or repurchase our equity or debt securities, term loans or other debt ",
        "box": [
          85.15545852235574,
          390.2688276412882,
          551.3618746777526,
          394.7802012725224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "instruments  through  open  market  purchases,  privately  negotiated  transactions  or  otherwise.  The  execution  of  such  retirements, ",
        "box": [
          63.11249225831271,
          401.06882642328856,
          551.3618746777526,
          405.5802000545227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redemptions or repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions ",
        "box": [
          63.11249225831271,
          411.1938252814143,
          551.3618746777526,
          415.7051989126485
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and/or other factors deemed relevant.",
        "box": [
          63.11249225831271,
          421.3188241395401,
          197.265778239427,
          425.83019777077425
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Contractual Obligations and Commitments",
        "box": [
          63.11249225831271,
          442.91882170354074,
          222.85747563840852,
          447.4301953347749
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our contractual obligations and commitments as of March 31, 2026 were as follows ($ in thousands): ",
        "box": [
          85.15545852235574,
          458.44381995266303,
          452.7380610503281,
          462.9551935838972
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          468.5688188107888,
          87.40489575179419,
          473.08019244202296
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          171.60818652240835,
          479.21210432130465,
          173.40706128578523,
          482.81984943513817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.5612990093618,
          479.21210432130465,
          284.3601737727387,
          482.81984943513817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payment Timing",
        "box": [
          389.80191191500273,
          478.5371043974301,
          441.1681421845331,
          482.1448495112636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          478.5371043974301,
          547.2304566268098,
          482.1448495112636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          171.60818652240835,
          496.0871024181761,
          173.40706128578523,
          499.69484753201687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.5612990093618,
          496.0871024181761,
          284.3601737727387,
          499.69484753201687
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          300.67027796707123,
          487.9871033316813,
          317.0603800571244,
          491.5948484455148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Obligations",
        "box": [
          291.07262279947355,
          495.4121024943015,
          326.6600685200635,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          332.17379341417444,
          495.4121024943015,
          333.9726681775513,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          335.8230117526237,
          495.4121024943015,
          337.6218865160006,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Less than",
        "box": [
          347.43511644303624,
          487.9871033316813,
          376.82488306559287,
          491.5948484455148
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 year",
        "box": [
          352.63472860663546,
          495.4121024943015,
          371.61423086409974,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.43550615743635,
          495.4121024943015,
          387.23438092081324,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          389.08472449588555,
          495.4121024943015,
          390.8835992592625,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1 to",
        "box": [
          409.6933159216942,
          487.9871033316813,
          421.0838250895978,
          491.5948484455148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 years",
        "box": [
          404.49370375809497,
          495.4121024943015,
          426.27340679089167,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          438.6972189006982,
          495.4121024943015,
          440.4960936640751,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          442.34643723914746,
          495.4121024943015,
          444.14531200252435,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3 to",
        "box": [
          462.9550286649561,
          487.9871033316813,
          474.34553783285963,
          491.5948484455148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 years",
        "box": [
          457.7554165013569,
          495.4121024943015,
          479.5351195341535,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          491.95893164396006,
          495.4121024943015,
          493.757806407337,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          495.6081499824093,
          495.4121024943015,
          497.4070247457862,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "More than",
        "box": [
          505.7225985917242,
          487.9871033316813,
          538.2955332977903,
          491.5948484455148
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 years",
        "box": [
          511.11205448391325,
          495.4121024943015,
          532.89175751671,
          499.0198476081423
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          545.4315818634329,
          495.4121024943015,
          547.2304566268098,
          499.0198476081423
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments ",
        "box": [
          63.11249225831271,
          504.2632234544071,
          159.62034285437076,
          508.32447506588505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          282.5612990093618,
          504.3438147761626,
          291.4628605054634,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "204,271\u00a0 \u00a0 $",
        "box": [
          304.00309009120406,
          504.9382233782817,
          344.7245732487253,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55,430\u00a0 \u00a0 $",
        "box": [
          361.3148023777159,
          504.9382233782817,
          397.98628599198713,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "148,841\u00a0 \u00a0 $",
        "box": [
          410.5265155777278,
          504.9382233782817,
          451.24799873524904,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0 $",
        "box": [
          487.41322565661477,
          504.9382233782817,
          504.5097114785109,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          540.8647821284665,
          504.9382233782817,
          546.2331442730344,
          508.9994749897596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded loan commitments for non-accrual, maturity default,",
        "box": [
          63.11249225831271,
          514.3882223125329,
          267.3487487749995,
          518.4494739240108
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0\u00a0\u00a0risk rated 5 and/or delinquent loans",
        "box": [
          63.11249225831271,
          522.488221399035,
          185.70803583225847,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.5612990093618,
          514.4688136342884,
          284.81073623880025,
          518.9801872655225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.4128609622134,
          522.488221399035,
          289.4378607338384,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(181,541)",
        "box": [
          301.30309039570403,
          522.488221399035,
          333.6688126755695,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          335.8230117526237,
          517.8438132536612,
          338.07244898206216,
          522.3551868848954
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          340.67457370547527,
          522.488221399035,
          342.6995734771003,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32,700)",
        "box": [
          358.61480268221595,
          522.488221399035,
          386.93052541883134,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          391.26792399966916,
          522.488221399035,
          395.9612862203621,
          526.5494730105056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(148,841)",
        "box": [
          407.8265158822278,
          522.488221399035,
          440.19223816209325,
          526.5494730105056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          444.529636742931,
          522.488221399035,
          449.22299896362404,
          526.5494730105056
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          487.41322565661477,
          522.488221399035,
          492.78158780118275,
          526.5494730105056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          495.6081499824093,
          517.8438132536612,
          497.8575872118478,
          522.3551868848954
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          500.4597119352609,
          522.488221399035,
          502.4847117068859,
          526.5494730105056
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          540.8647821284665,
          522.488221399035,
          546.2331442730344,
          526.5494730105056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financings, secured term loan, and debt",
        "box": [
          63.11249225831271,
          531.9382203332862,
          218.30578798595607,
          535.9994719447568
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0\u00a0\u00a0related to real estate owned hotel portfolio - principal ",
        "box": [
          63.11249225831271,
          540.7132193436555,
          245.9715543758721,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.5612990093618,
          532.0188116550416,
          284.81073623880025,
          536.5301852862758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.4128609622134,
          540.7132193436555,
          289.4378607338384,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,667,274\u00a0 \u00a0 \u00a0",
        "box": [
          297.92809077632904,
          540.7132193436555,
          342.6995734771003,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,072,892\u00a0 \u00a0 \u00a0",
        "box": [
          351.1898035195909,
          540.7132193436555,
          395.9612862203621,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "458,412\u00a0 \u00a0 \u00a0",
        "box": [
          410.5265155777278,
          540.7132193436555,
          449.22299896362404,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,135,970\u00a0 \u00a0 \u00a0",
        "box": [
          457.71322900611466,
          540.7132193436555,
          502.4847117068859,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          540.8647821284665,
          540.7132193436555,
          546.2331442730344,
          544.7744709551334
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured financings, secured term loan, and debt",
        "box": [
          63.11249225831271,
          549.4882183540321,
          218.30578798595607,
          553.5494699655101
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0\u00a0\u00a0related to real estate owned hotel portfolio - interest ",
        "box": [
          63.11249225831271,
          558.2632173644088,
          241.02375255387426,
          562.3244689758794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          282.5612990093618,
          549.5688096757876,
          284.81073623880025,
          554.0801833070218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          287.4128609622134,
          557.5882174405342,
          289.4378607338384,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "470,942\u00a0 \u00a0 \u00a0",
        "box": [
          304.00309009120406,
          557.5882174405342,
          342.6995734771003,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "172,045\u00a0 \u00a0 \u00a0",
        "box": [
          357.2648028344659,
          557.5882174405342,
          395.9612862203621,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "214,933\u00a0 \u00a0 \u00a0",
        "box": [
          410.5265155777278,
          557.5882174405342,
          449.22299896362404,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83,964\u00a0 \u00a0 \u00a0",
        "box": [
          467.8382278642397,
          557.5882174405342,
          502.4847117068859,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          540.8647821284665,
          557.5882174405342,
          546.2331442730344,
          561.6494690520049
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          63.11249225831271,
          567.0382163747854,
          80.20633748050666,
          571.0994679862561
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          282.5612990093618,
          567.1188076965409,
          291.4628605054634,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,160,946\u00a0 \u00a0 $",
        "box": [
          297.92809077632904,
          567.71321629866,
          344.7245732487253,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,267,667\u00a0 \u00a0 $",
        "box": [
          351.1898035195909,
          567.71321629866,
          397.98628599198713,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "673,345\u00a0 \u00a0 $",
        "box": [
          410.5265155777278,
          567.71321629866,
          451.24799873524904,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,219,934\u00a0 \u00a0 $",
        "box": [
          457.71322900611466,
          567.71321629866,
          504.5097114785109,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          540.8647821284665,
          567.71321629866,
          546.2331442730344,
          571.7744679101306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          578.2759104874203,
          64.46249210606271,
          580.9834115617414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          63.11249225831271,
          586.6132141671551,
          72.55721755315749,
          590.674465778633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The estimated allocation of our unfunded loan commitments for loans receivable held-for-investment is based on the earlier of our expected ",
        "box": [
          79.30194355750221,
          586.6132141671551,
          551.1374372199391,
          590.674465778633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "funding date and the commitment expiration date. As of March 31, 2026, we have $91.4 million of in-place financings to fund our remaining ",
        "box": [
          79.30194355750221,
          596.0632131014063,
          551.1374372199391,
          600.1244647128842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments, excluding $14.9 million of approved and undrawn credit capacity based on existing collateral.",
        "box": [
          79.30194355750221,
          605.5132120356575,
          432.0039079105551,
          609.5744636471354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)",
        "box": [
          63.11249225831271,
          614.9632109699087,
          72.55721755315749,
          619.0244625813866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The allocation of our secured financings and secured term loan is based on the earlier of the fully extended maturity date (assuming conditions ",
        "box": [
          79.30194355750221,
          614.9632109699087,
          551.1374372199391,
          619.0244625813866
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to extend are met) of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, ",
        "box": [
          79.30194355750221,
          623.7382099802853,
          551.1374372199391,
          627.799461591756
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and  assumes  eight  loans  with  an  aggregate  unpaid  principal  balance  of  $1.4  billion  that  are  in  maturity  default  that  represent  collateral  for ",
        "box": [
          79.30194355750221,
          633.1882089145365,
          551.1374372199391,
          637.2494605260072
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "aggregate borrowings outstanding of $584.9 million have a contractual obligation to pay in less than one year.",
        "box": [
          79.30194355750221,
          642.6382078487804,
          436.06181791291294,
          646.6994594602584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3)",
        "box": [
          63.11249225831271,
          652.0882067830316,
          72.55721755315749,
          656.1494583945096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts include the related future interest payment obligations, which are estimated by assuming the amounts outstanding under our secured ",
        "box": [
          79.30194355750221,
          652.0882067830316,
          551.1374372199391,
          656.1494583945096
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements and SOFR in effect as of March 31, 2026, will remain constant into the future. Actual amounts borrowed and rates will ",
        "box": [
          79.30194355750221,
          661.5382057172828,
          551.1374372199391,
          665.5994573287608
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "vary over time. Our floating rate loans and related liabilities are indexed to SOFR. Totals exclude non-consolidated senior interests.",
        "box": [
          79.30194355750221,
          670.3132047276595,
          506.0073674246086,
          674.3744563391301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          159.62693787362704,
          501.9830421377628,
          165.95488660057498,
          504.70408071744896
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)(3)",
        "box": [
          245.97419038557496,
          538.4330380270112,
          258.63007804387195,
          541.1540766066973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2)(3)",
        "box": [
          241.02770994342808,
          555.9830360477645,
          253.68359760172504,
          558.7040746274506
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 55,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
          63.11249225831271,
          57.49369366691826,
          65.36192948775115,
          62.005067298152426
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "55",
        "box": [
          301.60895311120953,
          667.6936248499187,
          310.6066975402138,
          672.2049984811529
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  certain  circumstances,  conditions  to  funding  may  not  be  met  by  our  borrowers  and  portions  of  our  unfunded  loan ",
        "box": [
          85.15545852235574,
          93.94368955616665,
          551.3618746777526,
          98.45506318740081
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commitments may not become eligible to be or expected to be drawn on. Of the $204.3 million of unfunded loan commitments for our ",
        "box": [
          63.11249225831271,
          104.74368833816698,
          551.3618746777526,
          109.25506196940114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans receivable held-for-investment as of March 31, 2026, the following table details the portion of unfunded loan commitments and ",
        "box": [
          63.11249225831271,
          114.86868719629274,
          551.3618746777526,
          119.3800608275269
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in-place financings to fund our remaining commitments for loans receivable held-for-investment whereby conditions to funding are ",
        "box": [
          63.11249225831271,
          124.9936860544185,
          551.3618746777526,
          129.50505968565267
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "not  currently  being  met,  including  loans  on  non-accrual  status,  in  maturity  default,  risk  rated  5,  and/or  which  are  delinquent  in ",
        "box": [
          63.11249225831271,
          135.11868491254427,
          551.3618746777526,
          139.63005854377843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "accordance with our revenue recognition policy ($ in thousands):",
        "box": [
          63.11249225831271,
          145.9186836945446,
          297.4754461766236,
          150.43005732577876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          85.15545852235574,
          156.04368255267036,
          87.40489575179419,
          160.55505618390453
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          220.65114974145146,
          182.2119663123085,
          222.45002450482832,
          185.81971142614202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3230132751236,
          182.2119663123085,
          324.1218880385005,
          185.81971142614202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded ",
        "box": [
          336.2554302038565,
          166.01196813930437,
          368.85117649403037,
          169.61971325314516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          343.6487921200495,
          174.11196722580644,
          361.4472710790264,
          177.71971233964723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments",
        "box": [
          329.8640246746651,
          181.53696638843394,
          373.42694630579854,
          185.14471150226746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          375.7851132457863,
          181.53696638843394,
          380.65313166303196,
          185.81971142614202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In-place ",
        "box": [
          395.28628629648716,
          166.01196813930437,
          422.27109571945005,
          169.61971325314516
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing ",
        "box": [
          392.4808178628817,
          174.11196722580644,
          425.07656415305553,
          177.71971233964723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments",
        "box": [
          386.09995583250117,
          181.53696638843394,
          429.66287746363486,
          185.14471150226746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          431.7151884381162,
          181.53696638843394,
          436.5832001053626,
          185.81971142614202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loan ",
        "box": [
          449.51831143031933,
          174.11196722580644,
          479.89921422027834,
          177.71971233964723
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment",
        "box": [
          443.43276186663417,
          181.53696638843394,
          484.19549013944805,
          185.14471150226746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          487.687444375689,
          181.53696638843394,
          489.48631913906587,
          185.14471150226746
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gross total commitment",
        "box": [
          121.43670443063709,
          190.38808734853228,
          199.72746673117805,
          194.4493389600102
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3230132751236,
          190.46867867029505,
          324.5724505045621,
          194.9800523015292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          328.77770004717837,
          191.06308727241412,
          332.8276995904284,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "204,271\u00a0 \u00a0",
        "box": [
          348.2050416062058,
          190.46867867029505,
          381.1036941290935,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.30894367170976,
          191.06308727241412,
          389.35894321495977,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,444\u00a0 \u00a0",
        "box": [
          408.1851095917864,
          190.46867867029505,
          437.0337625714242,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.2390121140404,
          191.06308727241412,
          445.2890116572904,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "112,827\u00a0",
        "box": [
          460.06518524086624,
          191.06308727241412,
          489.05853797106005,
          195.12433888388477
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-accrual, maturity default, risk rated 5 and/or",
        "box": [
          121.43670443063709,
          200.51308620665804,
          280.6760428519768,
          204.57433781813597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0delinquent loans",
        "box": [
          121.43670443063709,
          208.6130852931601,
          178.8011514912016,
          212.67433690463804
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3230132751236,
          200.5936775284208,
          324.5724505045621,
          205.10505115965498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          328.77770004717837,
          207.93808536928555,
          330.8026998188034,
          211.99933698076347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(181,541)\u00a0",
        "box": [
          345.50504191070576,
          207.93808536928555,
          381.1036941290935,
          212.5300503222752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          385.30894367170976,
          207.93808536928555,
          387.33394344333476,
          211.99933698076347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(73,779)\u00a0",
        "box": [
          405.48510989628636,
          207.93808536928555,
          437.0337625714242,
          212.5300503222752
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          441.2390121140404,
          207.93808536928555,
          443.2640118856654,
          211.99933698076347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(107,762)",
        "box": [
          457.3651855453662,
          207.93808536928555,
          489.73090107523245,
          211.99933698076347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loan commitment",
        "box": [
          121.43670443063709,
          218.0630842274113,
          192.070436344721,
          222.12433583888924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          322.3230132751236,
          218.1436755491668,
          324.5724505045621,
          222.65504918040097
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          328.77770004717837,
          218.0630842274113,
          332.8276995904284,
          222.12433583888924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22,730\u00a0 \u00a0",
        "box": [
          352.2550411494558,
          218.0630842274113,
          381.1036941290935,
          223.33004910427553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          385.30894367170976,
          218.0630842274113,
          389.35894321495977,
          222.12433583888924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,665\u00a0 \u00a0",
        "box": [
          408.1851095917864,
          218.0630842274113,
          437.0337625714242,
          223.33004910427553
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$",
        "box": [
          441.2390121140404,
          218.0630842274113,
          445.2890116572904,
          222.12433583888924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,065\u00a0",
        "box": [
          468.16518432736626,
          218.0630842274113,
          489.05853797106005,
          222.12433583888924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subject to borrowers meeting future funding conditions provided for in our loan agreements, we expect to fund our $5.1 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of net loan commitments over the remaining maximum term of the related loans.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We incur to our Manager, payable in cash, a base management fee and incentive fee (to the extent earned), which are generally ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paid quarterly, in arrears. The tables above do not include the amounts payable to our Manager under the Management Agreement ",
        "box": [
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "which are reflected as management fee payable - affiliate on our consolidated balance sheet.",
        "box": [
          63.11249225831271,
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          394.8645586796734,
          296.90504080665414
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Maturities",
        "box": [
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        "from_ocr": false,
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      {
        "text": "The following table summarizes the future scheduled repayments of principal for loans receivable held-for-investment as of ",
        "box": [
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          551.3618746777526,
          333.3550366959025
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 ($ in thousands): ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
          156.83201293883252,
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          158.6308877022094,
          357.2696920903909
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          201.3292769205295,
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          203.1281516839064,
          357.2696920903909
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Initial Maturity",
        "box": [
          249.88708394428747,
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          298.4530986971197,
          356.5946921665163
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          343.1952731711964,
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          347.81016661698885,
          356.5946921665163
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully Extended Maturity",
        "box": [
          384.1487875525496,
          352.9869470526828,
          460.8994789367768,
          356.5946921665163
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          495.2390060240406,
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          497.03788078741746,
          356.5946921665163
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Year",
        "box": [
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          129.3197727120327,
          380.21968950214796
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid",
        "box": [
          226.33591135033663,
          361.0869461391849,
          249.1345100637305,
          364.6946912530184
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          223.5409931655413,
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          251.92242725573854,
          372.1196904156459
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Balance",
        "box": [
          222.7288805071296,
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          247.1120282351826,
          379.5446895782661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          270.31637514031723,
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          274.93126858610975,
          380.21968950214796
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
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          318.06962228688104,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Commitment",
        "box": [
          286.88551727168607,
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          327.64824554449956,
          379.5446895782661
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
          343.1952731711964,
          376.61194438830717,
          347.81016661698885,
          380.21968950214796
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unpaid",
        "box": [
          373.9710509503722,
          361.0869461391849,
          396.7696496637663,
          364.6946912530184
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Principal",
        "box": [
          371.17613276557694,
          368.5119453018051,
          399.5575668557744,
          372.1196904156459
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance",
        "box": [
          370.3640201071652,
          375.9369444644326,
          394.74716783521836,
          379.5446895782661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 \u00a0",
        "box": [
          420.904639407306,
          376.61194438830717,
          425.5195328530985,
          380.21968950214796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan",
        "box": [
          453.3784672449795,
          368.5119453018051,
          469.375073972987,
          372.1196904156459
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitment",
        "box": [
          438.19096895779194,
          375.9369444644326,
          478.9536972306058,
          379.5446895782661
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          495.2390060240406,
          376.61194438830717,
          497.03788078741746,
          380.21968950214796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          114.13826775373865,
          384.7880654245382,
          130.3382659267387,
          388.84931703600887
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          201.3292769205295,
          384.8686567462937,
          210.22028816782094,
          389.52431695988344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,648,883\u00a0 \u00a0 $",
        "box": [
          236.90387890850462,
          385.4630653484128,
          282.0234050700243,
          389.52431695988344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,718,466\u00a0 \u00a0 $",
        "box": [
          309.7827769393838,
          385.4630653484128,
          354.90230310090345,
          389.52431695988344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "902,055\u00a0 \u00a0 $",
        "box": [
          393.5671424903684,
          385.4630653484128,
          432.61166933701304,
          389.52431695988344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "963,956\u00a0",
        "box": [
          467.8804153594819,
          385.4630653484128,
          496.23041216223197,
          389.52431695988344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          114.13826775373865,
          394.2380643587894,
          130.3382659267387,
          398.29931597026007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.3292769205295,
          394.3186556805449,
          203.57871414996796,
          398.83002931177907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.17028862457093,
          394.913064282664,
          208.19528839619593,
          398.97431589413463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "683,347\u00a0 \u00a0 \u00a0",
        "box": [
          242.97887822337964,
          394.913064282664,
          279.9984052983993,
          398.97431589413463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "708,854\u00a0 \u00a0 \u00a0",
        "box": [
          315.8577762542588,
          394.913064282664,
          352.87730332927845,
          398.97431589413463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,174,830\u00a0 \u00a0 \u00a0",
        "box": [
          387.49214317549337,
          394.913064282664,
          430.58666956538804,
          398.97431589413463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,208,019\u00a0",
        "box": [
          461.8054160446069,
          394.913064282664,
          496.23041216223197,
          398.97431589413463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          114.13826775373865,
          403.68806329303334,
          130.3382659267387,
          407.74931490451127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.3292769205295,
          403.7686546147961,
          203.57871414996796,
          408.28002824603027
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.17028862457093,
          404.3630632169079,
          208.19528839619593,
          408.42431482838583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,000\u00a0 \u00a0 \u00a0",
        "box": [
          247.02887776662965,
          404.3630632169079,
          279.9984052983993,
          408.42431482838583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50,000\u00a0 \u00a0 \u00a0",
        "box": [
          319.9077757975088,
          404.3630632169079,
          352.87730332927845,
          408.42431482838583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,345\u00a0 \u00a0 \u00a0",
        "box": [
          393.5671424903684,
          404.3630632169079,
          430.58666956538804,
          408.42431482838583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "305,345\u00a0",
        "box": [
          467.8804153594819,
          404.3630632169079,
          496.23041216223197,
          408.42431482838583
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
          114.13826775373865,
          413.13806222728454,
          130.3382659267387,
          417.19931383876246
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.3292769205295,
          413.21865354904,
          203.57871414996796,
          417.7300271802742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.17028862457093,
          413.8130621511591,
          208.19528839619593,
          417.87431376263703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,938\u00a0 \u00a0 \u00a0",
        "box": [
          242.97887822337964,
          413.8130621511591,
          279.9984052983993,
          417.87431376263703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,938\u00a0 \u00a0 \u00a0",
        "box": [
          315.8577762542588,
          413.8130621511591,
          352.87730332927845,
          417.87431376263703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,938\u00a0 \u00a0 \u00a0",
        "box": [
          393.5671424903684,
          413.8130621511591,
          430.58666956538804,
          417.87431376263703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224,938\u00a0",
        "box": [
          467.8804153594819,
          413.8130621511591,
          496.23041216223197,
          417.87431376263703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
          114.13826775373865,
          422.58806116153573,
          130.3382659267387,
          426.64931277301366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          201.3292769205295,
          422.6686524832912,
          203.57871414996796,
          427.1800261145254
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          206.17028862457093,
          423.2630610854103,
          208.19528839619593,
          427.3243126968882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          266.60387555900473,
          422.6686524832912,
          275.3818310521713,
          427.3243126968882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          277.9734055267743,
          423.2630610854103,
          279.9984052983993,
          427.3243126968882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          339.48277358988383,
          422.6686524832912,
          348.2607290830505,
          427.3243126968882
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          350.85230355765344,
          423.2630610854103,
          352.87730332927845,
          427.3243126968882
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          417.1921398259935,
          422.6686524832912,
          425.97009531916007,
          427.3243126968882
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          428.56166979376303,
          423.2630610854103,
          430.58666956538804,
          427.3243126968882
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-\u00a0",
        "box": [
          491.50541269510694,
          423.2630610854103,
          496.23041216223197,
          427.3243126968882
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Thereafter",
        "box": [
          114.13826775373865,
          432.03806009578693,
          147.85926055075964,
          436.09931170726486
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u00a0",
        "box": [
          201.3292769205295,
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          203.57871414996796,
          437.30502497265115
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          206.17028862457093,
          432.7130600196615,
          208.19528839619593,
          436.7743116311394
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          266.60387555900473,
          432.1186514175424,
          275.3818310521713,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          277.9734055267743,
          432.7130600196615,
          279.9984052983993,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0 \u00a0",
        "box": [
          339.48277358988383,
          432.1186514175424,
          348.2607290830505,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          350.85230355765344,
          432.7130600196615,
          352.87730332927845,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          417.1921398259935,
          432.7130600196615,
          421.91713929311845,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0\u00a0",
        "box": [
          426.536670022138,
          432.7130600196615,
          430.58666956538804,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-\u00a0",
        "box": [
          491.50541269510694,
          432.7130600196615,
          496.23041216223197,
          436.7743116311394
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          114.13826775373865,
          442.1630589539127,
          131.23211297593258,
          446.22431056538335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0 $",
        "box": [
          201.3292769205295,
          442.83805887778726,
          210.22028816782094,
          448.78002367852605
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,607,168\u00a0 \u00a0 $",
        "box": [
          236.90387890850462,
          442.83805887778726,
          282.0234050700243,
          446.8993104892652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,702,258\u00a0 \u00a0 $",
        "box": [
          309.7827769393838,
          442.83805887778726,
          354.90230310090345,
          446.8993104892652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,607,168\u00a0 \u00a0 $",
        "box": [
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          446.8993104892652
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,702,258\u00a0",
        "box": [
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          446.8993104892652
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          64.46249210606271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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          124.39510233199552,
          465.7993083577603
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes $898.9 million in unpaid principal balance and $1.0 billion in loan commitments of loans receivable ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "held-for-investment that are in maturity default with no available extension options.",
        "box": [
          129.3257660409262,
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          400.8260284917272,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash Flows",
        "box": [
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          107.35870184910478,
          496.03001834977476
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash for the three ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "months ended March 31, 2026 and 2025 ($ in thousands):",
        "box": [
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          271.031405821424,
          522.3550153809047
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          85.60433348860761,
          528.9125620806881
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          64.9113670216896,
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          388.98516197336403,
          534.7946720695181
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        "confidence": 1.0
      },
      {
        "text": "Three Months Ended",
        "box": [
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          502.09204306074,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          547.5785000875583,
          534.7946720695181
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          224.24763033584833,
          539.9619259660612,
          226.04650509922521,
          543.5696710798948
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          388.98516197336403,
          543.5696710798948
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        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
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          451.5379611525477,
          542.8946711560202
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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          467.6121028559916,
          542.8946711560202
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2025",
        "box": [
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          532.4957645223058,
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      {
        "text": "\u00a0",
        "box": [
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          547.5785000875583,
          542.8946711560202
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        "confidence": 1.0
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      {
        "text": "Net cash flows used in operating activities",
        "box": [
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          548.138047002285,
          200.32600455367628,
          552.199298613763
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          389.4357244394256,
          552.0550120314001
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
          394.36870489996994,
          548.138047002285,
          398.41870444321995,
          552.199298613763
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(6,478) \u00a0",
        "box": [
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          468.06266532205314,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          477.04565207584676,
          552.199298613763
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        "confidence": 1.0
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      {
        "text": "(35,785)",
        "box": [
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          548.138047002285,
          546.947694872449,
          552.199298613763
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net cash flows provided by investing activities",
        "box": [
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          215.18127570833167,
          561.6492975480141
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          387.18628720998714,
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          389.4357244394256,
          561.5050109656513
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          394.36870489996994,
          557.5880459365362,
          396.39370467159495,
          561.6492975480141
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "400,549\u00a0 \u00a0",
        "box": [
          434.63666910863805,
          556.9936373344171,
          468.06266532205314,
          561.6492975480141
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          472.99565253259675,
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          475.02065230422176,
          561.6492975480141
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "274,795\u00a0",
        "box": [
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          557.5880459365362,
          546.2753317682766,
          561.6492975480141
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net cash flows used in financing activities",
        "box": [
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          567.0380448707874,
          200.32600455367628,
          571.0992964822653
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          387.18628720998714,
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          389.4357244394256,
          571.6300098237771
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u00a0",
        "box": [
          394.36870489996994,
          567.0380448707874,
          396.39370467159495,
          571.0992964822653
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(454,412) \u00a0",
        "box": [
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          571.0992964822653
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          472.99565253259675,
          567.0380448707874,
          475.02065230422176,
          571.0992964822653
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(223,638)",
        "box": [
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          546.947694872449,
          571.0992964822653
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        "from_ocr": false,
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      {
        "text": "Net (decrease) increase in cash, cash equivalents, and restricted cash",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          389.4357244394256,
          582.4300086057774
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
        "box": [
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          398.41870444321995,
          581.8992952642657
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(60,341) \u00a0",
        "box": [
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      {
        "text": "$",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15,372\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "We experienced a net decrease in cash, cash equivalents, and restricted cash of $60.3 million during the three months ended ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026, compared to a net increase of $15.4 million during the three months ended March 31, 2025. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the three months ended March 31, 2026, we received $224.7 million from loan repayments, received $197.5 million of ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "loan sale proceeds, and received $489.1 million of proceeds from borrowings under our financing arrangements, net of payments for ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
          247.11325275711403,
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          252.73285531296963,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
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  },
  {
    "page_no": 56,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "56",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "deferred  financing  costs,  fees,  and  equity  issuance  costs.  Additionally,  we  made  $21.2  million  of  advances  on  loans  and  made ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments on financings arrangements of $943.5 million (inclusive of $142.1 million of deleveraging repayments).",
        "box": [
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      {
        "text": "Income Taxes",
        "box": [
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        "from_ocr": false,
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      {
        "text": "We have elected and believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes, commencing with ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "our initial taxable year ended December 31, 2015. We generally must distribute annually at least 90% of our REIT taxable income, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "determined without regard to the deduction for dividends paid and excluding net capital gain, to maintain our REIT status. To the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "extent that we satisfy this distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "U.S. federal income tax on our undistributed REIT taxable income. In addition, we will be subject to a 4% nondeductible excise tax if ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the actual amount that we pay (or are treated as paying) out to our stockholders in a calendar year is less than a minimum amount ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "specified under U.S. federal tax laws. Our real estate owned hotel portfolio is held in a TRS. Our TRS is not consolidated for U.S. ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "federal  income  tax  purposes  and  is  taxed  separately  as  a  corporation.  For  financial  reporting  purposes,  a  provision  or  benefit  for ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "current and deferred taxes is established for the portion of earnings or expense recognized by us with respect to our TRS.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Code, which relate to organizational structure, diversity of stock ownership and certain restrictions with regard to the nature of our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "subject to material penalties as well as federal, state and local income tax on our REIT taxable income at regular corporate rates and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we would not be able to qualify as a REIT for the subsequent four full taxable years. As of March 31, 2026, we were in compliance ",
        "box": [
          63.11249225831271,
          296.4437372306638,
          551.3618746777526,
          300.955110861898
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with all REIT requirements.",
        "box": [
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          311.08010972002376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Off-Balance Sheet Arrangements",
        "box": [
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          190.55262748417798,
          332.6801072840244
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, we had no off-balance sheet arrangements aside from those discussed in Note 3 - Loan Portfolio, Note 4 - ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Method Investment, and Note 14 - Commitments and Contingencies to our consolidated financial statements. ",
        "box": [
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          485.1802448915704,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Critical Accounting Policies and Estimates",
        "box": [
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          226.55672956121487,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  discussion  and  analysis  of  our  financial  condition  and  results  of  operations  is  based  upon  our  consolidated  financial ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our Manager ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  make  estimates,  judgments  and  assumptions  that  affect  the  reported  amounts  of  assets  and  liabilities  and  the  disclosure  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reporting periods. We believe that all of the decisions and estimates are reasonable, based upon the information available to us. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "financial statements. The assumptions within our accounting policies may vary from quarter to quarter as our portfolio changes and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market and economic conditions evolve.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "See Note 2 to our consolidated financial statements for a description of our significant accounting policies.",
        "box": [
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      {
        "text": "Current Expected Credit Losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The CECL reserve required under ASC 326, ",
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        "confidence": 1.0
      },
      {
        "text": "Financial Instruments - Credit Losses",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ",  reflects our current estimate of potential ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the reserve should be based on relevant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "information  about  past  events,  including  historical  loss  experience,  current  loan  portfolio,  market  conditions  and  reasonable  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "supportable macroeconomic forecasts through each loan within our loan portfolio's expected remaining duration.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "For our loan portfolio, we perform a quantitative assessment of the impact of CECL primarily using the Weighted Average ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Remaining  Maturity,  or  WARM,  method.  The  application  of  the  WARM  method  to  estimate  a  general  CECL  reserve  requires ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "time period.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  our  loans  over  their  expected  remaining  duration,  taking  into  consideration  expected  economic  conditions  over  the  forecasted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance of the commercial real estate assets securing our loans and each borrower's ultimate ability to repay. These estimates ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 57,
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    "cells": [
      {
        "text": "\u00a0",
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      {
        "text": "57",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may ",
        "box": [
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      {
        "text": "be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, timing of the loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "initial maturity, or the economic conditions specific to the property type of a loan's collateral property.",
        "box": [
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        "confidence": 1.0
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      {
        "text": "To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "from the 1990s through March 31, 2026. We believe this CMBS data is the most relevant, available, and comparable data set to our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "portfolio.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "that, while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unfunded  loan  commitments  through  their  expected  remaining  duration,  adjusted  for  projected  fundings  from  interest  reserves,  if ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  location,  loan  type,  structure,  collateral  cash  flow  volatility  and  other  more  subjective  variables  that  include,  but  are  not ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "limited  to,  as-is  or  as-stabilized  collateral  value,  market  conditions,  industry  conditions,  borrower/sponsor  financial  stability,  and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan's risk rating. However, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based  upon  the  facts  and  circumstances  for  each  loan  and  the  overall  market  conditions,  we  may  consider  certain  previously ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "mentioned factors more or less relevant than others. We utilize the grading system to determine each loan's risk of loss and to provide ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "In certain circumstances, we may determine that a loan is no longer suited for the WARM method because (i) it has unique risk ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "characteristics,  (ii)  we  have  deemed  the  borrower/sponsor  to  be  experiencing  financial  difficulty  and  the  repayment  of  the  loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "principal is collateral-dependent, (iii) we anticipate assuming legal title and/or physical possession of the collateral property and the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "fair value of the collateral property is determined to be below the carrying value of our loan, and/or (iv) recovery of our loan may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "occur at an amount below our loan's carrying value. We may instead elect to employ different methods to estimate credit losses that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "also conform to ASC 326 and related guidance.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For such loans, we would separately measure the specific reserve for each loan by using the estimated fair value of the loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "collateral. In certain circumstances, we may recognize a specific reserve based upon anticipated proceeds from the disposition of our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loan. If the estimated fair value of the collateral or anticipated proceeds from the disposition of our loan is less than the carrying value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equal to the excess of a loan's carrying value over the estimated fair value of the collateral or anticipated proceeds from the disposition ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of our loan. If recovery of our loan is expected from the sale of the collateral, specific reserves are equal to the excess of a loan's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value over the estimated fair value of the collateral less estimated costs to sell.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair values of collateral assets used to determine specific CECL reserves are calculated using a discounted cash flow model, a ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales comparison approach, or a market capitalization approach. Estimates of fair values used to determine specific CECL reserves ",
        "box": [
          63.11249225831271,
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          587.15490592891
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may include,  among  others,  assumptions  of  property  specific  cash  flows  over  estimated  holding  periods,  assumptions  of  property ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "redevelopment costs, assumptions of leasing activities, discount rates, market and terminal capitalization rates, and, with respect to ",
        "box": [
          63.11249225831271,
          603.5685299378019,
          551.3618746777526,
          608.0799035690361
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "land, value per buildable square foot. These assumptions are based upon the nature of the properties, recent and projected property ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          618.2049024271619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cash flows, recent sales and lease comparables, and anticipated real estate and capital market conditions, among other factors which ",
        "box": [
          63.11249225831271,
          624.493527577928,
          551.3618746777526,
          629.0049012091622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "we may deem relevant. Estimates of fair values used to determine specific CECL reserves as of March 31, 2026 include discount rates ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          639.129900067288
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ranging from 6.0% to 9.5%, market and terminal capitalization rates ranging from 4.72% to 8.25%, and, with respect to the land loan, ",
        "box": [
          63.11249225831271,
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          649.2548989254137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value per buildable square foot of $140 based on current entitlements.",
        "box": [
          63.11249225831271,
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          314.7196273432416,
          659.3798977835322
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, ",
        "box": [
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          680.9798953475329
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "if any, could materially differ from those estimates.",
        "box": [
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          248.25584475387996,
          691.1048942056586
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 58,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real Estate Owned",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "To maximize recovery from certain defaulted loans, we may from time to time assume legal title and/or physical possession of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the collateral property of a defaulted loan through foreclosure, a deed-in-lieu of foreclosure, or an assignment-in-lieu of foreclosure.",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We  account  for  acquisitions  of  real  estate,  including  foreclosures,  deed-in-lieu  of  foreclosures,  or  assignment-in-lieu  of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "foreclosures, in accordance with ASC 805, ",
        "box": [
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          220.35633561032495,
          153.80502214514854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Business Combinations",
        "box": [
          220.5245872557249,
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          304.9255778779494,
          153.80502214514854
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": ", which first requires that we determine if the real estate investment ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is the acquisition of an asset or a business combination. Under this model, we identify and determine the estimated fair value of any ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets  acquired  and  liabilities  assumed.  This  generally  results  in  the  allocation  of  the  purchase  price  to  the  assets  acquired  and ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liabilities assumed based on the relative estimated fair values of each respective asset and liability. Debt related to real estate owned ",
        "box": [
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          183.50501879565127
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hotel portfolio is initially recorded at its estimated fair value at the time of foreclosure, deed-in-lieu of foreclosure, or assignment-in-",
        "box": [
          63.11249225831271,
          188.4436440986683,
          549.1030624018433,
          192.95501772990247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lieu of foreclosure.",
        "box": [
          63.11249225831271,
          198.56864295679406,
          131.31603225709335,
          203.08001658802823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets  acquired  and  liabilities  assumed  generally  include  land,  building,  building  improvements,  tenant  improvements, ",
        "box": [
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          224.00501422815432
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consists of above ",
        "box": [
          63.11249225831271,
          228.94363953116408,
          551.3618746777526,
          233.45501316239825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or below market lease values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase ",
        "box": [
          63.11249225831271,
          239.06863838928984,
          551.3618746777526,
          243.580012020524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar ",
        "box": [
          63.11249225831271,
          249.1936372474156,
          551.3618746777526,
          253.70501087864977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the ",
        "box": [
          63.11249225831271,
          259.3186361055414,
          551.3618746777526,
          263.83000973677554
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired ",
        "box": [
          63.11249225831271,
          268.76863503979257,
          551.3618746777526,
          273.28000867102674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our ",
        "box": [
          63.11249225831271,
          278.89363389791833,
          551.3618746777526,
          283.4050075291525
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the ",
        "box": [
          63.11249225831271,
          289.0186327560441,
          551.3618746777526,
          293.53000638727826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "estimation of total lease-up time, including lost rents.",
        "box": [
          63.11249225831271,
          298.4686316902953,
          254.77570789858422,
          302.98000532152946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real  estate  assets  held-for-investment  are  evaluated  for  indicators  of  impairment  on  a  quarterly  basis.  Factors  that  we  may ",
        "box": [
          85.15545852235574,
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          551.3618746777526,
          323.9050029616483
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consider  in  our  impairment  analysis  include,  among  others:  (i)  significant  underperformance  relative  to  historical  or  anticipated ",
        "box": [
          63.11249225831271,
          329.5186281885399,
          551.3618746777526,
          334.03000181977404
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "operating results; (ii) significant negative industry or economic trends; (iii) costs necessary to extend the life or improve the real estate ",
        "box": [
          63.11249225831271,
          338.9686271227911,
          551.3618746777526,
          343.48000075402524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "asset;  (iv)  significant  increase  in  competition;  and  (v)  ability  to  hold  and  dispose  of  the  real  estate  asset  in  the  ordinary  course  of ",
        "box": [
          63.11249225831271,
          349.09362598091684,
          551.3618746777526,
          353.604999612151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "business.  A  real  estate  asset  is  considered  impaired  when  the  sum  of  estimated  future  undiscounted  cash  flows  expected  to  be ",
        "box": [
          63.11249225831271,
          359.2186248390426,
          551.3618746777526,
          363.72999847027677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. ",
        "box": [
          63.11249225831271,
          368.6686237732938,
          551.3618746777526,
          373.17999740452797
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash flows include operating cash flows and anticipated capital proceeds generated by the sale of the real estate asset. If the sum of ",
        "box": [
          63.11249225831271,
          378.79362263141957,
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          383.30499626265373
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded ",
        "box": [
          63.11249225831271,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equal to the excess of the carrying value of the real estate asset over its estimated fair value.",
        "box": [
          63.11249225831271,
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          393.3926932656672,
          402.8799940550234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fair  values  of  collateral  assets  used  to  determine  the  initial  estimated  fair  value  of  real  estate  owned  are  calculated  using  a ",
        "box": [
          85.15545852235574,
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          551.3618746777526,
          424.4799916190241
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "discounted  cash  flow  model,  a  sales  comparison  approach,  or  a  market  capitalization  approach.  Estimates  of  fair  values  used  to ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          434.60499047714984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "determine real estate owned upon acquisition may include, among others, assumptions of property specific cash flows over estimated ",
        "box": [
          63.11249225831271,
          440.893615627916,
          551.3618746777526,
          445.40498925915017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates, market and terminal ",
        "box": [
          63.11249225831271,
          451.01861448604177,
          551.3618746777526,
          455.52998811727593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates, and, with respect to land, value per buildable square foot. These assumptions are based upon the nature of the ",
        "box": [
          63.11249225831271,
          461.14361334416753,
          551.3618746777526,
          465.6549869754017
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties, recent and projected property cash flows, recent sales and lease comparables, and anticipated real estate and capital market ",
        "box": [
          63.11249225831271,
          471.94361212616786,
          551.3618746777526,
          476.454985757402
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions,  among  other  factors  which  we  may  deem  relevant.  Estimates  of  fair  values  used  to  determine  real  estate  owned  upon ",
        "box": [
          63.11249225831271,
          482.0686109842936,
          551.3618746777526,
          486.5799846155278
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "acquisition during the three months ended March 31, 2026 include assumptions of a market capitalization rate of 5.75% and a discount ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          496.70498347365356
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rate of 8.00%.",
        "box": [
          63.11249225831271,
          502.9936086244197,
          114.08062773836413,
          507.5049822556539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no impairments of our real estate owned held-for-investment assets through March 31, 2026.",
        "box": [
          85.15545852235574,
          523.243606340664,
          461.9444890295474,
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 59,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59",
        "box": [
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          310.6066975402138,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Quantitative and Qualitative Disclosures About Market Risk. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Risk",
        "box": [
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          119.3799849395291
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In early 2022, the U.S. Federal Reserve began a campaign to combat inflation by increasing interest rates, ultimately resulting in ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmark interest rates increasing by 5.25% by the end of 2023. Although the U.S. Federal Reserve has reduced benchmark interest ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates  between  September  2024  and  December  2025,  such  benchmark  rates  remain  elevated  relative  to  recent  historical  levels. ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally, the U.S. Federal Reserve has indicated that further changes in benchmark interest rates are dependent upon changes in ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prices and employment markets. The timing, direction, and extent of any future adjustment to benchmark interest rates by the U.S. ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          176.75497846890357
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Federal Reserve is uncertain. Elevated benchmark interest rates imposed by the U.S. Federal Reserve may continue to increase our ",
        "box": [
          63.11249225831271,
          182.36860369579517,
          551.3618746777526,
          186.87997732702934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest  expense,  negatively  impact  the  ability  of  our  borrowers  to  service  their  debt,  and  reduce  the  value  of  the  CRE  collateral ",
        "box": [
          63.11249225831271,
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          197.00497618514783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "underlying  our  loans.  Conversely,  in  a  period  of  declining  interest  rates,  the  interest  income  on  floating  rate  investments  would ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "decline, while any decline in the interest we are charged on our floating rate debt may not equal or exceed the decrease in interest ",
        "box": [
          63.11249225831271,
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          217.92997382527392
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income and the interest expense we incur. Exclusive of the impact of non-accrual loans, rising interest rates will generally increase our ",
        "box": [
          63.11249225831271,
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          228.05497268339968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net interest income, while declining interest rates will generally decrease our net interest income. ",
        "box": [
          63.11249225831271,
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          238.8549714654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table illustrates as of March 31, 2026 the impact on our net interest income and net interest income per share for ",
        "box": [
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans receivable held-for-investment for the twelve-month period following March 31, 2026, assuming a decrease in SOFR of 50 and ",
        "box": [
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      {
        "text": "100 basis points and an increase in SOFR of 50 and 100 basis points in the applicable interest rate benchmark (based on SOFR of ",
        "box": [
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      {
        "text": "3.66% as of March 31, 2026) ($ in thousands, except per share data): ",
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      {
        "text": "\u00a0",
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        "text": "Net Floating",
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
          282.97262371297353,
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        "from_ocr": false,
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      {
        "text": "Decrease",
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Increase",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "Rate Exposure",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Change in",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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      {
        "text": "100 Basis Points",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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      },
      {
        "text": "50 Basis Points",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "50 Basis Points",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 \u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100 Basis Points",
        "box": [
          491.526506442728,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          545.7479880777493,
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          547.5468628411262,
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      {
        "text": "$",
        "box": [
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          67.16249180156272,
          330.12424777088745
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "712,167\u00a0 \u00a0",
        "box": [
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          330.6549611123992
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        "from_ocr": false,
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      {
        "text": "Net interest income",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,203\u00a0 \u00a0 $",
        "box": [
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          359.45855258705967,
          330.799247694762
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4,545\u00a0 \u00a0 $",
        "box": [
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          330.799247694762
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4,165) \u00a0 $",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8,329)",
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        "from_ocr": false,
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      {
        "text": "\u00a0",
        "box": [
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          65.13749202993772,
          340.2492466290132
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
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          340.2492466290132
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        "confidence": 1.0
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      {
        "text": "\u00a0",
        "box": [
          158.69881297829892,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Net interest income per share",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u00a0 $",
        "box": [
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          292.93942283893995,
          340.2492466290132
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.06\u00a0 \u00a0 $",
        "box": [
          330.46519985686587,
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          359.45855258705967,
          340.2492466290132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.03\u00a0 \u00a0 $",
        "box": [
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          425.9776890851786,
          340.2492466290132
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(0.03) \u00a0 $",
        "box": [
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          492.49681883329833,
          340.2492466290132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.06)",
        "box": [
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        "from_ocr": false,
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      {
        "text": " ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risks related to fluctuations in cash flows and asset values associated with movements in interest rates may also contribute to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "the risk of nonperformance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "real estate assets to our loans may be insufficient to pay debt service due, which may contribute to nonperformance of our loans. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "seek to manage this risk by, among other things, generally requiring our borrowers to acquire interest rate caps from an unaffiliated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "third-party.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our loans and other investments are also subject to credit risk, including the risk of default. In particular, changes in general ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "economic conditions, including interest rates, will affect the creditworthiness of borrowers and/or the value of underlying real estate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "collateral  relating  to  our  investments.  By  its  nature,  our  investment  strategy  emphasizes  prudent  risk  management  and  capital ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preservation  by  primarily  originating  senior  loans  utilizing  underwriting  techniques  requiring  relatively  conservative  loan-to-value ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ratio levels to insulate us from credit losses absent a significant diminution in collateral value. In addition, we seek to manage credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk by performing extensive due diligence on our collateral, borrower and guarantors, as applicable, evaluating, among other things, ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "title, environmental and physical condition of collateral, comparable sales and leasing analysis of similar collateral, the quality of and ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "alternative uses for the real estate collateral being underwritten, submarket trends, our borrower's track record and the reasonableness ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of  the  borrower's  projections  prior  to  originating  a  loan.  Subsequent  to  origination,  we  also  manage  credit  risk  by  proactively ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "monitoring our investments and, whenever possible, limiting our own leverage to partial recourse or non-recourse, match-funding ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing.  Notwithstanding  these  efforts,  there  can  be  no  assurance  that  we  will  be  able  to  avoid  losses  in  all  circumstances.  The ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance and value of our loans and investments depend upon, among other things, the borrower's ability to improve and operate ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us. To monitor ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "this risk, our Sponsor's asset management team rigorously monitors the performance of our loan portfolio and our Sponsor's asset ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management and origination teams maintain regular contact with borrowers, property managers, co-lenders and local market experts ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  monitor  the  performance  of  the  underlying  loan  collateral,  anticipate  borrower,  property  and  market  issues  and,  to  the  extent ",
        "box": [
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          599.9799307385256
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "necessary or appropriate, enforce our rights as the lender. ",
        "box": [
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          271.7220624649119,
          610.7799295205259
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  addition,  we  are  exposed  to  the  risks  generally  associated  with  the  CRE  market,  including  variances  in  occupancy  rates, ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization rates, absorption rates and other macroeconomic factors beyond our control, including changes in benchmark interest ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          641.8299260187778
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rates,  cost  increases  associated  with  construction  materials  and  energy  prices,  employment  conditions,  and  supply  chain  and  labor ",
        "box": [
          63.11249225831271,
          648.1185511695439,
          551.3618746777526,
          652.6299248007781
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market disruptions. We manage these risks through our underwriting, loan structuring, financing structuring, and asset management ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
          662.7549236589039
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "processes. ",
        "box": [
          63.11249225831271,
          668.3685488857955,
          102.09669096988603,
          672.8799225170296
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 60,
    "width": 612.0,
    "height": 792.0,
    "cells": [
      {
        "text": "\u00a0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "60",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In  the  event  that  we  are  forced  to  foreclose,  our  broader  Sponsor  platform  includes  professionals  experienced  in  CRE ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "development, ownership, property management, and asset management which enables us to execute the workout of a troubled loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and protect investors' capital in a way that we believe many non-traditional lenders cannot. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Markets Risk",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We are exposed to risks related to the equity and debt capital markets which impact our related ability to raise capital through ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the issuance of our common stock or other debt or equity-related instruments. As a REIT, we are required to distribute a significant ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "portion of our REIT taxable income annually, which constrains our ability to retain and accumulate operating earnings and therefore ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "requires  us  to  utilize  debt  or  equity  capital  to  finance  the  growth  of  our  business.  We  seek  to  mitigate  these  risks  by  constantly ",
        "box": [
          63.11249225831271,
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          551.3618746777526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "monitoring the debt and equity capital markets, the maturity profile of our in-place loan portfolio and financings, and other potential ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "liquidity requirements to inform our decisions on the amount, timing, and terms of any capital we may raise.",
        "box": [
          63.11249225831271,
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          207.80492360716016
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Each of our repurchase agreements contain 'margin maintenance' provisions, which allow the lender to require the delivery of ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "cash or other assets to reduce the financing amount against loans that have been deemed to have experienced a diminution in value. A ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "substantial deterioration in the commercial real estate capital markets, among other things, may negatively impact the value of assets ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financed  with  lenders  that  have  margin  maintenance  provisions  in  their  facilities.  Certain  of  our  repurchase  agreements  permit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "valuation adjustments solely as a result of collateral-specific credit events, while other repurchase agreements contain provisions also ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "allowing our lenders to make margin calls upon the occurrence of adverse changes in the capital markets or as a result of interest rate ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or spread fluctuations, subject to minimum thresholds, among other factors. As of March 31, 2026, we have not received any margin ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "calls under any of our repurchase agreements.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Financing Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "We finance and have financed our business through a variety of means, including the syndication of non-consolidated senior ",
        "box": [
          85.15545852235574,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "interests, notes payable, borrowings under our repurchase and participation facilities, the syndication of senior participations in our ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "originated  senior  loans,  and  secured  term  loan.  Over  time,  as  market  conditions  change,  we  may  use  other  forms  of  financing  in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "addition to these methods of financing. Weakness or volatility in the debt capital markets, the CRE and mortgage markets, changes in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "regulatory  requirements,  geopolitical  volatility,  global  trade  tensions,  and  fluctuation  in  interest  rates  and  the  resulting  market ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "disruptions therefrom, among other things, could adversely affect one or more of our lenders or potential lenders and could cause one ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or more of our lenders or potential lenders to be unwilling or unable to provide us with financing, increase the costs of or reduce the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "advance rate on existing financing or otherwise offer unattractive terms for that financing. In addition, we may seek to finance our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "business through the issuance of our common stock or other equity or equity-related instruments, though there is no assurance that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "such financing will be available on a timely basis with attractive terms, or at all. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Counterparty Risk",
        "box": [
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          452.82989597378037
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The nature of our business requires us to hold cash and cash equivalents with various financial institutions, as well as obtain ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "financing from various financial institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations ",
        "box": [
          63.11249225831271,
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          478.4798930810357
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "to us under various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into ",
        "box": [
          63.11249225831271,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "financing agreements with high credit-quality institutions. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Our  relationships  with  our  lenders  subject  us  to  counterparty  risks  including  the  risk  that  a  counterparty  is  unable  to  fund ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "undrawn credit capacity, particularly if such counterparty enters bankruptcy, among other detrimental effects. We seek to manage this ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "risk by seeking diverse financing sources across counterparties and financing types and generally obtaining financing from high credit ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "quality institutions.",
        "box": [
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          132.59890916741335,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "The nature of our loans and other investments also exposes us to the risks our borrowers face, which may result in our borrowers ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "being unable to execute their business plans, and as a result do not make required interest and principal payments on scheduled due ",
        "box": [
          63.11249225831271,
          578.5935076504247,
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          583.1048812816589
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "dates, as well as the impact of our borrowers' tenants not making scheduled rent payments when contractually due. Such risks faced ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "by our borrowers may include those discussed herein and may include the interplay thereof and factors beyond the control of our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowers, including local, regional, national, and global conditions. We manage this risk through a comprehensive credit analysis ",
        "box": [
          63.11249225831271,
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          614.1548777799107
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "prior to making an investment and rigorous monitoring of our borrowers' progress in executing their business plans as well as market ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "conditions that may affect the collateral property, through our asset management process. Each loan is structured with various lender ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "protections that are designed to discourage and deter fraudulent behavior and other bad acts by borrowers, as well as require borrowers ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to  adhere  to  their  stated  business  plans  while  the  loan  is  outstanding.  Such  protections  may  include,  without  limitation:  cash ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management  accounts,  'bad  boy'  carveout  guarantees,  completion  guarantees,  guarantor  minimum  net  worth  and  liquidity ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "requirements,  partial  or  full  recourse  to  sponsors  and/or  guarantors,  approval  rights  over  major  decisions,  and  performance  tests ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "throughout the loan term. ",
        "box": [
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  },
  {
    "page_no": 61,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
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      {
        "text": "61",
        "box": [
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      {
        "text": "Prepayment Risk",
        "box": [
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      {
        "text": "Prepayment risk is the risk that principal will be repaid prior to initial maturity, which may require us to identify new investment ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "opportunities to deploy such capital at a similar rate of return in order to avoid an overall reduction in our net interest income. We may ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "structure  our  loans  with  spread  maintenance,  minimum  multiples  and  make-whole  provisions  to  protect  against  early  repayment. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Typically, investments are structured with the equivalent of 12 to 24 months' spread maintenance or a minimum level of income that ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "an investment is contractually obligated to return. In general, an increase in prepayment rates accelerates the accretion of deferred ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "income, including origination fees and exit fees, which increases interest income earned on the asset during the period of repayment. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Conversely, if capital that is repaid is not subsequently redeployed into investment opportunities generating a similar return, future ",
        "box": [
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      {
        "text": "periods may experience reduced net interest income. ",
        "box": [
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      {
        "text": "Repayment / Extension Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans  are  generally  expected  to  be  repaid  at  maturity,  unless  the  borrower  repays  early  or  meets  contractual  conditions  to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "qualify for a maturity extension. The granting of these extensions may cause a loan's term to extend beyond the term of its related ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "secured financing. Elevated interest rates recently imposed by the U.S. Federal Reserve relative to recent historical levels may lead to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "an increase in the number of our borrowers who exercise or request additional extension options, or who may become unwilling or ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "unable to make contractual payments when due. Some of our borrowers may experience delays in the execution of their business ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "plans, changes in their capital position and available liquidity, and/or changes in market conditions which may impact the performance ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of the collateral property, borrower, or sponsor. Accordingly, this may result in the borrower not meeting certain extension conditions ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "such as minimum debt yield, maximum LTV, and/or the ability of the borrower to purchase replacement interest rate caps. Elevated ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "interest rates may also increase the number of our borrowers who may default because, among other things, they may not be able to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "find replacement financing for our loan. Furthermore, there may be certain instances where, for loans which have been modified, we ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "may  not  be  able  to  maintain  the  associated  financing  on  its  existing  terms.  This  could  have  a  negative  impact  on  our  results  of ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "operations, and in some situations, we may be forced to sell assets to maintain adequate liquidity, which could cause us to incur losses.",
        "box": [
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      {
        "text": "Currency Risk",
        "box": [
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        "text": "To date, we have made no loans and hold no assets or liabilities denominated or payable in foreign currencies, although we may ",
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      {
        "text": "do so in the future. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "We may in the future hold assets denominated or payable in foreign currencies, which would expose us to foreign currency risk. ",
        "box": [
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        "from_ocr": false,
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        "text": "As a result, a change in foreign currency exchange rates may have a positive or an adverse impact on the valuation of our assets, as ",
        "box": [
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      {
        "text": "well as our income and dividends. Any such changes in foreign currency exchange rates may impact the measurement of such assets ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or income for the purposes of our REIT tests and may affect the amounts available for payment of dividends to our stockholders. ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Although not required, if applicable, we may hedge any currency exposures. However, such currency hedging strategies may ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "not eliminate all of our currency risk due to, among other things, uncertainties in the timing and/or amount of payments received on ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the  related  investments  and/or  unequal,  inaccurate  or  unavailability  of  hedges  to  perfectly  offset  changes  in  future  exchange  rates. ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Additionally,  we  may  be  required  under  certain  circumstances  to  collateralize  our  currency  hedges  for  the  benefit  of  the  hedge ",
        "box": [
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        "text": "counterparty, which could adversely affect our liquidity. ",
        "box": [
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      {
        "text": "Real Estate Risk",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "The market values of loans secured directly or indirectly by CRE assets and CRE assets themselves are subject to volatility and ",
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        "from_ocr": false,
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      {
        "text": "may be adversely affected by a number of factors, including the interest rate environment; persistent inflation; increases in remote ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "work  trends;  natural  disasters  or  pandemics;  national,  regional,  local  and  foreign  economic  conditions  (which  may  be  adversely ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "affected by industry slowdowns, global trade tensions, geopolitical volatility, energy prices, and other factors); changes in government ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "laws,  regulations,  and  actions  (such  as  tax,  real  estate,  environmental  and  climate,  rent  control,  zoning  laws,  bank  reserve ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "requirements, and changes in monetary policy); supply chain and labor market disruptions; changes in social conditions; changes in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "employment  conditions;  regional  or  local  real  estate  conditions;  changes  or  continued  weakness  in  specific  industry  segments; ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "construction quality, age and design; changes to construction costs; demographic factors; changes to building or similar codes; and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "changes in real property tax rates. In addition, decreases in property values reduce the value of the loan collateral and the potential ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses. We may realize losses ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "related to foreclosures, repayments of our loans at an amount below our carrying value, the sale of our loans, the restructuring of the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans in our investment portfolio on terms that may be more favorable to borrowers than those underwritten at origination, or the sale ",
        "box": [
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      {
        "text": "of real estate owned assets. We seek to manage these risks through our underwriting, loan structuring, financing structuring and asset ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "management processes.",
        "box": [
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        "from_ocr": false,
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      }
    ]
  },
  {
    "page_no": 62,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      },
      {
        "text": "62",
        "box": [
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      {
        "text": "Item 4. Controls and Procedures.",
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      {
        "text": "Disclosure Controls and Procedures",
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        "confidence": 1.0
      },
      {
        "text": "We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to ",
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        "confidence": 1.0
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      {
        "text": "be disclosed in our reports filed or submitted with the SEC is recorded, processed, summarized and reported within the time periods ",
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        "text": "specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Exchange  Act  of  1934)  during  the  three  months  ended  March  31,  2026  that  have  materially  affected,  or  are  reasonably  likely  to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "materially affect, our internal control over financial reporting.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As  of  March  31,  2026,  an  evaluation  was  performed  under  the  supervision  and  with  the  participation  of  our  management, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "controls  and  procedures  (as  defined  in  Rules  13a-15(e)  and  15d-15(e)  under  the  Securities  Exchange  Act  of  1934).  Based  on  that ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "evaluation,  the  Chief  Executive  Officer  and  Chief  Financial  Officer  concluded  that  our  disclosure  controls  and  procedures  were ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "effective at the reasonable assurance level as of March 31, 2026.",
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      }
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  {
    "page_no": 63,
    "width": 612.0,
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    "cells": [
      {
        "text": "\u00a0",
        "box": [
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      },
      {
        "text": "63",
        "box": [
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      {
        "text": "PART II-OTHER INFORMATION",
        "box": [
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      {
        "text": "Item 1. Legal Proceedings.",
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      {
        "text": "From time to time, we and our Manager are or may become party to legal proceedings, which arise in the ordinary course of our ",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "respective  businesses.  Neither  we  nor  our  Manager  is  currently  subject  to  any  legal  proceedings  that  we  or  our  Manager  consider ",
        "box": [
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      },
      {
        "text": "reasonably  likely  to  have  a  material  impact  on  our  respective  financial  conditions.  See  Note  14  to  our  consolidated  financial ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "statements for information on our commitments and contingencies.",
        "box": [
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      },
      {
        "text": "Item 1A. Risk Factors.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "For a discussion of our potential risks and uncertainties, see the information under the heading 'Risk Factors' in our Annual ",
        "box": [
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      },
      {
        "text": "Report on Form 10-K. There have been no material changes to our principal risks that we believe are material to our business, results ",
        "box": [
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      {
        "text": "of operations, and financial condition from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December ",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "31, 2025, which is accessible on the SEC's website at www.sec.gov. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 3. Defaults Upon Senior Securities.",
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        "from_ocr": false,
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      },
      {
        "text": "None.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Item 4. Mine Safety Disclosures.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Not applicable.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Item 5. Other Information.",
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        "from_ocr": false,
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      },
      {
        "text": "(a)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None.",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "(b)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "None.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(c)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a 'Rule ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' as each such term is defined in Item 408(a) of ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Regulation S-K.",
        "box": [
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        "text": "Item 6. Exhibits.",
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        "text": "Articles of Amendment and Restatement of Claros Mortgage Trust, Inc. (incorporated by reference to Exhibit 3.1 to the ",
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        "text": "Current Report on Form 8-K, dated November 5, 2021, filed by the Company, Commission File No. 001-40993)",
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        "text": "Amended and Restated Bylaws of Claros Mortgage Trust, Inc. (incorporated by reference to Exhibit 3.1 to the Current ",
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        "text": "Report on Form 8-K, dated January 30, 2026, filed by the Company, Commission File No. 001-40993)",
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        "text": "Amendment No. 1 Amended and Restated Management Agreement, dated as of January 30, 2026, by and between Claros ",
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        "text": "Mortgage Trust, Inc. and Claros REIT Management LP (incorporated by reference to Exhibit 10.3 to the Current Report ",
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        "text": "on Form 8-K, dated January 30, 2026, filed by the Company, Commission File No. 001-40993)",
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        "text": "Registration Rights Agreement, dated as of January 30, 2026 by and among Claros Mortgage Trust, Inc. and the investors ",
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        "text": "named therein (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, dated January 30, 2026, filed ",
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        "text": "by the Company, Commission File No. 001-40993)",
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        "text": "10.3",
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        "text": "Fourteenth  Amendment  to  Master  Repurchase  and  Securities  Contract  Agreement  and  Fifth  Amendment  to  Guaranty ",
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        "text": "dated as of January 30, 2026 by and among Claros Mortgage Trust, Inc., CMTG MS Finance LLC, and Morgan Stanley ",
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        "text": "Bank, N.A. (incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K dated January 30, 2026, filed by ",
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        "text": "the Company, Commission File No. 001-40993)",
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        "text": "Amendment No. 5 to Guarantee Agreement, dated as of January 30, 2026, by and between Claros Mortgage Trust, Inc. ",
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        "text": "and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-",
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        "text": "K, dated January 30, 2026, filed by the Company, Commission File No. 001-40993)",
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        "text": "10.5",
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      {
        "text": "Amendment No. 6 to Guarantee Agreement dated as of January 30, 2026, by and between Claros Mortgage Trust, Inc. and ",
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        "text": "JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-",
        "box": [
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        "text": "K, dated January 30, 2026, filed by the Company, Commission File No. 001-40993)",
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        "text": "10.6",
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      {
        "text": "Amendment  No.  8  to  Amended  and  Restated  Master  Repurchase  Agreement  and  Amendment  No.  4  to  Guarantee ",
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        "text": "Agreement,  dated  as  of  January  30,  2026,  by  and  among  Claros  Mortgage  Trust  Inc.,  CMTG  JP  Finance  LLC,  and ",
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        "text": "JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-",
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        "text": "K, dated January 30, 2026, filed by the Company, Commission File No. 001-40993)",
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        "text": "10.7",
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        "text": "Amendment No. 2 to Amended and Restated Master Repurchase Agreement dated as of January 30, 2026, by and among ",
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        "text": "information is not material and would likely cause competitive harm to the registrant if publicly disclosed.",
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        "text": "SIGNATURES",
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        "text": "Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly ",
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        "text": "caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.",
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        "text": "  Claros Mortgage Trust, Inc.",
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        "text": "Date: May 6, 2026",
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        "text": "/s/ Richard J. Mack",
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        "text": "Chief Executive Officer and Chairman",
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        "text": "Date: May 6, 2026",
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        "text": "/s/ J. Michael McGillis",
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        "text": "J. Michael McGillis",
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        "text": "Exhibit 10.10",
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        "text": "EXECUTION VERSION",
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        "text": "\u00a0",
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        "text": "SHORT-TERM EXTENSION LETTER AGREEMENT",
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        "text": "April 29, 2026",
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        "text": "CMTG WF Finance LLC",
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        "text": "c/o Mack Real Estate Credit Strategies ",
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        "text": "60 Columbus Circle",
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        "text": "20 th  Floor",
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        "text": "New York, New York 10023",
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        "text": "Claros Mortgage Trust, Inc.",
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        "text": "60 Columbus Circle",
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        "text": "20 th  Floor",
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        "text": "Re:  That certain (i) Master Repurchase and Securities Contract, dated as of September 29, 2021 ",
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        "text": "(as the same has been and may be further amended, modified and/or restated from time to ",
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        "text": "time, the 'Repurchase Agreement'), by and between CMTG WF Finance LLC ('Seller') ",
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        "text": "and  Wells  Fargo  Bank,  National  Association  ('Buyer')  and  (ii)  Guarantee  Agreement, ",
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        "text": "dated  as  of  September  29,  2021  (as  the  same  has  been  and  may  be  further  amended, ",
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        "text": "modified and/or restated from time to time, the 'Guarantee Agreement'), made by Claros ",
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        "text": "Mortgage Trust, Inc. ('Guarantor') for the benefit of Buyer.",
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        "text": "Ladies and Gentlemen:",
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        "text": "This  letter  agreement  (as  amended,  modified,  restated,  replaced,  waived,  substituted, ",
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        "text": "supplemented or extended from time to time, the 'Letter Agreement') is delivered to you on the ",
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        "text": "date set forth above (the 'Effective Date'), in connection with the Repurchase Agreement and ",
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        "text": "the other Repurchase Documents. Capitalized terms used herein that are not otherwise defined ",
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        "text": "herein  shall  have  the  meanings  set  forth  in  the  Repurchase  Agreement  or  the  Guarantee ",
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        "text": "Agreement,  as  applicable.  In  the  event  of  any  conflict  between  the  terms  of  this  Letter ",
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        "text": "Agreement  and  any  other  Repurchase  Document,  the  terms  of  this  Letter  Agreement  shall ",
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        "text": "SECTION 1.  Short-Term Extension of Maturity Date and Revolving Period Expiration Date.",
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        "text": "(a)Buyer  and  Seller  acknowledge  and  agree  that  the  Maturity  Date  and  the  Revolving ",
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        "text": "under  the  Repurchase  Documents;  provided  that,  if  Seller  shall  exercise  the  first  of  its  two ",
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        "text": "remaining options to extend the scheduled Maturity Date in accordance with Section 3.06(a) of ",
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        "text": "the  Repurchase  Agreement,  the  scheduled  Maturity  Date  after  giving  effect  to  such  extension ",
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        "text": "of the date of this Letter Agreement: (i) [reserved], (ii) each of the representations and warranties ",
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        "text": "correct as if made on and as of the date of this Letter Agreement (except for (x) any such ",
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        "text": "representation or warranty that by its terms refers to a specific date other than the date ",
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        "text": "first  above  written  (in  which  case  it  shall  be  true  and  correct  in  all  respects  as  of  such ",
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        "text": "other  date),  (y)  the  representations  and  warranties  set  forth  in  Schedule  1  of  the ",
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        "text": "7.10  of  the  Repurchase  Agreement)  and  (iii)  Seller  has  performed  all  agreements  and ",
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        "text": "satisfied  all  conditions  that  the  Repurchase  Agreement  provides  shall  be  performed  or ",
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        "text": "with the terms and provisions thereof. Guarantor hereby acknowledges and confirms that ",
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        "text": "the  Guarantee  Agreement  remains  in  full  force  and  effect  notwithstanding  this  Letter ",
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        "text": "notwithstanding  this  Letter  Agreement,  and  hereby  reaffirms  its  obligations  under  the ",
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        "text": "THIS LETTER AGREEMENT AND ANY CLAIM, CONTROVERSY OR ",
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        "text": "DISPUTE ARISING UNDER OR RELATED TO THIS LETTER AGREEMENT, THE ",
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        "text": "RELATIONSHIP  OF  THE  PARTIES  TO  THIS  LETTER  AGREEMENT,  AND/OR ",
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        "text": "THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES ",
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        "text": "OF THE PARTIES TO THIS LETTER AGREEMENT SHALL BE GOVERNED BY ",
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        "text": "AND  CONSTRUED  IN  ACCORDANCE  WITH  THE  INTERNAL  LAWS  AND ",
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        "text": "DECISIONS  OF  THE  STATE  OF  NEW  YORK,  WITHOUT  REGARD  TO  THE ",
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        "text": "CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE ",
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        "text": "5-1401 ",
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        "text": "OBLIGATIONS LAW SHALL APPLY TO THIS LETTER AGREEMENT.",
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        "text": "By signing or countersigning below, Buyer, Seller, Pledgor and Guarantor ",
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        "text": "each  acknowledge  and  agree  to  the  terms  of  this  Letter  Agreement.  This  Letter ",
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        "text": "Agreement  may  be  executed  in  counterparts  (including  using  any  electronic  signature ",
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        "text": "covered by the United States ESIGN Act of 2000, Uniform Electronic Transactions Act, ",
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        "text": "www.docusign.com),  and  such  counterparts  may  be  delivered  in  electronic  format, ",
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        "text": "the  same  effect  as  an  originally  signed  counterpart.  To  the  extent  applicable,  the ",
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        "text": "foregoing constitutes the election of the parties to invoke any law authorizing electronic ",
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        "text": "signatures.  Minor  variations  in  the  form  of  the  signature  page,  including  footers  from ",
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        "text": "earlier  versions of this Letter Agreement, shall be disregarded in determining a party's ",
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        "text": "intent or the effectiveness of such signature. No party shall raise the use the delivery of",
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        "text": "signatures to this Letter Agreement in electronic format as a defense to the formation of a ",
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        "text": "contract and each such party forever waives any such defense.",
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        "text": "(d)",
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        "text": "Each of Seller, Pledgor and Guarantor acknowledges and agrees that as of ",
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        "text": "the date hereof it has no known defenses, rights of setoff, claims, counterclaims or causes ",
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        "text": "of  action  of  any  kind  or  description  against  Buyer  arising  under  or  in  respect  of  the ",
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        "text": "Repurchase  Agreement  or  any  other  Repurchase  Document  and  any  such  known ",
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        "text": "In  consideration  of  Buyer  entering  into  this  Letter  Agreement,  Seller, ",
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        "text": "in  equity,  now  known  to  Seller,  Pledgor  and  Guarantor  to  the  extent  that  any  of  the ",
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        "text": "foregoing exist as of the date hereof and arise out of or from or in any way relating to or ",
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        "text": "in  connection  with  the  Repurchase  Agreement  or  the  other  Repurchase  Documents, ",
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        "text": "or the other Repurchase Documents on or prior to the date hereof, except, with respect to ",
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        "text": "misconduct  in  connection  with  the  Repurchase  Agreement  or  the  other  Repurchase ",
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        "text": "Guarantor  hereby  acknowledges  the  execution  and  delivery  of  this  Letter ",
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        "text": "extent of the Guaranteed Obligations (as defined therein).",
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        "text": "Seller  agrees  to  pay  and  reimburse  Buyer  for  all  reasonable  out-of-pocket ",
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        "text": "costs and expenses incurred by Buyer in connection with the preparation, execution and ",
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        "text": "delivery of this Letter Agreement, including, without limitation, the reasonable fees and ",
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        "text": "[Signature Pages Follow]",
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        "text": "Please evidence your agreement to the terms of this Letter Agreement by signing a ",
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        "text": "counterpart of this Letter Agreement and returning it to the undersigned.",
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        "text": "Sincerely,",
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        "text": "WELLS FARGO BANK, NATIONAL ",
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        "text": "ASSOCIATION",
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        "text": "By:    /s/ Allen Lewis                                      ",
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        "text": "/s/ J. Michael McGillis",
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        "text": "Michael McGillis",
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        "text": "Title:  Authorized Representative",
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        "text": "CMTG WF FINANCE HOLDCO LLC",
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        "text": "By: ",
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        "text": "/s/ J. Michael McGillis",
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        "text": " Name: J. ",
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        "text": "Michael McGillis",
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        "text": "CLAROS MORTGAGE TRUST, INC.",
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        "text": "\u00a0",
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        "text": "By: ",
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        "text": "/s/ J. Michael McGillis",
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      {
        "text": " Name: J. ",
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      {
        "text": "Michael McGillis",
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      {
        "text": "Title:  President and Chief Financial Officer",
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        "text": "Exhibit 31.1 ",
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        "text": "CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER ",
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        "text": "PURSUANT TO SECTION",
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        "text": " ",
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      {
        "text": "302 OF THE SARBANES-OXLEY ACT OF 2002 ",
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        "text": "\u00a0",
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        "text": "I, Richard J. Mack, certify that:",
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        "text": "\u00a0",
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      {
        "text": "1.",
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      {
        "text": "I  have  reviewed  this  Quarterly  Report  on  Form  10-Q  of  Claros  Mortgage  Trust,  Inc.  for  the  quarter ",
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        "text": "ended March 31, 2026;",
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        "text": "2.",
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      {
        "text": "Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to ",
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      {
        "text": "state a material fact necessary to make the statements made, in light of the circumstances under which ",
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      {
        "text": "such statements were made, not misleading with respect to the period covered by this report;",
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        "text": "3.",
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      {
        "text": "Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this ",
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      {
        "text": "report, fairly present in all material respects the financial condition, results of operations and cash flows ",
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      {
        "text": "of the registrant as of, and for, the periods presented in this report;",
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        "text": "4.",
        "box": [
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      {
        "text": "The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure ",
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      {
        "text": "controls  and  procedures  (as  defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  and  internal ",
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        "from_ocr": false,
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      {
        "text": "control  over  financial  reporting  (as  defined  in  Exchange  Act  Rules  13a-15(f)  and  15d-15(f))  for  the ",
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      {
        "text": "registrant and have:",
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      {
        "text": "(a)",
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        "from_ocr": false,
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      {
        "text": "Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and ",
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      {
        "text": "procedures to be designed under our supervision, to ensure that material information relating to ",
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      {
        "text": "the  registrant,  including  its  consolidated  subsidiaries,  is  made  known  to  us  by  others  within ",
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      {
        "text": "those entities, particularly during the period in which this report is being prepared;",
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        "text": "(b)",
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      {
        "text": "Designed such internal control over financial reporting, or caused such internal control over ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "financial  reporting  to  be  designed  under  our  supervision,  to  provide  reasonable  assurance ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "regarding the reliability of financial reporting and the preparation of financial statements for ",
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      {
        "text": "external purposes in accordance with generally accepted accounting principles;",
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      {
        "text": "(c)",
        "box": [
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      {
        "text": "Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in this report our conclusions about the effectiveness of the disclosure controls and procedures, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "as of the end of the period covered by this report based on such evaluation; and",
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      {
        "text": "(d)",
        "box": [
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      {
        "text": "Disclosed in this report any change in the registrant's internal control over financial reporting ",
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      {
        "text": "that  occurred  during  the  registrant's  most  recent  fiscal  quarter  (the  registrant's  fourth  fiscal ",
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        "from_ocr": false,
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      {
        "text": "quarter in the case of an annual report) that has materially affected, or is reasonably likely to ",
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      {
        "text": "materially affect, the registrant's internal control over financial reporting; and",
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      {
        "text": "5.",
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        "text": "The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of ",
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        "text": "internal  control  over  financial  reporting,  to  the  registrant's  auditors  and  the  audit  committee  of  the ",
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        "text": "registrant's board of directors (or persons performing the equivalent functions):",
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        "text": "(a)",
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        "text": "All  significant  deficiencies  and  material  weaknesses  in  the  design  or  operation  of  internal ",
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        "text": "control over financial reporting which are reasonably likely to adversely affect the registrant's ",
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        "text": "ability to record, process, summarize and report financial information; and",
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        "text": "(b)",
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        "text": "Any fraud, whether or not material, that involves management or other employees who have a ",
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        "text": "significant role in the registrant's internal control over financial reporting.",
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      {
        "text": "\u00a0",
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        "text": "Date: May 6, 2026",
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        "text": "\u00a0 /s/ Richard J. Mack",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Richard J. Mack",
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        "text": "Chief Executive Officer and Chairman",
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        "text": "(Principal Executive Officer)",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "\u00a0",
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        "text": "Exhibit 31.2 ",
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        "text": "CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER ",
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        "text": "PURSUANT TO SECTION",
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        "text": " ",
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        "text": "302 OF THE SARBANES-OXLEY ACT OF 2002 ",
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        "text": "\u00a0",
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        "text": "I, J. Michael McGillis, certify that:",
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        "text": "\u00a0",
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        "text": "1.",
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        "text": "I  have  reviewed  this  Quarterly  Report  on  Form  10-Q  of  Claros  Mortgage  Trust,  Inc.  for  the  quarter ",
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        "text": "ended March 31, 2026;",
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        "text": "2.",
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        "text": "Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to ",
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        "text": "state a material fact necessary to make the statements made, in light of the circumstances under which ",
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        "text": "such statements were made, not misleading with respect to the period covered by this report;",
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        "text": "3.",
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      {
        "text": "Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this ",
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        "text": "report, fairly present in all material respects the financial condition, results of operations and cash flows ",
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      {
        "text": "of the registrant as of, and for, the periods presented in this report;",
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        "text": "4.",
        "box": [
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        "text": "The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure ",
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      {
        "text": "controls  and  procedures  (as  defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  and  internal ",
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        "from_ocr": false,
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      {
        "text": "control  over  financial  reporting  (as  defined  in  Exchange  Act  Rules  13a-15(f)  and  15d-15(f))  for  the ",
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      {
        "text": "registrant and have:",
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      {
        "text": "(a)",
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      {
        "text": "Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "procedures to be designed under our supervision, to ensure that material information relating to ",
        "box": [
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      {
        "text": "the  registrant,  including  its  consolidated  subsidiaries,  is  made  known  to  us  by  others  within ",
        "box": [
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      {
        "text": "those entities, particularly during the period in which this report is being prepared;",
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      {
        "text": "(b)",
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      {
        "text": "Designed such internal control over financial reporting, or caused such internal control over ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "financial  reporting  to  be  designed  under  our  supervision,  to  provide  reasonable  assurance ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "regarding the reliability of financial reporting and the preparation of financial statements for ",
        "box": [
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        "text": "external purposes in accordance with generally accepted accounting principles;",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(c)",
        "box": [
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      {
        "text": "Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "in this report our conclusions about the effectiveness of the disclosure controls and procedures, ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "as of the end of the period covered by this report based on such evaluation; and",
        "box": [
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      {
        "text": "(d)",
        "box": [
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      {
        "text": "Disclosed in this report any change in the registrant's internal control over financial reporting ",
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        "from_ocr": false,
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      {
        "text": "that  occurred  during  the  registrant's  most  recent  fiscal  quarter  (the  registrant's  fourth  fiscal ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "quarter in the case of an annual report) that has materially affected, or is reasonably likely to ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "materially affect, the registrant's internal control over financial reporting; and",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.",
        "box": [
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        "text": "The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "internal  control  over  financial  reporting,  to  the  registrant's  auditors  and  the  audit  committee  of  the ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "registrant's board of directors (or persons performing the equivalent functions):",
        "box": [
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      {
        "text": "(a)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "All  significant  deficiencies  and  material  weaknesses  in  the  design  or  operation  of  internal ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "control over financial reporting which are reasonably likely to adversely affect the registrant's ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ability to record, process, summarize and report financial information; and",
        "box": [
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      {
        "text": "(b)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Any fraud, whether or not material, that involves management or other employees who have a ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "significant role in the registrant's internal control over financial reporting.",
        "box": [
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      {
        "text": "\u00a0",
        "box": [
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      },
      {
        "text": "Date: May 6, 2026",
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      {
        "text": "\u00a0 /s/ J. Michael McGillis",
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        "text": "PURSUANT TO 18 U.S.C. SECTION",
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        "text": "1350, AS ADOPTED PURSUANT TO ",
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        "text": "906 OF THE SARBANES-OXLEY ACT OF 2002 ",
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        "text": "The following certification is being furnished solely to accompany the Quarterly Report on Form ",
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        "text": "10-Q of Claros Mortgage Trust, Inc. for the quarter ended March 31, 2026, pursuant to 18 U.S.C. \u00a7 1350 and in ",
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        "text": "accordance  with  SEC  Release  No.  33-8238.  This  certification  shall  not  be  deemed  'filed'  for  purposes  of ",
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        "text": "filing of Claros Mortgage Trust, Inc. under the Securities Act of 1933, as amended, whether made before or after ",
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        "text": "the date hereof, regardless of any general incorporation language in such filing.",
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        "text": "I, Richard J. Mack, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 ",
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        "text": "of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. for ",
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        "text": "the quarter ended March 31, 2026, fully complies with the requirements of Section 13(a) or 15(d), as applicable, ",
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        "text": "of the Securities Exchange Act of 1934, as amended, and that the information contained in such report fairly ",
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        "text": "Mortgage Trust, Inc. and will be retained by Claros Mortgage Trust, Inc. and furnished to the Securities and ",
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        "text": "CERTIFICATION ",
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        "text": "1350, AS ADOPTED PURSUANT TO ",
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        "text": "906 OF THE SARBANES-OXLEY ACT OF 2002 ",
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        "text": "The following certification is being furnished solely to accompany the Quarterly Report on Form ",
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        "text": "10-Q of Claros Mortgage Trust, Inc. for the quarter ended March 31, 2026, pursuant to 18 U.S.C. \u00a7 1350 and in ",
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        "text": "accordance  with  SEC  Release  No.  33-8238.  This  certification  shall  not  be  deemed  'filed'  for  purposes  of ",
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        "text": "I, J. Michael McGillis, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section ",
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        "text": "906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Claros Mortgage Trust, Inc. ",
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        "text": "for  the  quarter  ended  March  31,  2026,  fully  complies  with  the  requirements  of  Section  13(a)  or  15(d),  as ",
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        "text": "applicable,  of  the  Securities  Exchange  Act  of  1934,  as  amended,  and  that  the  information  contained  in  such ",
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        "text": "report  fairly  presents,  in  all  material  respects,  the  financial  condition  and  results  of  operations  of  Claros ",
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