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0.562567962962963, 0.13385915277777777, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.13385915277777777, 0.562567962962963, 0.1585202638888889, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.1585202638888889, 0.562567962962963, 0.39771741666666666, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.39771741666666666, 0.562567962962963, 0.41735534722222223, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.41735534722222223, 0.562567962962963, 0.4532590277777777, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.4532590277777777, 0.562567962962963, 0.48812979166666665, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.48812979166666665, 0.562567962962963, 0.6170530472222222, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.6170530472222222, 0.562567962962963, 0.891297388888889, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.891297388888889, 0.562567962962963, 0.9130657638888888, 0.5729932222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.9130657638888888, 0.562567962962963, 0.9753141777777778, 0.5729932222222222 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.025058194444444442, 0.5729932222222222, 0.046743875000000004, 0.5868914074074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.046743875000000004, 0.5729932222222222, 0.075779625, 0.5868914074074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.075779625, 0.5729932222222222, 0.1048167777777778, 0.5868914074074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.1048167777777778, 0.5729932222222222, 0.13385915277777777, 0.5868914074074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.13385915277777777, 0.5729932222222222, 0.1585202638888889, 0.5868914074074074 ], "status": null, "note": 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"Bank", "box": [ 0.9130657638888888, 0.5729932222222222, 0.9753141777777778, 0.5868914074074074 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.025058194444444442, 0.5868914074074074, 0.046743875000000004, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.046743875000000004, 0.5868914074074074, 0.075779625, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.075779625, 0.5868914074074074, 0.1048167777777778, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.1048167777777778, 0.5868914074074074, 0.13385915277777777, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.13385915277777777, 0.5868914074074074, 0.1585202638888889, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.1585202638888889, 0.5868914074074074, 0.39771741666666666, 0.6111545185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.39771741666666666, 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0.3866705925925926, 0.32999591666666667, 0.40293168518518524 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.3866705925925926, 0.4529704138888889, 0.40293168518518524 ], "status": null, "note": null }, { "text": "", "box": [ 0.4529704138888889, 0.3866705925925926, 0.8672252666666667, 0.40293168518518524 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.40293168518518524, 0.32999591666666667, 0.4086907592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.40293168518518524, 0.4529704138888889, 0.4086907592592592 ], "status": null, "note": null }, { "text": "Conduit loan", "box": [ 0.4529704138888889, 0.40293168518518524, 0.8672252666666667, 0.4086907592592592 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.4086907592592592, 0.32999591666666667, 0.41991344444444434 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.4086907592592592, 0.4529704138888889, 0.41991344444444434 ], "status": null, "note": null }, { "text": "Loans", "box": [ 0.4529704138888889, 0.4086907592592592, 0.8672252666666667, 0.41991344444444434 ], "status": null, "note": null } ], [ { "text": "49%", "box": [ 0.03799533333333333, 0.41991344444444434, 0.32999591666666667, 0.4331091111111111 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.41991344444444434, 0.4529704138888889, 0.4331091111111111 ], "status": null, "note": null }, { "text": "securitization", "box": [ 0.4529704138888889, 0.41991344444444434, 0.8672252666666667, 0.4331091111111111 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.4331091111111111, 0.32999591666666667, 0.44410420370370374 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.4331091111111111, 0.4529704138888889, 0.44410420370370374 ], "status": null, "note": null }, { "text": "65%", "box": [ 0.4529704138888889, 0.4331091111111111, 0.8672252666666667, 0.44410420370370374 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.44410420370370374, 0.32999591666666667, 0.47137890740740734 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.44410420370370374, 0.4529704138888889, 0.47137890740740734 ], "status": null, "note": null }, { "text": "gains", "box": [ 0.4529704138888889, 0.44410420370370374, 0.8672252666666667, 0.47137890740740734 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.47137890740740734, 0.32999591666666667, 0.5227935740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.47137890740740734, 0.4529704138888889, 0.5227935740740741 ], "status": null, "note": null }, { "text": "+", "box": [ 0.4529704138888889, 0.47137890740740734, 0.8672252666666667, 0.5227935740740741 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.5227935740740741, 0.32999591666666667, 0.5375173333333334 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.5227935740740741, 0.4529704138888889, 0.5375173333333334 ], "status": null, "note": null }, { "text": "Securities", "box": [ 0.4529704138888889, 0.5227935740740741, 0.8672252666666667, 0.5375173333333334 ], "status": null, "note": null } ], [ { "text": "Securities", "box": [ 0.03799533333333333, 0.5375173333333334, 0.32999591666666667, 0.5450124999999999 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.5375173333333334, 0.4529704138888889, 0.5450124999999999 ], "status": null, "note": null }, { "text": "", "box": [ 0.4529704138888889, 0.5375173333333334, 0.8672252666666667, 0.5450124999999999 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.5450124999999999, 0.32999591666666667, 0.5508726111111111 ], "status": null, "note": null }, { "text": "Increase", "box": 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"text": "", "box": [ 0.32999591666666667, 0.6555830740740741, 0.4529704138888889, 0.6689584074074073 ], "status": null, "note": null }, { "text": "NAV upside", "box": [ 0.4529704138888889, 0.6555830740740741, 0.8672252666666667, 0.6689584074074073 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03799533333333333, 0.6689584074074073, 0.32999591666666667, 0.6988567592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.6689584074074073, 0.4529704138888889, 0.6988567592592593 ], "status": null, "note": null }, { "text": "15%", "box": [ 0.4529704138888889, 0.6689584074074073, 0.8672252666666667, 0.6988567592592593 ], "status": null, "note": null } ], [ { "text": "1", "box": [ 0.03799533333333333, 0.6988567592592593, 0.32999591666666667, 0.7260671481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.32999591666666667, 0.6988567592592593, 0.4529704138888889, 0.7260671481481481 ], "status": null, "note": null }, { "text": "", 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0.32999591666666667, 0.6689584074074073 ], "status": "reconciled", "note": null }, { "text": "15%", "box": [ 0.4529704138888889, 0.6689584074074073, 0.8672252666666667, 0.6988567592592593 ], "status": "reconciled", "note": null }, { "text": "Equity NAV upside", "box": [ 0.4529704138888889, 0.6315170370370371, 0.8672252666666667, 0.6689584074074073 ], "status": "reconciled", "note": null } ], [ { "text": "ROE 1", "box": [ 0.03799533333333333, 0.6988567592592593, 0.32999591666666667, 0.7610671481481482 ], "status": "reconciled", "note": null }, { "text": "~8.0%", "box": [ 0.03799533333333333, 0.7260671481481481, 0.32999591666666667, 0.7610671481481482 ], "status": "reconciled", "note": null }, { "text": "~8.5%-9.0%", "box": [ 0.4529704138888889, 0.7260671481481481, 0.8672252666666667, 0.7610671481481482 ], "status": "reconciled", "note": null }, { "text": "~9.0%-10.0%+", "box": [ 0.4529704138888889, 0.7260671481481481, 0.8672252666666667, 0.7610671481481482 ], "status": "reconciled", 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[ 0.20168456666666665, 0.7280602777777778, 0.26131676388888886, 0.806481037037037 ], "status": null, "note": null }, { "text": "9.4%", "box": [ 0.26131676388888886, 0.7280602777777778, 0.37529527777777777, 0.806481037037037 ], "status": null, "note": null }, { "text": "8.5%", "box": [ 0.37529527777777777, 0.7280602777777778, 0.48961345833333336, 0.806481037037037 ], "status": null, "note": null }, { "text": "8.0%", "box": [ 0.48961345833333336, 0.7280602777777778, 0.5921334583333333, 0.806481037037037 ], "status": null, "note": null }, { "text": "7.5%", "box": [ 0.5921334583333333, 0.7280602777777778, 0.7045329444444444, 0.806481037037037 ], "status": null, "note": null }, { "text": "7.0%", "box": [ 0.7045329444444444, 0.7280602777777778, 0.8148449027777777, 0.806481037037037 ], "status": null, "note": null }, { "text": "6.5%", "box": [ 0.8148449027777777, 0.7280602777777778, 0.8947278888888889, 0.806481037037037 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.038, 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0.806481037037037, 0.8947278888888889, 0.8321354074074074 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.038, 0.8321354074074074, 0.20168456666666665, 0.8442454814814815 ], "status": null, "note": null }, { "text": "3", "box": [ 0.20168456666666665, 0.8321354074074074, 0.26131676388888886, 0.8442454814814815 ], "status": null, "note": null }, { "text": "(21%)", "box": [ 0.26131676388888886, 0.8321354074074074, 0.37529527777777777, 0.8442454814814815 ], "status": null, "note": null }, { "text": "(12%)", "box": [ 0.37529527777777777, 0.8321354074074074, 0.48961345833333336, 0.8442454814814815 ], "status": null, "note": null }, { "text": "(7%)", "box": [ 0.48961345833333336, 0.8321354074074074, 0.5921334583333333, 0.8442454814814815 ], "status": null, "note": null }, { "text": "(1%)", "box": [ 0.5921334583333333, 0.8321354074074074, 0.7045329444444444, 0.8442454814814815 ], "status": null, "note": null }, { "text": "+ 6%", "box": [ 0.7045329444444444, 0.8321354074074074, 0.8148449027777777, 0.8442454814814815 ], "status": null, "note": null }, { "text": "+ 14%", "box": [ 0.8148449027777777, 0.8321354074074074, 0.8947278888888889, 0.8442454814814815 ], "status": null, "note": null } ], [ { "text": "T O B O O K V A L U E", "box": [ 0.038, 0.8442454814814815, 0.20168456666666665, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.20168456666666665, 0.8442454814814815, 0.26131676388888886, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.26131676388888886, 0.8442454814814815, 0.37529527777777777, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.37529527777777777, 0.8442454814814815, 0.48961345833333336, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.48961345833333336, 0.8442454814814815, 0.5921334583333333, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.5921334583333333, 0.8442454814814815, 0.7045329444444444, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.7045329444444444, 0.8442454814814815, 0.8148449027777777, 0.8847842222222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.8148449027777777, 0.8442454814814815, 0.8947278888888889, 0.8847842222222222 ], "status": null, "note": null } ], [ { "text": "1. Represents approximate average dividend yield for LADR stock over last 10 years, excluding 12-month period following onset of COVID in March 2020", "box": [ 0.038, 0.8847842222222222, 0.20168456666666665, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.20168456666666665, 0.8847842222222222, 0.26131676388888886, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.26131676388888886, 0.8847842222222222, 0.37529527777777777, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.37529527777777777, 0.8847842222222222, 0.48961345833333336, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.48961345833333336, 0.8847842222222222, 0.5921334583333333, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.5921334583333333, 0.8847842222222222, 0.7045329444444444, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.7045329444444444, 0.8847842222222222, 0.8148449027777777, 0.9242147407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.8148449027777777, 0.8847842222222222, 0.8947278888888889, 0.9242147407407407 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.038, 0.9242147407407407, 0.20168456666666665, 0.9408747407407407 ], "status": null, "note": null }, { "text": "2. Hypothetical upside percentages based on implied stock price at $0.25 hypothetical quarterly dividend versus current stock price", "box": [ 0.20168456666666665, 0.9242147407407407, 0.26131676388888886, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.26131676388888886, 0.9242147407407407, 0.37529527777777777, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.37529527777777777, 0.9242147407407407, 0.48961345833333336, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.48961345833333336, 0.9242147407407407, 0.5921334583333333, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.5921334583333333, 0.9242147407407407, 0.7045329444444444, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.7045329444444444, 0.9242147407407407, 0.8148449027777777, 0.9408747407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.8148449027777777, 0.9242147407407407, 0.8947278888888889, 0.9408747407407407 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.038, 0.9408747407407407, 0.20168456666666665, 0.9615361481481481 ], "status": null, "note": null }, { "text": "3. Based on implied stock price at $0.25 hypothetical quarterly dividend versus $13.44 undepreciated book value per share as of 06/30/2026", "box": [ 0.20168456666666665, 0.9408747407407407, 0.26131676388888886, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.26131676388888886, 0.9408747407407407, 0.37529527777777777, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.37529527777777777, 0.9408747407407407, 0.48961345833333336, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.48961345833333336, 0.9408747407407407, 0.5921334583333333, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.5921334583333333, 0.9408747407407407, 0.7045329444444444, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.7045329444444444, 0.9408747407407407, 0.8148449027777777, 0.9615361481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.8148449027777777, 0.9408747407407407, 0.8947278888888889, 0.9615361481481481 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.038, 0.9615361481481481, 0.20168456666666665, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.20168456666666665, 0.9615361481481481, 0.26131676388888886, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.26131676388888886, 0.9615361481481481, 0.37529527777777777, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.37529527777777777, 0.9615361481481481, 0.48961345833333336, 0.9817564444444443 ], "status": null, "note": null }, { "text": "14", "box": [ 0.48961345833333336, 0.9615361481481481, 0.5921334583333333, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.5921334583333333, 0.9615361481481481, 0.7045329444444444, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.7045329444444444, 0.9615361481481481, 0.8148449027777777, 0.9817564444444443 ], "status": null, "note": null }, { "text": "", "box": [ 0.8148449027777777, 0.9615361481481481, 0.8947278888888889, 0.9817564444444443 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "Quarterly Dividend", "box": [ 0.038, 0.3974419444444445, 0.20168456666666665, 0.41500944444444443 ], "status": "reconciled", "note": null }, { "text": "CURRENT DISCOUNT", "box": [ 0.37529527777777777, 0.3125362592592593, 0.48961345833333336, 0.35024507407407407 ], "status": "reconciled", "note": null }, { "text": "CURRENT DISCOUNT", "box": [ 0.37529527777777777, 0.3125362592592593, 0.48961345833333336, 0.35024507407407407 ], "status": "reconciled", "note": null }, { "text": "HISTORICAL RANGE 1", "box": [ 0.48961345833333336, 0.28757612962962964, 0.7045329444444444, 0.35024507407407407 ], "status": "reconciled", "note": null }, { "text": "HISTORICAL RANGE 1", "box": [ 0.48961345833333336, 0.28757612962962964, 0.7045329444444444, 0.35024507407407407 ], "status": "reconciled", "note": null }, { "text": "APPROACHING IG REITs", "box": [ 0.8148449027777777, 0.3125362592592593, 0.8947278888888889, 0.35024507407407407 ], "status": "reconciled", "note": null }, { "text": "APPROACHING IG REITs", "box": [ 0.8148449027777777, 0.3125362592592593, 0.8947278888888889, 0.35024507407407407 ], "status": "reconciled", "note": null } ], [ { "text": "$0.25 hypothetical", "box": [ 0.038, 0.44084027777777784, 0.20168456666666665, 0.4469949444444445 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "+21%", "box": [ 0.37529527777777777, 0.47733646296296295, 0.48961345833333336, 0.48655544444444454 ], "status": "reconciled", "note": null }, { "text": "+28%", "box": [ 0.48961345833333336, 0.45501294444444446, 0.5921334583333333, 0.4702385000000001 ], "status": "reconciled", "note": null }, { "text": "+37%", "box": [ 0.5921334583333333, 0.44084027777777784, 0.7045329444444444, 0.4469949444444445 ], "status": "reconciled", "note": null }, { "text": "+47%", "box": [ 0.7045329444444444, 0.41500944444444443, 0.8148449027777777, 0.4344640185185186 ], "status": "reconciled", "note": null }, { "text": "+58%", "box": [ 0.8148449027777777, 0.35024507407407407, 0.8947278888888889, 0.3974419444444445 ], "status": "reconciled", "note": null } ], [ { "text": "Run-rate ROE", "box": [ 0.038, 0.532784537037037, 0.20168456666666665, 0.5768272222222222 ], "status": "reconciled", "note": null }, { "text": "+9%", "box": null, "status": "label_printed_unlocated", "note": "The image shows '+9%' printed in light tan/beige text above the $10.60 bar in the first data column." }, { "text": "$11.76", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$11.76' printed in white text on the dark blue bar in the second data column." }, { "text": "$12.50", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$12.50' printed in white text on the dark blue bar in the third data column." }, { "text": "$13.33", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$13.33' printed in white text on the dark blue bar in the fourth data column." }, { "text": "$14.29", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$14.29' printed in white text on the dark blue bar in the fifth data column." }, { "text": "$15.38", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$15.38' printed in white text on the dark blue bar in the sixth data column." } ], [ { "text": "$0.23 current", "box": [ 0.038, 0.6148043518518519, 0.20168456666666665, 0.6260142592592592 ], "status": "reconciled", "note": null }, { "text": "$10.60", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$10.60' printed in white text on the dark blue bar in the first data column." }, { "text": "$10.82", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$10.82' printed in white text on the dark blue bar in the second data column." }, { "text": "$11.50", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$11.50' printed in white text on the dark blue bar in the third data column." }, { "text": "$12.27", "box": [ 0.5921334583333333, 0.6148043518518519, 0.7045329444444444, 0.6260142592592592 ], "status": "reconciled", "note": null }, { "text": "$13.14", "box": null, "status": "label_printed_unlocated", "note": "The image shows '$13.14' printed in white text on the dark blue bar in the fifth data column." }, { "text": "$14.15", "box": null, "status": "defect", "note": "The image shows '$14.45' printed in white text on the dark blue bar in the sixth data column, not '$14.15'." } ], [ { "text": "", "box": null, "status": null, "note": null }, { "text": "$9.75 (current)", "box": [ 0.26131676388888886, 0.6418397222222223, 0.37529527777777777, 0.7280602777777778 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "DIVIDEND YIELD", "box": [ 0.038, 0.7280602777777778, 0.20168456666666665, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "9.4%", "box": [ 0.26131676388888886, 0.7280602777777778, 0.37529527777777777, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "8.5%", "box": [ 0.37529527777777777, 0.7280602777777778, 0.48961345833333336, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "8.0%", "box": [ 0.48961345833333336, 0.7280602777777778, 0.5921334583333333, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "7.5%", "box": [ 0.5921334583333333, 0.7280602777777778, 0.7045329444444444, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "7.0%", "box": [ 0.7045329444444444, 0.7280602777777778, 0.8148449027777777, 0.806481037037037 ], "status": "reconciled", "note": null }, { "text": "6.5%", "box": [ 0.8148449027777777, 0.7280602777777778, 0.8947278888888889, 0.806481037037037 ], "status": "reconciled", "note": null } ], [ { "text": "PREMIUM/(DISCOUNT) TO BOOK VALUE 3", "box": null, "status": "label_printed_unlocated", "note": "The image shows 'PREMIUM/(DISCOUNT) TO BOOK VALUE 3' printed in italics as the row label at the bottom of the table." }, { "text": "(21%)", "box": [ 0.26131676388888886, 0.8321354074074074, 0.37529527777777777, 0.8442454814814815 ], "status": "reconciled", "note": null }, { "text": "(12%)", "box": [ 0.37529527777777777, 0.8321354074074074, 0.48961345833333336, 0.8442454814814815 ], "status": "reconciled", "note": null }, { "text": "(7%)", "box": [ 0.48961345833333336, 0.8321354074074074, 0.5921334583333333, 0.8442454814814815 ], "status": "reconciled", "note": null }, { "text": 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"", "box": [ 0.5748589444444445, 0.6167465185185185, 0.7840774416666666, 0.6694901666666666 ], "status": null, "note": null }, { "text": "", "box": [ 0.7840774416666666, 0.6167465185185185, 0.8053483333333332, 0.6694901666666666 ], "status": null, "note": null }, { "text": "", "box": [ 0.8053483333333332, 0.6167465185185185, 0.9178636611111111, 0.6694901666666666 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.03842277777777762, 0.6694901666666666, 0.16612285, 0.6997235555555557 ], "status": null, "note": null }, { "text": "", "box": [ 0.16612285, 0.6694901666666666, 0.3498458805555556, 0.6997235555555557 ], "status": null, "note": null }, { "text": "", "box": [ 0.3498458805555556, 0.6694901666666666, 0.47152461111111105, 0.6997235555555557 ], "status": null, "note": null }, { "text": "", "box": [ 0.47152461111111105, 0.6694901666666666, 0.5748589444444445, 0.6997235555555557 ], "status": null, "note": null }, { "text": "IG capital structure", "box": [ 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Loans shown at lower of cost or fair market value. Securities shown at fair market value. 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ORIGINATION YEAR | ORIGINATION YEAR | KEY LOAN PORTFOLIO METRICS | KEY LOAN PORTFOLIO METRICS |\n| --- | --- | --- | --- | --- | --- |\n| Below $25M: | 27% | 2026 YTD | 37% | $2.8B | Total loan portfolio |\n| $25M \u2013 $50M: | 39% | 2025 | 45% | 99% | Senior secured first mortgage loans |\n| Above $100M: | 11% | pre-2024 | 15% | $25\u201330M | Granular avg. loan size |\n| $76M \u2013 $100M: | 6% | 2024 | 3% | 68%1 | W.A. LTV |\n| $51M \u2013 $75M: | 17% | | | 3. 5-year | W.A. extended maturity |\n| GEOGRAPHY | GEOGRAPHY | PROPERTY TYPE | PROPERTY TYPE | ~ 85% | Loan portfolio originated since 2024 |\n| South | 25% | Office | 21% | | |\n| Northeast | 36% | Multifamily | 58% | | |\n| Southwest | 15% | Industrial | 8% | | |\n| Midwest | 13% | Mixed Use | 5% | | |\n| West | 10% | Retail | 4% | | |\n| Various | 1% | Hotel | 2% | | |\n| | | Other | 2% | | |", "footnotes": [ { "marker": "1", "text": "W.A. LTV" } ], "footnote_refs": [ "1" ], "footnote_marks": [ { "marker": "1", "row": 4, "col": 4, "kind": "footnote", "scope": "cell" } ], "units": "", "header_rows": 1, "page": 18, "bbox": [ 45.2, 66.8, 710.8, 421.2 ], "som_region": [ 0.06278486251831054, 0.21993830645525897, 0.9872688293457031, 0.8762741654007523 ], "content_region": [ 0.06278486251831054, 0.21993830645525897, 0.9872688293457031, 0.8496039496527777 ], "cell_grid": [ [ { "text": "", "box": [ 0.07111819444444445, 0.23915429629629634, 0.1021651832222222, 0.25154772222222227 ], "status": null, "note": null }, { "text": "L O A N S I Z E", "box": [ 0.1021651832222222, 0.23915429629629634, 0.22269991111111112, 0.25154772222222227 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.23915429629629634, 0.30999048852777783, 0.25154772222222227 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.23915429629629634, 0.53961375, 0.25154772222222227 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.23915429629629634, 0.6070684622222222, 0.25154772222222227 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.23915429629629634, 0.9789357722222222, 0.25154772222222227 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.25154772222222227, 0.1021651832222222, 0.2893569466666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.1021651832222222, 0.25154772222222227, 0.22269991111111112, 0.2893569466666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.25154772222222227, 0.30999048852777783, 0.2893569466666667 ], "status": null, "note": null }, { "text": "O R I G I N A T I O N Y E A R", "box": [ 0.30999048852777783, 0.25154772222222227, 0.53961375, 0.2893569466666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.25154772222222227, 0.6070684622222222, 0.2893569466666667 ], "status": null, "note": null }, { "text": "K E Y L O A N P O R T F O L I O M E T R I C S", "box": [ 0.6070684622222222, 0.25154772222222227, 0.9789357722222222, 0.2893569466666667 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.2893569466666667, 0.1021651832222222, 0.3270183007407408 ], "status": null, "note": null }, { "text": "Below", "box": [ 0.1021651832222222, 0.2893569466666667, 0.22269991111111112, 0.3270183007407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.2893569466666667, 0.30999048852777783, 0.3270183007407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.2893569466666667, 0.53961375, 0.3270183007407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.2893569466666667, 0.6070684622222222, 0.3270183007407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.2893569466666667, 0.9789357722222222, 0.3270183007407408 ], "status": null, "note": null } ], [ { 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}, { "text": "", "box": [ 0.6070684622222222, 0.4395698355555556, 0.9789357722222222, 0.44986006 ], "status": null, "note": null } ], [ { "text": "11%", "box": [ 0.07111819444444445, 0.44986006, 0.1021651832222222, 0.4612627451851853 ], "status": null, "note": null }, { "text": "", "box": [ 0.1021651832222222, 0.44986006, 0.22269991111111112, 0.4612627451851853 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.44986006, 0.30999048852777783, 0.4612627451851853 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.44986006, 0.53961375, 0.4612627451851853 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.44986006, 0.6070684622222222, 0.4612627451851853 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.44986006, 0.9789357722222222, 0.4612627451851853 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.4612627451851853, 0.1021651832222222, 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"status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.4692507081481482, 0.30999048852777783, 0.47845451703703695 ], "status": null, "note": null }, { "text": "pre-2024", "box": [ 0.30999048852777783, 0.4692507081481482, 0.53961375, 0.47845451703703695 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.4692507081481482, 0.6070684622222222, 0.47845451703703695 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.4692507081481482, 0.9789357722222222, 0.47845451703703695 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.47845451703703695, 0.1021651832222222, 0.4860147822222222 ], "status": null, "note": null }, { "text": "$100M:", "box": [ 0.1021651832222222, 0.47845451703703695, 0.22269991111111112, 0.4860147822222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.47845451703703695, 0.30999048852777783, 0.4860147822222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.47845451703703695, 0.53961375, 0.4860147822222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.47845451703703695, 0.6070684622222222, 0.4860147822222222 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.47845451703703695, 0.9789357722222222, 0.4860147822222222 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.4860147822222222, 0.1021651832222222, 0.4955646096296296 ], "status": null, "note": null }, { "text": "$75M:", "box": [ 0.1021651832222222, 0.4860147822222222, 0.22269991111111112, 0.4955646096296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.4860147822222222, 0.30999048852777783, 0.4955646096296296 ], "status": null, "note": null }, { "text": "15%", "box": [ 0.30999048852777783, 0.4860147822222222, 0.53961375, 0.4955646096296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 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null }, { "text": "", "box": [ 0.22269991111111112, 0.5314488296296297, 0.30999048852777783, 0.5601178851851852 ], "status": null, "note": null }, { "text": "3%", "box": [ 0.30999048852777783, 0.5314488296296297, 0.53961375, 0.5601178851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.5314488296296297, 0.6070684622222222, 0.5601178851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.5314488296296297, 0.9789357722222222, 0.5601178851851852 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.5601178851851852, 0.1021651832222222, 0.5900736851851852 ], "status": null, "note": null }, { "text": "G E O G R A P H Y", "box": [ 0.1021651832222222, 0.5601178851851852, 0.22269991111111112, 0.5900736851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.5601178851851852, 0.30999048852777783, 0.5900736851851852 ], "status": null, "note": null }, { "text": "P R O P E R T Y T Y P E", "box": [ 0.30999048852777783, 0.5601178851851852, 0.53961375, 0.5900736851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.5601178851851852, 0.6070684622222222, 0.5900736851851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.5601178851851852, 0.9789357722222222, 0.5900736851851852 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.5900736851851852, 0.1021651832222222, 0.5973235740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.1021651832222222, 0.5900736851851852, 0.22269991111111112, 0.5973235740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.5900736851851852, 0.30999048852777783, 0.5973235740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.5900736851851852, 0.53961375, 0.5973235740740741 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.5900736851851852, 0.6070684622222222, 0.5973235740740741 ], "status": null, "note": null }, { "text": "1", "box": [ 0.6070684622222222, 0.5900736851851852, 0.9789357722222222, 0.5973235740740741 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.07111819444444445, 0.5973235740740741, 0.1021651832222222, 0.6015484259259258 ], "status": null, "note": null }, { "text": "", "box": [ 0.1021651832222222, 0.5973235740740741, 0.22269991111111112, 0.6015484259259258 ], "status": null, "note": null }, { "text": "", "box": [ 0.22269991111111112, 0.5973235740740741, 0.30999048852777783, 0.6015484259259258 ], "status": null, "note": null }, { "text": "", "box": [ 0.30999048852777783, 0.5973235740740741, 0.53961375, 0.6015484259259258 ], "status": null, "note": null }, { "text": "", "box": [ 0.53961375, 0.5973235740740741, 0.6070684622222222, 0.6015484259259258 ], "status": null, "note": null }, { "text": "", "box": [ 0.6070684622222222, 0.5973235740740741, 0.9789357722222222, 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0.05210597222222223, 0.4644991059259258, 0.11290325697222221, 0.4887650081481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.4644991059259258, 0.22638906944444445, 0.4887650081481481 ], "status": null, "note": null }, { "text": "AA / Aa", "box": [ 0.22638906944444445, 0.4644991059259258, 0.2922568710625, 0.4887650081481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.4644991059259258, 0.34904444050694444, 0.4887650081481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.4644991059259258, 0.46140970000000003, 0.4887650081481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.4644991059259258, 0.6850655277777778, 0.4887650081481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.4644991059259258, 0.9814721555555556, 0.4887650081481481 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.4887650081481481, 0.11290325697222221, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.4887650081481481, 0.22638906944444445, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.4887650081481481, 0.2922568710625, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.4887650081481481, 0.34904444050694444, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.4887650081481481, 0.46140970000000003, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.4887650081481481, 0.6850655277777778, 0.4899734948148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.4887650081481481, 0.9814721555555556, 0.4899734948148148 ], "status": null, "note": null } ], [ { "text": "AAA / Aaa", "box": [ 0.05210597222222223, 0.4899734948148148, 0.11290325697222221, 0.5072825555555556 ], "status": null, "note": null }, { "text": "99%", "box": [ 0.11290325697222221, 0.4899734948148148, 0.22638906944444445, 0.5072825555555556 ], "status": null, "note": null }, { "text": "1%", "box": [ 0.22638906944444445, 0.4899734948148148, 0.2922568710625, 0.5072825555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.4899734948148148, 0.34904444050694444, 0.5072825555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.4899734948148148, 0.46140970000000003, 0.5072825555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.4899734948148148, 0.6850655277777778, 0.5072825555555556 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.4899734948148148, 0.9814721555555556, 0.5072825555555556 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5072825555555556, 0.11290325697222221, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5072825555555556, 0.22638906944444445, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.5072825555555556, 0.2922568710625, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5072825555555556, 0.34904444050694444, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.5072825555555556, 0.46140970000000003, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.5072825555555556, 0.6850655277777778, 0.5125407725925926 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.5072825555555556, 0.9814721555555556, 0.5125407725925926 ], "status": null, "note": null } ], [ { "text": "96%", "box": [ 0.05210597222222223, 0.5125407725925926, 0.11290325697222221, 0.5237907725925925 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5125407725925926, 0.22638906944444445, 0.5237907725925925 ], "status": null, "note": null }, { "text": "A / A", "box": [ 0.22638906944444445, 0.5125407725925926, 0.2922568710625, 0.5237907725925925 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5125407725925926, 0.34904444050694444, 0.5237907725925925 ], "status": null, "note": null }, { "text": "3.0 yr", "box": [ 0.34904444050694444, 0.5125407725925926, 0.46140970000000003, 0.5237907725925925 ], "status": null, "note": null }, { "text": "W.A. duration", "box": [ 0.46140970000000003, 0.5125407725925926, 0.6850655277777778, 0.5237907725925925 ], "status": null, "note": null }, { "text": "Highly liquid \u2013 can finance or sell", "box": [ 0.6850655277777778, 0.5125407725925926, 0.9814721555555556, 0.5237907725925925 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5237907725925925, 0.11290325697222221, 0.5357964207407407 ], "status": null, "note": null }, { "text": "IG-rated", "box": [ 0.11290325697222221, 0.5237907725925925, 0.22638906944444445, 0.5357964207407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.5237907725925925, 0.2922568710625, 0.5357964207407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5237907725925925, 0.34904444050694444, 0.5357964207407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.5237907725925925, 0.46140970000000003, 0.5357964207407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.5237907725925925, 0.6850655277777778, 0.5357964207407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.5237907725925925, 0.9814721555555556, 0.5357964207407407 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5357964207407407, 0.11290325697222221, 0.549764822962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5357964207407407, 0.22638906944444445, 0.549764822962963 ], "status": null, "note": null }, { "text": "0.3%", "box": [ 0.22638906944444445, 0.5357964207407407, 0.2922568710625, 0.549764822962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5357964207407407, 0.34904444050694444, 0.549764822962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.5357964207407407, 0.46140970000000003, 0.549764822962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.5357964207407407, 0.6850655277777778, 0.549764822962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.5357964207407407, 0.9814721555555556, 0.549764822962963 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.549764822962963, 0.11290325697222221, 0.5704379711111112 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.549764822962963, 0.22638906944444445, 0.5704379711111112 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.549764822962963, 0.2922568710625, 0.5704379711111112 ], "status": null, "note": null }, { "text": "BBB / Baa / other", "box": [ 0.2922568710625, 0.549764822962963, 0.34904444050694444, 0.5704379711111112 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.549764822962963, 0.46140970000000003, 0.5704379711111112 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.549764822962963, 0.6850655277777778, 0.5704379711111112 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.549764822962963, 0.9814721555555556, 0.5704379711111112 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5704379711111112, 0.11290325697222221, 0.5807470318518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5704379711111112, 0.22638906944444445, 0.5807470318518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.5704379711111112, 0.2922568710625, 0.5807470318518518 ], "status": null, "note": null }, { "text": "3%", "box": [ 0.2922568710625, 0.5704379711111112, 0.34904444050694444, 0.5807470318518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.5704379711111112, 0.46140970000000003, 0.5807470318518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.5704379711111112, 0.6850655277777778, 0.5807470318518518 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.5704379711111112, 0.9814721555555556, 0.5807470318518518 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5807470318518518, 0.11290325697222221, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5807470318518518, 0.22638906944444445, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.5807470318518518, 0.2922568710625, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5807470318518518, 0.34904444050694444, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.5807470318518518, 0.46140970000000003, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.5807470318518518, 0.6850655277777778, 0.5812271296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.5807470318518518, 0.9814721555555556, 0.5812271296296296 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.5812271296296296, 0.11290325697222221, 0.6178241481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.5812271296296296, 0.22638906944444445, 0.6178241481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.5812271296296296, 0.2922568710625, 0.6178241481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.5812271296296296, 0.34904444050694444, 0.6178241481481481 ], "status": null, "note": null }, { "text": "5.2%", "box": [ 0.34904444050694444, 0.5812271296296296, 0.46140970000000003, 0.6178241481481481 ], "status": null, "note": null }, { "text": "W.A. yield (unlevered)", "box": [ 0.46140970000000003, 0.5812271296296296, 0.6850655277777778, 0.6178241481481481 ], "status": null, "note": null }, { "text": "\u201cHolding ground\u201d for rotation into loans", "box": [ 0.6850655277777778, 0.5812271296296296, 0.9814721555555556, 0.6178241481481481 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.6178241481481481, 0.11290325697222221, 0.6504142777777777 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.6178241481481481, 0.22638906944444445, 0.6504142777777777 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.6178241481481481, 0.2922568710625, 0.6504142777777777 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.6178241481481481, 0.34904444050694444, 0.6504142777777777 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.6178241481481481, 0.46140970000000003, 0.6504142777777777 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.6178241481481481, 0.6850655277777778, 0.6504142777777777 ], "status": null, "note": null }, { "text": "Track record of gains on sale", "box": [ 0.6850655277777778, 0.6178241481481481, 0.9814721555555556, 0.6504142777777777 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.6504142777777777, 0.11290325697222221, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.6504142777777777, 0.22638906944444445, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.6504142777777777, 0.2922568710625, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.6504142777777777, 0.34904444050694444, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.34904444050694444, 0.6504142777777777, 0.46140970000000003, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.46140970000000003, 0.6504142777777777, 0.6850655277777778, 0.6485428703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.6850655277777778, 0.6504142777777777, 0.9814721555555556, 0.6485428703703704 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05210597222222223, 0.6485428703703704, 0.11290325697222221, 0.6685672592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.11290325697222221, 0.6485428703703704, 0.22638906944444445, 0.6685672592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.22638906944444445, 0.6485428703703704, 0.2922568710625, 0.6685672592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.2922568710625, 0.6485428703703704, 0.34904444050694444, 0.6685672592592593 ], "status": null, "note": null }, { "text": "$14M", "box": [ 0.34904444050694444, 0.6485428703703704, 0.46140970000000003, 0.6685672592592593 ], "status": null, "note": null }, { "text": "Avg. investment per CUSIP", "box": [ 0.46140970000000003, 0.6485428703703704, 0.6850655277777778, 0.6685672592592593 ], "status": null, "note": null }, { "text": "+", "box": [ 0.6850655277777778, 0.6485428703703704, 0.9814721555555556, 0.6685672592592593 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "CREDIT RATING SUMMARY", "box": [ 0.11290325697222221, 0.30144111111111116, 0.22638906944444445, 0.343746388888889 ], "status": "reconciled", "note": null }, { "text": "KEY PORTFOLIO METRICS Value", "box": null, "status": "unverified", "note": "The image shows a header section labeled 'KEY PORTFOLIO METRICS' with no subdivision into 'Value' and 'Description' columns in the printed header itself." }, { "text": "KEY PORTFOLIO METRICS Description", "box": null, "status": "unverified", "note": "The image shows a single 'KEY PORTFOLIO METRICS' header spanning the middle section, with no printed 'Description' label in the header row." }, { "text": "INVESTMENT STRATEGY", "box": [ 0.6850655277777778, 0.30144111111111116, 0.9814721555555556, 0.343746388888889 ], "status": "reconciled", "note": null } ], [ { "text": "AAA / Aaa 96%", "box": [ 0.05210597222222223, 0.4899734948148148, 0.11290325697222221, 0.5237907725925925 ], "status": "reconciled", "note": null }, { "text": "$1.9B", "box": [ 0.34904444050694444, 0.3724344629629629, 0.46140970000000003, 0.4104415925925926 ], "status": "reconciled", "note": null }, { "text": "Total securities portfolio assets", "box": [ 0.46140970000000003, 0.3724344629629629, 0.6850655277777778, 0.4104415925925926 ], "status": "reconciled", "note": null }, { "text": "Complementary to lending business", "box": [ 0.6850655277777778, 0.343746388888889, 0.9814721555555556, 0.3724344629629629 ], "status": "reconciled", "note": null } ], [ { "text": "AA / Aa 1%", "box": [ 0.22638906944444445, 0.4644991059259258, 0.2922568710625, 0.5072825555555556 ], "status": "reconciled", "note": null }, { "text": "99%", "box": [ 0.34904444050694444, 0.4417891851851851, 0.46140970000000003, 0.4644991059259258 ], "status": "reconciled", "note": null }, { "text": "Investment grade-rated", "box": [ 0.46140970000000003, 0.4417891851851851, 0.6850655277777778, 0.4644991059259258 ], "status": "reconciled", "note": null }, { "text": "Top-of-capital stack positions", "box": [ 0.6850655277777778, 0.4417891851851851, 0.9814721555555556, 0.4644991059259258 ], "status": "reconciled", "note": null } ], [ { "text": "A / A 0.3%", "box": [ 0.22638906944444445, 0.5125407725925926, 0.2922568710625, 0.549764822962963 ], "status": "reconciled", "note": null }, { "text": "3.0 yr", "box": [ 0.34904444050694444, 0.5125407725925926, 0.46140970000000003, 0.5237907725925925 ], "status": "reconciled", "note": null }, { "text": "W.A. duration", "box": [ 0.46140970000000003, 0.5125407725925926, 0.6850655277777778, 0.5237907725925925 ], "status": "reconciled", "note": null }, { "text": "Highly liquid \u2013 can finance or sell", "box": [ 0.6850655277777778, 0.5125407725925926, 0.9814721555555556, 0.5237907725925925 ], "status": "reconciled", "note": null } ], [ { "text": "BBB / Baa / other 3%", "box": [ 0.2922568710625, 0.549764822962963, 0.34904444050694444, 0.5807470318518518 ], "status": "reconciled", "note": null }, { "text": "5.2%", "box": [ 0.34904444050694444, 0.5812271296296296, 0.46140970000000003, 0.6178241481481481 ], "status": "reconciled", "note": null }, { "text": "W.A. yield (unlevered)", "box": [ 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'Track record of gains on sale' printed in the INVESTMENT STRATEGY column at this row position." } ] ], "merged_cells": [ { "result": "AAA / Aaa 96%", "row": 1, "col": 0, "sources": [ "AAA / Aaa", "96%" ], "source_cells": [ "A8", "A10" ], "source_boxes": [ [ 0.05210597222222223, 0.4899734948148148, 0.11290325697222221, 0.5072825555555556 ], [ 0.05210597222222223, 0.5125407725925926, 0.11290325697222221, 0.5237907725925925 ] ], "box": [ 0.05210597222222223, 0.4899734948148148, 0.11290325697222221, 0.5237907725925925 ], "grounded_by": "cell_address" }, { "result": "AA / Aa 1%", "row": 2, "col": 0, "sources": [ "AA / Aa", "1%" ], "source_cells": [ "C6", "C8" ], "source_boxes": [ [ 0.22638906944444445, 0.4644991059259258, 0.2922568710625, 0.4887650081481481 ], [ 0.22638906944444445, 0.4899734948148148, 0.2922568710625, 0.5072825555555556 ] ], "box": [ 0.22638906944444445, 0.4644991059259258, 0.2922568710625, 0.5072825555555556 ], "grounded_by": "cell_address" }, { "result": "A / A 0.3%", 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"content_fingerprint": "10fccfde", "title": "TOTAL PORTFOLIO KEY METRICS", "subtitle": "", "markdown": "| Investment Type | | Property Type | | Total Portfolio Key Metrics | |\n| --- | --- | --- | --- | --- | --- |\n| Net Lease | $597M (56%) | Dollar Store | 13% | Gross asset value | $1.1B |\n| Diversified CRE/ Other | $461M (44%) | Multifamily | 25% | Net equity invested | $670M |\n| CRE Equity Investments | $1.1B | Drug Store | 10% | Square Feet | ~6.0M |\n| | | Grocery Store | 6% | In-place annual NOI | $69M |\n| | | Hotel | 7% | | |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "", "header_rows": 1, "page": 20, "bbox": [ 37.3, 252.5, 698.7, 392.5 ], "som_region": [ 0.051806110805935335, 0.27322345309787327, 0.970442369249132, 0.5323505542896413 ], "content_region": [ 0.051806110805935335, 0.27322345309787327, 0.970442369249132, 0.5320016366464121 ], "cell_grid": [ [ { "text": "", "box": [ 0.06013944444444445, 0.2924394814814815, 0.11964187794444445, 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Financing | $82.4 | $61.4 | | $64.2 | $55.4 | $8.1 | $9.0 | $280.5 |\n| Weighted-Average Interest Rate on Debt | 5.0% | 5.2% | | 4.9% | 6.8% | 6.8% | 5.4% | 5.4% |\n| | 1 | | | | | | | |\n| | 1 | | | | | | | |\n| Net Equity Invested | $76.6 | $68.6 | | $54.8 | $17.6 | $48.9 | $50.0 | $316.4 |\n| | | | 1 | | | | | |\n| In-Place Annual Net Operating Income (NOI) | $8.1 | $8.9 | | $7.9 | $6.1 | $3.3 | $3.8 | $38.2 |\n| Weighted-Avg. Remaining Lease Term (years) | 5.3 | 6.4 | | 7.2 | 5.3 | 8.3 | 5.7 | 6.2 |\n| ~ Total Square Feet | 822,540 | 929,285 | | 307,664 | 456,176 | 421,890 | 499,814 | 3,437,369 |\n| Weighted-Average % Leased | 100% | 100% | | 100% | 100% | 100% | 100% | 100% |\n| % of Total CRE Equity Portfolio | | | | | | | | |\n| | 15% | 12% | | 11% | 7% | 5% | 6% | 56% |\n| (by Undepreciated Asset Value) | | | | | | | | |\n| % of Net Leased CRE Portfolio | | | | | | | | |\n| | 27% | 22% | | 20% | 12% | 10% | 10% | 100% |\n| (by Undepreciated Asset Value) | | | | | | | | |\n| Note: As of 06/30/2026. Dollars in millions. | | | | | | | | |\n| 1. 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"subtitle": "", "markdown": "| Metric | Description |\n| --- | --- |\n| 2.3x | Adjusted leverage ratio1 |\n| 67% | Unsecured debt / total debt |\n| 83%2 | Unsecured/non-recourse debt & book equity |\n| $1.25B | Unsecured revolver capacity @ S+125 bps |\n| $275M | Unsecured term loan @ S+140 bps |", "footnotes": [], "footnote_refs": [ "1", "2" ], "footnote_marks": [ { "marker": "1", "row": 1, "col": 1, "kind": "footnote", "scope": "cell" }, { "marker": "2", "row": 3, "col": 0, "kind": "footnote", "scope": "cell" } ], "units": "", "header_rows": 1, "page": 23, "bbox": [ 98.8, 195.8, 683.2, 429.7 ], "som_region": [ 0.1372688929239909, 0.20430001152886285, 0.9489348517523871, 0.6373472425672743 ], "content_region": [ 0.1372688929239909, 0.20430001152886285, 0.9489348517523871, 0.5981167263454861 ], "cell_grid": [ [ { "text": "C A P I TA L I Z AT I O N S U M M A R Y", "box": [ 0.14560222222222222, 0.22403333333333336, 0.47271611111111106, 0.269561537037037 ], "status": null, "note": null }, { "text": "C A P I TA L S T R U C T U R E H I G H L I G H T S", "box": [ 0.47271611111111106, 0.22403333333333336, 0.9406014444444447, 0.269561537037037 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.14560222222222222, 0.269561537037037, 0.47271611111111106, 0.2972938888888888 ], "status": null, "note": null }, { "text": "", "box": [ 0.47271611111111106, 0.269561537037037, 0.9406014444444447, 0.2972938888888888 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.14560222222222222, 0.2972938888888888, 0.47271611111111106, 0.32740958296296296 ], "status": null, "note": null }, { "text": "1\nAdjusted leverage ratio \n2.3x", "box": [ 0.47271611111111106, 0.2972938888888888, 0.9406014444444447, 0.32740958296296296 ], "status": null, "note": null } ], [ { "text": "Book Equity", "box": [ 0.14560222222222222, 0.32740958296296296, 0.47271611111111106, 0.3532014992592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.47271611111111106, 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null, "note": null }, { "text": "Cash", "box": [ 0.320214725, 0.6820909814814815, 0.4640132826666666, 0.700202 ], "status": null, "note": null }, { "text": "", "box": [ 0.4640132826666666, 0.6820909814814815, 0.6099676722222223, 0.700202 ], "status": null, "note": null }, { "text": "", "box": [ 0.6099676722222223, 0.6820909814814815, 0.9568965333333334, 0.700202 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.12052624999999999, 0.700202, 0.16777762381944444, 0.7183130185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.16777762381944444, 0.700202, 0.320214725, 0.7183130185185185 ], "status": null, "note": null }, { "text": "$38", "box": [ 0.320214725, 0.700202, 0.4640132826666666, 0.7183130185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.4640132826666666, 0.700202, 0.6099676722222223, 0.7183130185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.6099676722222223, 0.700202, 0.9568965333333334, 0.7183130185185185 ], 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0.9568965333333334, 0.5984815740740741 ], "status": "reconciled", "note": null } ], [ { "text": "Other Assets $138 (3%)", "box": [ 0.320214725, 0.5984815740740741, 0.4640132826666666, 0.6698432407407408 ], "status": "reconciled", "note": null }, { "text": "~50%", "box": [ 0.4640132826666666, 0.655370462962963, 0.6099676722222223, 0.6698432407407408 ], "status": "reconciled", "note": null }, { "text": "% of overall IG securities portfolio unencumbered", "box": [ 0.6099676722222223, 0.655370462962963, 0.9568965333333334, 0.6698432407407408 ], "status": "reconciled", "note": null } ], [ { "text": "Unrestricted Cash $38 (1%)", "box": [ 0.320214725, 0.6698432407407408, 0.4640132826666666, 0.7348684814814815 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ] ], "merged_cells": [ { "result": "C O M P O S I T I O N", "row": 0, "col": 0, "sources": [ "C O M P O S I T I O N" ], 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0.16777762381944444, 0.39011796296296297, 0.320214725, 0.43707388888888893 ], "grounded_by": "cell_address" }, { "result": "73%", "row": 1, "col": 1, "sources": [ "73%" ], "source_cells": [ "D2" ], "source_boxes": [ [ 0.4640132826666666, 0.3468212962962963, 0.6099676722222223, 0.39011796296296297 ] ], "box": [ 0.4640132826666666, 0.3468212962962963, 0.6099676722222223, 0.39011796296296297 ], "grounded_by": "cell_address" }, { "result": "Unencumbered assets % of total assets", "row": 1, "col": 2, "sources": [ "Unencumbered assets % of total assets" ], "source_cells": [ "E2" ], "source_boxes": [ [ 0.6099676722222223, 0.3468212962962963, 0.9568965333333334, 0.39011796296296297 ] ], "box": [ 0.6099676722222223, 0.3468212962962963, 0.9568965333333334, 0.39011796296296297 ], "grounded_by": "cell_address" }, { "result": "85%", "row": 2, "col": 1, "sources": [ "85%" ], "source_cells": [ "D6" ], "source_boxes": [ [ 0.4640132826666666, 0.43707388888888893, 0.6099676722222223, 0.4731678703703704 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0.5311086111111111 ], "grounded_by": "cell_address" }, { "result": "Unencumbered assets / unsecured debt ratio", "row": 3, "col": 2, "sources": [ "Unencumbered assets / unsecured debt ratio" ], "source_cells": [ "E11" ], "source_boxes": [ [ 0.6099676722222223, 0.5164235185185185, 0.9568965333333334, 0.5311086111111111 ] ], "box": [ 0.6099676722222223, 0.5164235185185185, 0.9568965333333334, 0.5311086111111111 ], "grounded_by": "cell_address" }, { "result": "CRE Equity $501 (12%)", "row": 4, "col": 0, "sources": [ "CRE", "Equity", "$501", "(12%)" ], "source_cells": [ "C11", "C12", "C14", "C17" ], "source_boxes": [ [ 0.320214725, 0.5164235185185185, 0.4640132826666666, 0.5311086111111111 ], [ 0.320214725, 0.5311086111111111, 0.4640132826666666, 0.538308425925926 ], [ 0.320214725, 0.5496416666666667, 0.4640132826666666, 0.5578705185185185 ], [ 0.320214725, 0.5689705555555555, 0.4640132826666666, 0.5783124074074074 ] ], "box": [ 0.320214725, 0.5164235185185185, 0.4640132826666666, 0.5783124074074074 ], "grounded_by": "cell_address" }, { "result": ">$1.0B", "row": 4, "col": 1, "sources": [ ">$1.0B" ], "source_cells": [ "D18" ], "source_boxes": [ [ 0.4640132826666666, 0.5783124074074074, 0.6099676722222223, 0.5984815740740741 ] ], "box": [ 0.4640132826666666, 0.5783124074074074, 0.6099676722222223, 0.5984815740740741 ], "grounded_by": "cell_address" }, { "result": "Cushion vs. 1.20x covenant level", "row": 4, "col": 2, "sources": [ "Cushion vs. 1.20x covenant level" ], "source_cells": [ "E18" ], "source_boxes": [ [ 0.6099676722222223, 0.5783124074074074, 0.9568965333333334, 0.5984815740740741 ] ], "box": [ 0.6099676722222223, 0.5783124074074074, 0.9568965333333334, 0.5984815740740741 ], "grounded_by": "cell_address" }, { "result": "Other Assets $138 (3%)", "row": 5, "col": 0, "sources": [ "Other", "Assets", "$138", "(3%)" ], "source_cells": [ "C19", "C20", "C21", "C23" ], "source_boxes": [ [ 0.320214725, 0.5984815740740741, 0.4640132826666666, 0.6104645925925927 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"content_fingerprint": "4ffd521b", "title": "Snapshot of Business Lines \u2013 Balance Sheet Loans", "subtitle": "", "markdown": "| | Snapshot of Business Lines | | |\n| --- | --- | --- | --- |\n| Balance Sheet Loans | | Net Leased Commercial Real Estate (100% Owned) | |\n| Carrying Value of Assets | $2,790 | Carrying Value of Assets | $393 |\n| A\nSecured Financing on Assets | 107 | Undepreciated Book Value of Assets | 597 |\n| Net Equity Invested (excl. Corporate Debt) | 2,683 | D\nSecured Financing on Assets | 281 |\n| % First Mortgage | 99.9% | Net Equity Invested (excl. Corporate Debt) | 316 |\n| % Other (Mezzanine / Subordinate) | 0.1% | Total Square Feet | 3,437,369 |\n| Weighted-Average Yield | 7.3% | Weighted-Average % Leased | 100% |\n| Origination Volume (LTM) | $2,089 | In-Place Annual Net Operating Income (NOI) | $38.2 |\n| Funding Volume (LTM) | 1,931 | | Accounting method: carried at depreciated book value |\n| Accounting method: carried at amortized cost | | | |\n| | | 1,\n2 | |\n| Conduit Loans | | Diversified Commercial Real Estate | |\n| Carrying Value of Assets | $27 | Carrying Value of Assets | $383 |\n| B\nSecured Financing on Assets | \u2013 | Undepreciated Book Value of Assets | 461 |\n| Net Equity Invested (excl. Corporate Debt) | 27 | E\nSecured Financing on Assets | 107 |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "", "header_rows": null, "page": 29, "bbox": [ 36.6, 269.8, 454.6, 453.3 ], "som_region": [ 0.05082194010416667, 0.16055882771809896, 0.6313889397515191, 0.5003699973777488 ], "content_region": [ 0.05082194010416667, 0.16055882771809896, 0.6313889397515191, 0.49963695384837964 ], "cell_grid": [ [ { "text": "", "box": [ 0.059155238194444675, 0.1769309674074074, 0.24315757922916667, 0.1984558773148148 ], "status": null, "note": null }, { "text": "Snapshot of Business Lines", "box": [ 0.24315757922916667, 0.1769309674074074, 0.3411076671736112, 0.1984558773148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.3411076671736112, 0.1769309674074074, 0.5715231074027778, 0.1984558773148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.1769309674074074, 0.6230525595833333, 0.1984558773148148 ], "status": null, "note": null } ], [ { "text": "Balance Sheet Loans", "box": [ 0.059155238194444675, 0.1984558773148148, 0.24315757922916667, 0.2212866425 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.1984558773148148, 0.3411076671736112, 0.2212866425 ], "status": null, "note": null }, { "text": "Net Leased Commercial Real Estate (100% Owned)", "box": [ 0.3411076671736112, 0.1984558773148148, 0.5715231074027778, 0.2212866425 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.1984558773148148, 0.6230525595833333, 0.2212866425 ], "status": null, "note": null } ], [ { "text": "Carrying Value of Assets", "box": [ 0.059155238194444675, 0.2212866425, 0.24315757922916667, 0.24086895675925923 ], "status": null, "note": null }, { "text": "$2,790", "box": [ 0.24315757922916667, 0.2212866425, 0.3411076671736112, 0.24086895675925923 ], "status": null, "note": null }, { "text": "Carrying Value of Assets", "box": [ 0.3411076671736112, 0.2212866425, 0.5715231074027778, 0.24086895675925923 ], "status": null, "note": null }, { "text": "$393", "box": [ 0.5715231074027778, 0.2212866425, 0.6230525595833333, 0.24086895675925923 ], "status": null, "note": null } ], [ { "text": "A\nSecured Financing on Assets", "box": [ 0.059155238194444675, 0.24086895675925923, 0.24315757922916667, 0.2610172450925926 ], "status": null, "note": null }, { "text": "107", "box": [ 0.24315757922916667, 0.24086895675925923, 0.3411076671736112, 0.2610172450925926 ], "status": null, "note": null }, { "text": "Undepreciated Book Value of Assets", "box": [ 0.3411076671736112, 0.24086895675925923, 0.5715231074027778, 0.2610172450925926 ], "status": null, "note": null }, { "text": "597", "box": [ 0.5715231074027778, 0.24086895675925923, 0.6230525595833333, 0.2610172450925926 ], "status": null, "note": null } ], [ { "text": "Net Equity Invested (excl. Corporate Debt)", "box": [ 0.059155238194444675, 0.2610172450925926, 0.24315757922916667, 0.281165533425926 ], "status": null, "note": null }, { "text": "2,683", "box": [ 0.24315757922916667, 0.2610172450925926, 0.3411076671736112, 0.281165533425926 ], "status": null, "note": null }, { "text": "D\nSecured Financing on Assets", "box": [ 0.3411076671736112, 0.2610172450925926, 0.5715231074027778, 0.281165533425926 ], "status": null, "note": null }, { "text": "281", "box": [ 0.5715231074027778, 0.2610172450925926, 0.6230525595833333, 0.281165533425926 ], "status": null, "note": null } ], [ { "text": "% First Mortgage", "box": [ 0.059155238194444675, 0.281165533425926, 0.24315757922916667, 0.30130344879629634 ], "status": null, "note": null }, { "text": "99.9%", "box": [ 0.24315757922916667, 0.281165533425926, 0.3411076671736112, 0.30130344879629634 ], "status": null, "note": null }, { "text": "Net Equity Invested (excl. Corporate Debt)", "box": [ 0.3411076671736112, 0.281165533425926, 0.5715231074027778, 0.30130344879629634 ], "status": null, "note": null }, { "text": "316", "box": [ 0.5715231074027778, 0.281165533425926, 0.6230525595833333, 0.30130344879629634 ], "status": null, "note": null } ], [ { "text": "% Other (Mezzanine / Subordinate)", "box": [ 0.059155238194444675, 0.30130344879629634, 0.24315757922916667, 0.3214388866666667 ], "status": null, "note": null }, { "text": "0.1%", "box": [ 0.24315757922916667, 0.30130344879629634, 0.3411076671736112, 0.3214388866666667 ], "status": null, "note": null }, { "text": "Total Square Feet", "box": [ 0.3411076671736112, 0.30130344879629634, 0.5715231074027778, 0.3214388866666667 ], "status": null, "note": null }, { "text": "3,437,369", "box": [ 0.5715231074027778, 0.30130344879629634, 0.6230525595833333, 0.3214388866666667 ], "status": null, "note": null } ], [ { "text": "Weighted-Average Yield", "box": [ 0.059155238194444675, 0.3214388866666667, 0.24315757922916667, 0.34158194222222227 ], "status": null, "note": null }, { "text": "7.3%", "box": [ 0.24315757922916667, 0.3214388866666667, 0.3411076671736112, 0.34158194222222227 ], "status": null, "note": null }, { "text": "Weighted-Average % Leased", "box": [ 0.3411076671736112, 0.3214388866666667, 0.5715231074027778, 0.34158194222222227 ], "status": null, "note": null }, { "text": "100%", "box": [ 0.5715231074027778, 0.3214388866666667, 0.6230525595833333, 0.34158194222222227 ], "status": null, "note": null } ], [ { "text": "Origination Volume (LTM)", "box": [ 0.059155238194444675, 0.34158194222222227, 0.24315757922916667, 0.36147394555555556 ], "status": null, "note": null }, { "text": "$2,089", "box": [ 0.24315757922916667, 0.34158194222222227, 0.3411076671736112, 0.36147394555555556 ], "status": null, "note": null }, { "text": "In-Place Annual Net Operating Income (NOI)", "box": [ 0.3411076671736112, 0.34158194222222227, 0.5715231074027778, 0.36147394555555556 ], "status": null, "note": null }, { "text": "$38.2", "box": [ 0.5715231074027778, 0.34158194222222227, 0.6230525595833333, 0.36147394555555556 ], "status": null, "note": null } ], [ { "text": "Funding Volume (LTM)", "box": [ 0.059155238194444675, 0.36147394555555556, 0.24315757922916667, 0.38161700111111113 ], "status": null, "note": null }, { "text": "1,931", "box": [ 0.24315757922916667, 0.36147394555555556, 0.3411076671736112, 0.38161700111111113 ], "status": null, "note": null }, { "text": "", "box": [ 0.3411076671736112, 0.36147394555555556, 0.5715231074027778, 0.38161700111111113 ], "status": null, "note": null }, { "text": "Accounting method: carried at depreciated book value", "box": [ 0.5715231074027778, 0.36147394555555556, 0.6230525595833333, 0.38161700111111113 ], "status": null, "note": null } ], [ { "text": "Accounting method: carried at amortized cost", "box": [ 0.059155238194444675, 0.38161700111111113, 0.24315757922916667, 0.4111277372222223 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.38161700111111113, 0.3411076671736112, 0.4111277372222223 ], "status": null, "note": null }, { "text": "", "box": [ 0.3411076671736112, 0.38161700111111113, 0.5715231074027778, 0.4111277372222223 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.38161700111111113, 0.6230525595833333, 0.4111277372222223 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.059155238194444675, 0.4111277372222223, 0.24315757922916667, 0.42891932305555563 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.4111277372222223, 0.3411076671736112, 0.42891932305555563 ], "status": null, "note": null }, { "text": "1,\n2", "box": [ 0.3411076671736112, 0.4111277372222223, 0.5715231074027778, 0.42891932305555563 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.4111277372222223, 0.6230525595833333, 0.42891932305555563 ], "status": null, "note": null } ], [ { "text": "Conduit Loans", "box": [ 0.059155238194444675, 0.42891932305555563, 0.24315757922916667, 0.4428613342592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.42891932305555563, 0.3411076671736112, 0.4428613342592593 ], "status": null, "note": null }, { "text": "Diversified Commercial Real Estate", "box": [ 0.3411076671736112, 0.42891932305555563, 0.5715231074027778, 0.4428613342592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.42891932305555563, 0.6230525595833333, 0.4428613342592593 ], "status": null, "note": null } ], [ { "text": "Carrying Value of Assets", "box": [ 0.059155238194444675, 0.4428613342592593, 0.24315757922916667, 0.46244340120370375 ], "status": null, "note": null }, { "text": "$27", "box": [ 0.24315757922916667, 0.4428613342592593, 0.3411076671736112, 0.46244340120370375 ], "status": null, "note": null }, { "text": "Carrying Value of Assets", "box": [ 0.3411076671736112, 0.4428613342592593, 0.5715231074027778, 0.46244340120370375 ], "status": null, "note": null }, { "text": "$383", "box": [ 0.5715231074027778, 0.4428613342592593, 0.6230525595833333, 0.46244340120370375 ], "status": null, "note": null } ], [ { "text": "B\nSecured Financing on Assets", "box": [ 0.059155238194444675, 0.46244340120370375, 0.24315757922916667, 0.4825865493518519 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.24315757922916667, 0.46244340120370375, 0.3411076671736112, 0.4825865493518519 ], "status": null, "note": null }, { "text": "Undepreciated Book Value of Assets", "box": [ 0.3411076671736112, 0.46244340120370375, 0.5715231074027778, 0.4825865493518519 ], "status": null, "note": null }, { "text": "461", "box": [ 0.5715231074027778, 0.46244340120370375, 0.6230525595833333, 0.4825865493518519 ], "status": null, "note": null } ], [ { "text": "Net Equity Invested (excl. Corporate Debt)", "box": [ 0.059155238194444675, 0.4825865493518519, 0.24315757922916667, 0.4996369422222222 ], "status": null, "note": null }, { "text": "27", "box": [ 0.24315757922916667, 0.4825865493518519, 0.3411076671736112, 0.4996369422222222 ], "status": null, "note": null }, { "text": "E\nSecured Financing on Assets", "box": [ 0.3411076671736112, 0.4825865493518519, 0.5715231074027778, 0.4996369422222222 ], "status": null, "note": null }, { "text": "107", "box": [ 0.5715231074027778, 0.4825865493518519, 0.6230525595833333, 0.4996369422222222 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "", "box": [ 0.059155238194444675, 0.1769309674074074, 0.24315757922916667, 0.1984558773148148 ], "status": null, "note": null }, { "text": "Snapshot of Business Lines", "box": [ 0.24315757922916667, 0.1769309674074074, 0.3411076671736112, 0.1984558773148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.3411076671736112, 0.1769309674074074, 0.5715231074027778, 0.1984558773148148 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.1769309674074074, 0.6230525595833333, 0.1984558773148148 ], "status": null, "note": null } ], [ { "text": "Balance Sheet Loans", "box": [ 0.059155238194444675, 0.1984558773148148, 0.24315757922916667, 0.2212866425 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.1984558773148148, 0.3411076671736112, 0.2212866425 ], "status": null, "note": null }, { "text": "Net Leased Commercial Real Estate (100% Owned)", "box": [ 0.3411076671736112, 0.1984558773148148, 0.5715231074027778, 0.2212866425 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.1984558773148148, 0.6230525595833333, 0.2212866425 ], "status": null, "note": null } ], [ { "text": "Carrying Value of Assets", "box": [ 0.059155238194444675, 0.2212866425, 0.24315757922916667, 0.24086895675925923 ], "status": null, "note": null }, { "text": "$2,790", "box": [ 0.24315757922916667, 0.2212866425, 0.3411076671736112, 0.24086895675925923 ], "status": null, "note": null }, { "text": "Carrying Value of Assets", "box": [ 0.3411076671736112, 0.2212866425, 0.5715231074027778, 0.24086895675925923 ], "status": null, "note": null }, { "text": "$393", "box": [ 0.5715231074027778, 0.2212866425, 0.6230525595833333, 0.24086895675925923 ], "status": null, "note": null } ], [ { "text": "A\nSecured Financing on Assets", "box": [ 0.059155238194444675, 0.24086895675925923, 0.24315757922916667, 0.2610172450925926 ], "status": null, "note": null }, { "text": "107", "box": [ 0.24315757922916667, 0.24086895675925923, 0.3411076671736112, 0.2610172450925926 ], "status": null, "note": null }, { "text": "Undepreciated Book Value of Assets", "box": [ 0.3411076671736112, 0.24086895675925923, 0.5715231074027778, 0.2610172450925926 ], "status": null, "note": null }, { "text": "597", "box": [ 0.5715231074027778, 0.24086895675925923, 0.6230525595833333, 0.2610172450925926 ], "status": null, "note": null } ], [ { "text": "Net Equity Invested (excl. Corporate Debt)", "box": [ 0.059155238194444675, 0.2610172450925926, 0.24315757922916667, 0.281165533425926 ], "status": null, "note": null }, { "text": "2,683", "box": [ 0.24315757922916667, 0.2610172450925926, 0.3411076671736112, 0.281165533425926 ], "status": null, "note": null }, { "text": "D\nSecured Financing on Assets", "box": [ 0.3411076671736112, 0.2610172450925926, 0.5715231074027778, 0.281165533425926 ], "status": null, "note": null }, { "text": "281", "box": [ 0.5715231074027778, 0.2610172450925926, 0.6230525595833333, 0.281165533425926 ], "status": null, "note": null } ], [ { "text": "% First Mortgage", "box": [ 0.059155238194444675, 0.281165533425926, 0.24315757922916667, 0.30130344879629634 ], "status": null, "note": null }, { "text": "99.9%", "box": [ 0.24315757922916667, 0.281165533425926, 0.3411076671736112, 0.30130344879629634 ], "status": null, "note": null }, { "text": "Net Equity Invested (excl. Corporate Debt)", "box": [ 0.3411076671736112, 0.281165533425926, 0.5715231074027778, 0.30130344879629634 ], "status": null, "note": null }, { "text": "316", "box": [ 0.5715231074027778, 0.281165533425926, 0.6230525595833333, 0.30130344879629634 ], "status": null, "note": null } ], [ { "text": "% Other (Mezzanine / Subordinate)", "box": [ 0.059155238194444675, 0.30130344879629634, 0.24315757922916667, 0.3214388866666667 ], "status": null, "note": null }, { "text": "0.1%", "box": [ 0.24315757922916667, 0.30130344879629634, 0.3411076671736112, 0.3214388866666667 ], "status": null, "note": null }, { "text": "Total Square Feet", "box": [ 0.3411076671736112, 0.30130344879629634, 0.5715231074027778, 0.3214388866666667 ], "status": null, "note": null }, { "text": "3,437,369", "box": [ 0.5715231074027778, 0.30130344879629634, 0.6230525595833333, 0.3214388866666667 ], "status": null, "note": null } ], [ { "text": "Weighted-Average Yield", "box": [ 0.059155238194444675, 0.3214388866666667, 0.24315757922916667, 0.34158194222222227 ], "status": null, "note": null }, { "text": "7.3%", "box": [ 0.24315757922916667, 0.3214388866666667, 0.3411076671736112, 0.34158194222222227 ], "status": null, "note": null }, { "text": "Weighted-Average % Leased", "box": [ 0.3411076671736112, 0.3214388866666667, 0.5715231074027778, 0.34158194222222227 ], "status": null, "note": null }, { "text": "100%", "box": [ 0.5715231074027778, 0.3214388866666667, 0.6230525595833333, 0.34158194222222227 ], "status": null, "note": null } ], [ { "text": "Origination Volume (LTM)", "box": [ 0.059155238194444675, 0.34158194222222227, 0.24315757922916667, 0.36147394555555556 ], "status": null, "note": null }, { "text": "$2,089", "box": [ 0.24315757922916667, 0.34158194222222227, 0.3411076671736112, 0.36147394555555556 ], "status": null, "note": null }, { "text": "In-Place Annual Net Operating Income (NOI)", "box": [ 0.3411076671736112, 0.34158194222222227, 0.5715231074027778, 0.36147394555555556 ], "status": null, "note": null }, { "text": "$38.2", "box": [ 0.5715231074027778, 0.34158194222222227, 0.6230525595833333, 0.36147394555555556 ], "status": null, "note": null } ], [ { "text": "Funding Volume (LTM)", "box": [ 0.059155238194444675, 0.36147394555555556, 0.24315757922916667, 0.38161700111111113 ], "status": null, "note": null }, { "text": "1,931", "box": [ 0.24315757922916667, 0.36147394555555556, 0.3411076671736112, 0.38161700111111113 ], "status": null, "note": null }, { "text": "", "box": [ 0.3411076671736112, 0.36147394555555556, 0.5715231074027778, 0.38161700111111113 ], "status": null, "note": null }, { "text": "Accounting method: carried at depreciated book value", "box": [ 0.5715231074027778, 0.36147394555555556, 0.6230525595833333, 0.38161700111111113 ], "status": null, "note": null } ], [ { "text": "Accounting method: carried at amortized cost", "box": [ 0.059155238194444675, 0.38161700111111113, 0.24315757922916667, 0.4111277372222223 ], "status": null, "note": null }, { 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Loans", "box": [ 0.059155238194444675, 0.42891932305555563, 0.24315757922916667, 0.4428613342592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.24315757922916667, 0.42891932305555563, 0.3411076671736112, 0.4428613342592593 ], "status": null, "note": null }, { "text": "Diversified Commercial Real Estate", "box": [ 0.3411076671736112, 0.42891932305555563, 0.5715231074027778, 0.4428613342592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.5715231074027778, 0.42891932305555563, 0.6230525595833333, 0.4428613342592593 ], "status": null, "note": null } ], [ { "text": "Carrying Value of Assets", "box": [ 0.059155238194444675, 0.4428613342592593, 0.24315757922916667, 0.46244340120370375 ], "status": null, "note": null }, { "text": "$27", "box": [ 0.24315757922916667, 0.4428613342592593, 0.3411076671736112, 0.46244340120370375 ], "status": null, "note": null }, { "text": "Carrying Value of Assets", "box": [ 0.3411076671736112, 0.4428613342592593, 0.5715231074027778, 0.46244340120370375 ], "status": null, "note": null }, { "text": "$383", "box": [ 0.5715231074027778, 0.4428613342592593, 0.6230525595833333, 0.46244340120370375 ], "status": null, "note": null } ], [ { "text": "B\nSecured Financing on Assets", "box": [ 0.059155238194444675, 0.46244340120370375, 0.24315757922916667, 0.4825865493518519 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.24315757922916667, 0.46244340120370375, 0.3411076671736112, 0.4825865493518519 ], "status": null, "note": null }, { "text": "Undepreciated Book Value of Assets", "box": [ 0.3411076671736112, 0.46244340120370375, 0.5715231074027778, 0.4825865493518519 ], "status": null, "note": null }, { "text": "461", "box": [ 0.5715231074027778, 0.46244340120370375, 0.6230525595833333, 0.4825865493518519 ], "status": null, "note": null } ], [ { "text": "Net Equity Invested (excl. 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null }, { "text": "Q4 2025", "box": [ 0.6564531708333334, 0.11193445555555559, 0.7360217958333335, 0.1625971514814815 ], "status": null, "note": null }, { "text": "Q3 2025", "box": [ 0.7360217958333335, 0.11193445555555559, 0.8155084986111111, 0.1625971514814815 ], "status": null, "note": null }, { "text": "Q2 2025", "box": [ 0.8155084986111111, 0.11193445555555559, 0.8753214250000001, 0.1625971514814815 ], "status": null, "note": null } ], [ { "text": "Net interest income", "box": [ 0.013888888888888888, 0.1625971514814815, 0.4939608716666666, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.1625971514814815, 0.5113953333333334, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.5113953333333334, 0.1625971514814815, 0.5758680991666667, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.5758680991666667, 0.1625971514814815, 0.6564531708333334, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.6564531708333334, 0.1625971514814815, 0.7360217958333335, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.7360217958333335, 0.1625971514814815, 0.8155084986111111, 0.18582658185185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.8155084986111111, 0.1625971514814815, 0.8753214250000001, 0.18582658185185186 ], "status": null, "note": null } ], [ { "text": "Interest income", "box": [ 0.013888888888888888, 0.18582658185185186, 0.4939608716666666, 0.20607303833333335 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.18582658185185186, 0.5113953333333334, 0.20607303833333335 ], "status": null, "note": null }, { "text": "$78.2", "box": [ 0.5113953333333334, 0.18582658185185186, 0.5758680991666667, 0.20607303833333335 ], "status": null, "note": null }, { "text": "$74.2", "box": [ 0.5758680991666667, 0.18582658185185186, 0.6564531708333334, 0.20607303833333335 ], "status": null, "note": null }, { "text": "$68.1", "box": [ 0.6564531708333334, 0.18582658185185186, 0.7360217958333335, 0.20607303833333335 ], "status": null, "note": null }, { "text": "$71.8", "box": [ 0.7360217958333335, 0.18582658185185186, 0.8155084986111111, 0.20607303833333335 ], "status": null, "note": null }, { "text": "$62.7", "box": [ 0.8155084986111111, 0.18582658185185186, 0.8753214250000001, 0.20607303833333335 ], "status": null, "note": null } ], [ { "text": "Interest expense", "box": [ 0.013888888888888888, 0.20607303833333335, 0.4939608716666666, 0.22686135296296303 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.20607303833333335, 0.5113953333333334, 0.22686135296296303 ], "status": null, "note": null }, { "text": "55.6", "box": [ 0.5113953333333334, 0.20607303833333335, 0.5758680991666667, 0.22686135296296303 ], "status": null, "note": null }, { "text": "51.2", "box": [ 0.5758680991666667, 0.20607303833333335, 0.6564531708333334, 0.22686135296296303 ], "status": null, "note": null }, { "text": "45.7", "box": [ 0.6564531708333334, 0.20607303833333335, 0.7360217958333335, 0.22686135296296303 ], "status": null, "note": null }, { "text": "44.0", "box": [ 0.7360217958333335, 0.20607303833333335, 0.8155084986111111, 0.22686135296296303 ], "status": null, "note": null }, { "text": "41.2", "box": [ 0.8155084986111111, 0.20607303833333335, 0.8753214250000001, 0.22686135296296303 ], "status": null, "note": null } ], [ { "text": "Net interest income", "box": [ 0.013888888888888888, 0.22686135296296303, 0.4939608716666666, 0.24847709962962958 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.22686135296296303, 0.5113953333333334, 0.24847709962962958 ], "status": null, "note": null }, { "text": "$22.6", "box": [ 0.5113953333333334, 0.22686135296296303, 0.5758680991666667, 0.24847709962962958 ], "status": null, "note": null }, { "text": "$23.0", "box": [ 0.5758680991666667, 0.22686135296296303, 0.6564531708333334, 0.24847709962962958 ], "status": null, "note": null }, { "text": "$22.3", "box": [ 0.6564531708333334, 0.22686135296296303, 0.7360217958333335, 0.24847709962962958 ], "status": null, "note": null }, { "text": "$27.8", "box": [ 0.7360217958333335, 0.22686135296296303, 0.8155084986111111, 0.24847709962962958 ], "status": null, "note": null }, { "text": "$21.5", "box": [ 0.8155084986111111, 0.22686135296296303, 0.8753214250000001, 0.24847709962962958 ], "status": null, "note": null } ], [ { "text": "Provision for (release of) loan loss reserves", "box": [ 0.013888888888888888, 0.24847709962962958, 0.4939608716666666, 0.2700928462962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.24847709962962958, 0.5113953333333334, 0.2700928462962963 ], "status": null, "note": null }, { "text": "0.1", "box": [ 0.5113953333333334, 0.24847709962962958, 0.5758680991666667, 0.2700928462962963 ], "status": null, "note": null }, { "text": "(0.0)", "box": [ 0.5758680991666667, 0.24847709962962958, 0.6564531708333334, 0.2700928462962963 ], "status": null, "note": null }, { "text": "(0.0)", "box": [ 0.6564531708333334, 0.24847709962962958, 0.7360217958333335, 0.2700928462962963 ], "status": null, "note": null }, { "text": "(0.0)", "box": [ 0.7360217958333335, 0.24847709962962958, 0.8155084986111111, 0.2700928462962963 ], "status": null, "note": null }, { "text": "(0.0)", "box": [ 0.8155084986111111, 0.24847709962962958, 0.8753214250000001, 0.2700928462962963 ], "status": null, "note": null } ], [ { "text": "Net interest income after provision for (release of) loan losses", "box": [ 0.013888888888888888, 0.2700928462962963, 0.4939608716666666, 0.2919795220370369 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.2700928462962963, 0.5113953333333334, 0.2919795220370369 ], "status": null, "note": null }, { "text": "$22.5", "box": [ 0.5113953333333334, 0.2700928462962963, 0.5758680991666667, 0.2919795220370369 ], "status": null, "note": null }, { "text": "$23.0", "box": [ 0.5758680991666667, 0.2700928462962963, 0.6564531708333334, 0.2919795220370369 ], "status": null, "note": null }, { "text": "$22.3", "box": [ 0.6564531708333334, 0.2700928462962963, 0.7360217958333335, 0.2919795220370369 ], "status": null, "note": null }, { "text": "$27.8", "box": [ 0.7360217958333335, 0.2700928462962963, 0.8155084986111111, 0.2919795220370369 ], "status": null, "note": null }, { "text": "$21.6", "box": [ 0.8155084986111111, 0.2700928462962963, 0.8753214250000001, 0.2919795220370369 ], "status": null, "note": null } ], [ { "text": "Other income", "box": [ 0.013888888888888888, 0.2919795220370369, 0.4939608716666666, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.2919795220370369, 0.5113953333333334, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.5113953333333334, 0.2919795220370369, 0.5758680991666667, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.5758680991666667, 0.2919795220370369, 0.6564531708333334, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.6564531708333334, 0.2919795220370369, 0.7360217958333335, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.7360217958333335, 0.2919795220370369, 0.8155084986111111, 0.3133243396296295 ], "status": null, "note": null }, { "text": "", "box": [ 0.8155084986111111, 0.2919795220370369, 0.8753214250000001, 0.3133243396296295 ], "status": null, "note": null } ], [ { "text": "Real estate operating income", "box": [ 0.013888888888888888, 0.3133243396296295, 0.4939608716666666, 0.333570796111111 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.3133243396296295, 0.5113953333333334, 0.333570796111111 ], "status": null, "note": null }, { "text": "30.9", "box": [ 0.5113953333333334, 0.3133243396296295, 0.5758680991666667, 0.333570796111111 ], "status": null, "note": null }, { "text": "27.3", "box": [ 0.5758680991666667, 0.3133243396296295, 0.6564531708333334, 0.333570796111111 ], "status": null, "note": null }, { "text": "25.1", "box": [ 0.6564531708333334, 0.3133243396296295, 0.7360217958333335, 0.333570796111111 ], "status": null, "note": null }, { "text": "26.7", "box": [ 0.7360217958333335, 0.3133243396296295, 0.8155084986111111, 0.333570796111111 ], "status": null, "note": null }, { "text": "25.8", "box": [ 0.8155084986111111, 0.3133243396296295, 0.8753214250000001, 0.333570796111111 ], "status": null, "note": null } ], [ { "text": "Net result from mortgage loan receivables held for sale", "box": [ 0.013888888888888888, 0.333570796111111, 0.4939608716666666, 0.35433003500000004 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.333570796111111, 0.5113953333333334, 0.35433003500000004 ], "status": null, "note": null }, { "text": "0.2", "box": [ 0.5113953333333334, 0.333570796111111, 0.5758680991666667, 0.35433003500000004 ], "status": null, "note": null }, { "text": "0.1", "box": [ 0.5758680991666667, 0.333570796111111, 0.6564531708333334, 0.35433003500000004 ], "status": null, "note": null }, { "text": "0.0", "box": [ 0.6564531708333334, 0.333570796111111, 0.7360217958333335, 0.35433003500000004 ], "status": null, "note": null }, { "text": "(0.4)", "box": [ 0.7360217958333335, 0.333570796111111, 0.8155084986111111, 0.35433003500000004 ], "status": null, "note": null }, { "text": "4.9", "box": [ 0.8155084986111111, 0.333570796111111, 0.8753214250000001, 0.35433003500000004 ], "status": null, "note": null } ], [ { "text": "Fee and other income", "box": [ 0.013888888888888888, 0.35433003500000004, 0.4939608716666666, 0.37508860694444457 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.35433003500000004, 0.5113953333333334, 0.37508860694444457 ], "status": null, "note": null }, { "text": "3.6", "box": [ 0.5113953333333334, 0.35433003500000004, 0.5758680991666667, 0.37508860694444457 ], "status": null, "note": null }, { "text": "1.4", "box": [ 0.5758680991666667, 0.35433003500000004, 0.6564531708333334, 0.37508860694444457 ], "status": null, "note": null }, { "text": "3.0", "box": [ 0.6564531708333334, 0.35433003500000004, 0.7360217958333335, 0.37508860694444457 ], "status": null, "note": null }, { "text": "3.9", "box": [ 0.7360217958333335, 0.35433003500000004, 0.8155084986111111, 0.37508860694444457 ], "status": null, "note": null }, { "text": "2.8", "box": [ 0.8155084986111111, 0.35433003500000004, 0.8753214250000001, 0.37508860694444457 ], "status": null, "note": null } ], [ { "text": "Net result from derivative transactions", "box": [ 0.013888888888888888, 0.37508860694444457, 0.4939608716666666, 0.39560521416666683 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.37508860694444457, 0.5113953333333334, 0.39560521416666683 ], "status": null, "note": null }, { "text": "0.2", "box": [ 0.5113953333333334, 0.37508860694444457, 0.5758680991666667, 0.39560521416666683 ], "status": null, "note": null }, { "text": "0.3", "box": [ 0.5758680991666667, 0.37508860694444457, 0.6564531708333334, 0.39560521416666683 ], "status": null, "note": null }, { "text": "(0.0)", "box": [ 0.6564531708333334, 0.37508860694444457, 0.7360217958333335, 0.39560521416666683 ], "status": null, "note": null }, { "text": "0.0", "box": [ 0.7360217958333335, 0.37508860694444457, 0.8155084986111111, 0.39560521416666683 ], "status": null, "note": null }, { "text": "1.5", "box": [ 0.8155084986111111, 0.37508860694444457, 0.8753214250000001, 0.39560521416666683 ], "status": null, "note": null } ], [ { "text": "Earnings (loss) from investment in unconsolidated ventures", "box": [ 0.013888888888888888, 0.39560521416666683, 0.4939608716666666, 0.4161367725925927 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.39560521416666683, 0.5113953333333334, 0.4161367725925927 ], "status": null, "note": null }, { "text": "0.3", "box": [ 0.5113953333333334, 0.39560521416666683, 0.5758680991666667, 0.4161367725925927 ], "status": null, "note": null }, { "text": "(0.3)", "box": [ 0.5758680991666667, 0.39560521416666683, 0.6564531708333334, 0.4161367725925927 ], "status": null, "note": null }, { "text": "0.0", "box": [ 0.6564531708333334, 0.39560521416666683, 0.7360217958333335, 0.4161367725925927 ], "status": null, "note": null }, { "text": "(0.4)", "box": [ 0.7360217958333335, 0.39560521416666683, 0.8155084986111111, 0.4161367725925927 ], "status": null, "note": null }, { "text": "(0.3)", "box": [ 0.8155084986111111, 0.39560521416666683, 0.8753214250000001, 0.4161367725925927 ], "status": null, "note": null } ], [ { "text": "Gain on extinguishment of debt", "box": [ 0.013888888888888888, 0.4161367725925927, 0.4939608716666666, 0.4369407610185186 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.4161367725925927, 0.5113953333333334, 0.4369407610185186 ], "status": null, "note": null }, { "text": "0.1", "box": [ 0.5113953333333334, 0.4161367725925927, 0.5758680991666667, 0.4369407610185186 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.5758680991666667, 0.4161367725925927, 0.6564531708333334, 0.4369407610185186 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.6564531708333334, 0.4161367725925927, 0.7360217958333335, 0.4369407610185186 ], "status": null, "note": null }, { "text": "(0.1)", "box": [ 0.7360217958333335, 0.4161367725925927, 0.8155084986111111, 0.4369407610185186 ], "status": null, "note": null }, { "text": "0.0", "box": [ 0.8155084986111111, 0.4161367725925927, 0.8753214250000001, 0.4369407610185186 ], "status": null, "note": null } ], [ { "text": "Total other income", "box": [ 0.013888888888888888, 0.4369407610185186, 0.4939608716666666, 0.4577297982407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.4369407610185186, 0.5113953333333334, 0.4577297982407408 ], "status": null, "note": null }, { "text": "$35.2", "box": [ 0.5113953333333334, 0.4369407610185186, 0.5758680991666667, 0.4577297982407408 ], "status": null, "note": null }, { "text": "$28.9", "box": [ 0.5758680991666667, 0.4369407610185186, 0.6564531708333334, 0.4577297982407408 ], "status": null, "note": null }, { "text": "$28.1", "box": [ 0.6564531708333334, 0.4369407610185186, 0.7360217958333335, 0.4577297982407408 ], "status": null, "note": null }, { "text": "$29.7", "box": [ 0.7360217958333335, 0.4369407610185186, 0.8155084986111111, 0.4577297982407408 ], "status": null, "note": null }, { "text": "$34.7", "box": [ 0.8155084986111111, 0.4369407610185186, 0.8753214250000001, 0.4577297982407408 ], "status": null, "note": null } ], [ { "text": "Costs and expenses", "box": [ 0.013888888888888888, 0.4577297982407408, 0.4939608716666666, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.4577297982407408, 0.5113953333333334, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.5113953333333334, 0.4577297982407408, 0.5758680991666667, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.5758680991666667, 0.4577297982407408, 0.6564531708333334, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.6564531708333334, 0.4577297982407408, 0.7360217958333335, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.7360217958333335, 0.4577297982407408, 0.8155084986111111, 0.4779754866666668 ], "status": null, "note": null }, { "text": "", "box": [ 0.8155084986111111, 0.4577297982407408, 0.8753214250000001, 0.4779754866666668 ], "status": null, "note": null } ], [ { "text": "Compensation and employee benefits", "box": [ 0.013888888888888888, 0.4779754866666668, 0.4939608716666666, 0.4982211750925927 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.4779754866666668, 0.5113953333333334, 0.4982211750925927 ], "status": null, "note": null }, { "text": "12.3", "box": [ 0.5113953333333334, 0.4779754866666668, 0.5758680991666667, 0.4982211750925927 ], "status": null, "note": null }, { "text": "22.3", "box": [ 0.5758680991666667, 0.4779754866666668, 0.6564531708333334, 0.4982211750925927 ], "status": null, "note": null }, { "text": "10.9", "box": [ 0.6564531708333334, 0.4779754866666668, 0.7360217958333335, 0.4982211750925927 ], "status": null, "note": null }, { "text": "11.6", "box": [ 0.7360217958333335, 0.4779754866666668, 0.8155084986111111, 0.4982211750925927 ], "status": null, "note": null }, { "text": "11.6", "box": [ 0.8155084986111111, 0.4779754866666668, 0.8753214250000001, 0.4982211750925927 ], "status": null, "note": null } ], [ { "text": "Operating expenses", "box": [ 0.013888888888888888, 0.4982211750925927, 0.4939608716666666, 0.5187377823148149 ], "status": null, "note": null }, { "text": "", "box": 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"", "box": [ 0.4939608716666666, 0.5187377823148149, 0.5113953333333334, 0.5392543895370372 ], "status": null, "note": null }, { "text": "12.9", "box": [ 0.5113953333333334, 0.5187377823148149, 0.5758680991666667, 0.5392543895370372 ], "status": null, "note": null }, { "text": "11.3", "box": [ 0.5758680991666667, 0.5187377823148149, 0.6564531708333334, 0.5392543895370372 ], "status": null, "note": null }, { "text": "10.0", "box": [ 0.6564531708333334, 0.5187377823148149, 0.7360217958333335, 0.5392543895370372 ], "status": null, "note": null }, { "text": "11.4", "box": [ 0.7360217958333335, 0.5187377823148149, 0.8155084986111111, 0.5392543895370372 ], "status": null, "note": null }, { "text": "10.3", "box": [ 0.8155084986111111, 0.5187377823148149, 0.8753214250000001, 0.5392543895370372 ], "status": null, "note": null } ], [ { "text": "Investment related expenses", "box": [ 0.013888888888888888, 0.5392543895370372, 0.4939608716666666, 0.5597709967592595 ], "status": null, "note": null 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null } ], [ { "text": "Basic", "box": [ 0.013888888888888888, 0.7257044644444446, 0.4939608716666666, 0.7459501528703705 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.7257044644444446, 0.5113953333333334, 0.7459501528703705 ], "status": null, "note": null }, { "text": "$0.12", "box": [ 0.5113953333333334, 0.7257044644444446, 0.5758680991666667, 0.7459501528703705 ], "status": null, "note": null }, { "text": "$0.02", "box": [ 0.5758680991666667, 0.7257044644444446, 0.6564531708333334, 0.7459501528703705 ], "status": null, "note": null }, { "text": "$0.13", "box": [ 0.6564531708333334, 0.7257044644444446, 0.7360217958333335, 0.7459501528703705 ], "status": null, "note": null }, { "text": "$0.15", "box": [ 0.7360217958333335, 0.7257044644444446, 0.8155084986111111, 0.7459501528703705 ], "status": null, "note": null }, { "text": "$0.14", "box": [ 0.8155084986111111, 0.7257044644444446, 0.8753214250000001, 0.7459501528703705 ], "status": null, "note": null 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For a description of these non-GAAP financial measures, see Selected Definitions on page 34", "box": [ 0.013888888888888888, 0.9108987266666666, 0.4939608716666666, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.4939608716666666, 0.9108987266666666, 0.5113953333333334, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.5113953333333334, 0.9108987266666666, 0.5758680991666667, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.5758680991666667, 0.9108987266666666, 0.6564531708333334, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.6564531708333334, 0.9108987266666666, 0.7360217958333335, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.7360217958333335, 0.9108987266666666, 0.8155084986111111, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.8155084986111111, 0.9108987266666666, 0.8753214250000001, 0.941342037037037 ], "status": null, "note": null } ], [ { "text": "2. 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in millions, except per share values)", "box": [ 0.013888888888888888, 0.11193445555555559, 0.4939608716666666, 0.1625971514814815 ], "status": "reconciled", "note": null }, { "text": "Q2 2026", "box": [ 0.5113953333333334, 0.11193445555555559, 0.5758680991666667, 0.1625971514814815 ], "status": "reconciled", "note": null }, { "text": "Q1 2026", "box": [ 0.5758680991666667, 0.11193445555555559, 0.6564531708333334, 0.1625971514814815 ], "status": "reconciled", "note": null }, { "text": "Q4 2025", "box": [ 0.6564531708333334, 0.11193445555555559, 0.7360217958333335, 0.1625971514814815 ], "status": "reconciled", "note": null }, { "text": "Q3 2025", "box": [ 0.7360217958333335, 0.11193445555555559, 0.8155084986111111, 0.1625971514814815 ], "status": "reconciled", "note": null }, { "text": "Q2 2025", "box": [ 0.8155084986111111, 0.11193445555555559, 0.8753214250000001, 0.1625971514814815 ], "status": "reconciled", "note": null } ], [ { "text": "Net interest income", "box": [ 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0.24847709962962958 ], "status": "reconciled", "note": null }, { "text": "$21.5", "box": [ 0.8155084986111111, 0.22686135296296303, 0.8753214250000001, 0.24847709962962958 ], "status": "reconciled", "note": null } ], [ { "text": "Provision for (release of) loan loss reserves", "box": [ 0.013888888888888888, 0.24847709962962958, 0.4939608716666666, 0.2700928462962963 ], "status": "reconciled", "note": null }, { "text": "0.1", "box": [ 0.5113953333333334, 0.24847709962962958, 0.5758680991666667, 0.2700928462962963 ], "status": "reconciled", "note": null }, { "text": "(0.0)", "box": [ 0.5758680991666667, 0.24847709962962958, 0.6564531708333334, 0.2700928462962963 ], "status": "reconciled", "note": null }, { "text": "(0.0)", "box": [ 0.6564531708333334, 0.24847709962962958, 0.7360217958333335, 0.2700928462962963 ], "status": "reconciled", "note": null }, { "text": "(0.0)", "box": [ 0.7360217958333335, 0.24847709962962958, 0.8155084986111111, 0.2700928462962963 ], "status": "reconciled", "note": null }, { "text": "(0.0)", "box": [ 0.8155084986111111, 0.24847709962962958, 0.8753214250000001, 0.2700928462962963 ], "status": "reconciled", "note": null } ], [ { "text": "Net interest income after provision for (release of) loan losses", "box": [ 0.013888888888888888, 0.2700928462962963, 0.4939608716666666, 0.2919795220370369 ], "status": "reconciled", "note": null }, { "text": "$22.5", "box": [ 0.5113953333333334, 0.2700928462962963, 0.5758680991666667, 0.2919795220370369 ], "status": "reconciled", "note": null }, { "text": "$23.0", "box": [ 0.5758680991666667, 0.2700928462962963, 0.6564531708333334, 0.2919795220370369 ], "status": "reconciled", "note": null }, { "text": "$22.3", "box": [ 0.6564531708333334, 0.2700928462962963, 0.7360217958333335, 0.2919795220370369 ], "status": "reconciled", "note": null }, { "text": "$27.8", "box": [ 0.7360217958333335, 0.2700928462962963, 0.8155084986111111, 0.2919795220370369 ], "status": "reconciled", "note": null }, { "text": "$21.6", "box": [ 0.8155084986111111, 0.2700928462962963, 0.8753214250000001, 0.2919795220370369 ], "status": "reconciled", "note": null } ], [ { "text": "Other income", "box": [ 0.013888888888888888, 0.2919795220370369, 0.4939608716666666, 0.3133243396296295 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Real estate operating income", "box": [ 0.013888888888888888, 0.3133243396296295, 0.4939608716666666, 0.333570796111111 ], "status": "reconciled", "note": null }, { "text": "30.9", "box": [ 0.5113953333333334, 0.3133243396296295, 0.5758680991666667, 0.333570796111111 ], "status": "reconciled", "note": null }, { "text": "27.3", "box": [ 0.5758680991666667, 0.3133243396296295, 0.6564531708333334, 0.333570796111111 ], "status": "reconciled", "note": null }, { "text": "25.1", "box": [ 0.6564531708333334, 0.3133243396296295, 0.7360217958333335, 0.333570796111111 ], "status": "reconciled", "note": null }, { "text": "26.7", "box": [ 0.7360217958333335, 0.3133243396296295, 0.8155084986111111, 0.333570796111111 ], "status": "reconciled", "note": null }, { "text": "25.8", "box": [ 0.8155084986111111, 0.3133243396296295, 0.8753214250000001, 0.333570796111111 ], "status": "reconciled", "note": null } ], [ { "text": "Net result from mortgage loan receivables held for sale", "box": [ 0.013888888888888888, 0.333570796111111, 0.4939608716666666, 0.35433003500000004 ], "status": "reconciled", "note": null }, { "text": "0.2", "box": [ 0.5113953333333334, 0.333570796111111, 0.5758680991666667, 0.35433003500000004 ], "status": "reconciled", "note": null }, { "text": "0.1", "box": [ 0.5758680991666667, 0.333570796111111, 0.6564531708333334, 0.35433003500000004 ], "status": "reconciled", "note": null }, { "text": "0.0", "box": [ 0.6564531708333334, 0.333570796111111, 0.7360217958333335, 0.35433003500000004 ], "status": "reconciled", "note": null }, { "text": "(0.4)", "box": [ 0.7360217958333335, 0.333570796111111, 0.8155084986111111, 0.35433003500000004 ], "status": "reconciled", "note": null }, { "text": "4.9", "box": [ 0.8155084986111111, 0.333570796111111, 0.8753214250000001, 0.35433003500000004 ], "status": "reconciled", "note": null } ], [ { "text": "Fee and other income", "box": [ 0.013888888888888888, 0.35433003500000004, 0.4939608716666666, 0.37508860694444457 ], "status": "reconciled", "note": null }, { "text": "3.6", "box": [ 0.5113953333333334, 0.35433003500000004, 0.5758680991666667, 0.37508860694444457 ], "status": "reconciled", "note": null }, { "text": "1.4", "box": [ 0.5758680991666667, 0.35433003500000004, 0.6564531708333334, 0.37508860694444457 ], "status": "reconciled", "note": null }, { "text": "3.0", "box": [ 0.6564531708333334, 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"reconciled", "note": null }, { "text": "(0.4)", "box": [ 0.7360217958333335, 0.39560521416666683, 0.8155084986111111, 0.4161367725925927 ], "status": "reconciled", "note": null }, { "text": "(0.3)", "box": [ 0.8155084986111111, 0.39560521416666683, 0.8753214250000001, 0.4161367725925927 ], "status": "reconciled", "note": null } ], [ { "text": "Gain on extinguishment of debt", "box": [ 0.013888888888888888, 0.4161367725925927, 0.4939608716666666, 0.4369407610185186 ], "status": "reconciled", "note": null }, { "text": "0.1", "box": [ 0.5113953333333334, 0.4161367725925927, 0.5758680991666667, 0.4369407610185186 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.5758680991666667, 0.4161367725925927, 0.6564531708333334, 0.4369407610185186 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.6564531708333334, 0.4161367725925927, 0.7360217958333335, 0.4369407610185186 ], "status": "reconciled", "note": null }, { "text": "(0.1)", "box": [ 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"22.3", "box": [ 0.5758680991666667, 0.4779754866666668, 0.6564531708333334, 0.4982211750925927 ], "status": "reconciled", "note": null }, { "text": "10.9", "box": [ 0.6564531708333334, 0.4779754866666668, 0.7360217958333335, 0.4982211750925927 ], "status": "reconciled", "note": null }, { "text": "11.6", "box": [ 0.7360217958333335, 0.4779754866666668, 0.8155084986111111, 0.4982211750925927 ], "status": "reconciled", "note": null }, { "text": "11.6", "box": [ 0.8155084986111111, 0.4779754866666668, 0.8753214250000001, 0.4982211750925927 ], "status": "reconciled", "note": null } ], [ { "text": "Operating expenses", "box": [ 0.013888888888888888, 0.4982211750925927, 0.4939608716666666, 0.5187377823148149 ], "status": "reconciled", "note": null }, { "text": "5.1", "box": [ 0.5113953333333334, 0.4982211750925927, 0.5758680991666667, 0.5187377823148149 ], "status": "reconciled", "note": null }, { "text": "5.1", "box": [ 0.5758680991666667, 0.4982211750925927, 0.6564531708333334, 0.5187377823148149 ], "status": "reconciled", "note": null }, { "text": "4.9", "box": [ 0.6564531708333334, 0.4982211750925927, 0.7360217958333335, 0.5187377823148149 ], "status": "reconciled", "note": null }, { "text": "5.3", "box": [ 0.7360217958333335, 0.4982211750925927, 0.8155084986111111, 0.5187377823148149 ], "status": "reconciled", "note": null }, { "text": "4.8", "box": [ 0.8155084986111111, 0.4982211750925927, 0.8753214250000001, 0.5187377823148149 ], "status": "reconciled", "note": null } ], [ { "text": "Real estate operating expenses", "box": [ 0.013888888888888888, 0.5187377823148149, 0.4939608716666666, 0.5392543895370372 ], "status": "reconciled", "note": null }, { "text": "12.9", "box": [ 0.5113953333333334, 0.5187377823148149, 0.5758680991666667, 0.5392543895370372 ], "status": "reconciled", "note": null }, { "text": "11.3", "box": [ 0.5758680991666667, 0.5187377823148149, 0.6564531708333334, 0.5392543895370372 ], "status": "reconciled", "note": null }, { "text": "10.0", "box": [ 0.6564531708333334, 0.5187377823148149, 0.7360217958333335, 0.5392543895370372 ], "status": "reconciled", "note": null }, { "text": "11.4", "box": [ 0.7360217958333335, 0.5187377823148149, 0.8155084986111111, 0.5392543895370372 ], "status": "reconciled", "note": null }, { "text": "10.3", "box": [ 0.8155084986111111, 0.5187377823148149, 0.8753214250000001, 0.5392543895370372 ], "status": "reconciled", "note": null } ], [ { "text": "Investment related expenses", "box": [ 0.013888888888888888, 0.5392543895370372, 0.4939608716666666, 0.5597709967592595 ], "status": "reconciled", "note": null }, { "text": "1.7", "box": [ 0.5113953333333334, 0.5392543895370372, 0.5758680991666667, 0.5597709967592595 ], "status": "reconciled", "note": null }, { "text": "1.2", "box": [ 0.5758680991666667, 0.5392543895370372, 0.6564531708333334, 0.5597709967592595 ], "status": "reconciled", "note": null }, { "text": "0.8", "box": [ 0.6564531708333334, 0.5392543895370372, 0.7360217958333335, 0.5597709967592595 ], "status": "reconciled", "note": null }, { "text": "0.9", "box": [ 0.7360217958333335, 0.5392543895370372, 0.8155084986111111, 0.5597709967592595 ], "status": "reconciled", "note": null }, { "text": "0.8", "box": [ 0.8155084986111111, 0.5392543895370372, 0.8753214250000001, 0.5597709967592595 ], "status": "reconciled", "note": null } ], [ { "text": "Depreciation and amortization", "box": [ 0.013888888888888888, 0.5597709967592595, 0.4939608716666666, 0.5805585227777779 ], "status": "reconciled", "note": null }, { "text": "9.3", "box": [ 0.5113953333333334, 0.5597709967592595, 0.5758680991666667, 0.5805585227777779 ], "status": "reconciled", "note": null }, { "text": "8.9", "box": [ 0.5758680991666667, 0.5597709967592595, 0.6564531708333334, 0.5805585227777779 ], "status": "reconciled", "note": null }, { "text": "8.4", "box": [ 0.6564531708333334, 0.5597709967592595, 0.7360217958333335, 0.5805585227777779 ], "status": "reconciled", "note": null }, { "text": "8.2", 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0.6014778471296298 ], "status": "reconciled", "note": null }, { "text": "$35.5", "box": [ 0.8155084986111111, 0.5805585227777779, 0.8753214250000001, 0.6014778471296298 ], "status": "reconciled", "note": null } ], [ { "text": "Income (loss) before taxes", "box": [ 0.013888888888888888, 0.6014778471296298, 0.4939608716666666, 0.6219431994444446 ], "status": "reconciled", "note": null }, { "text": "$16.3", "box": [ 0.5113953333333334, 0.6014778471296298, 0.5758680991666667, 0.6219431994444446 ], "status": "reconciled", "note": null }, { "text": "$3.2", "box": [ 0.5758680991666667, 0.6014778471296298, 0.6564531708333334, 0.6219431994444446 ], "status": "reconciled", "note": null }, { "text": "$15.5", "box": [ 0.6564531708333334, 0.6014778471296298, 0.7360217958333335, 0.6219431994444446 ], "status": "reconciled", "note": null }, { "text": "$20.1", "box": [ 0.7360217958333335, 0.6014778471296298, 0.8155084986111111, 0.6219431994444446 ], "status": "reconciled", "note": null }, { "text": "$20.8", "box": [ 0.8155084986111111, 0.6014778471296298, 0.8753214250000001, 0.6219431994444446 ], "status": "reconciled", "note": null } ], [ { "text": "Income tax expense (benefit)", "box": [ 0.013888888888888888, 0.6219431994444446, 0.4939608716666666, 0.6425476722222224 ], "status": "reconciled", "note": null }, { "text": "1.7", "box": [ 0.5113953333333334, 0.6219431994444446, 0.5758680991666667, 0.6425476722222224 ], "status": "reconciled", "note": null }, { "text": "0.6", "box": [ 0.5758680991666667, 0.6219431994444446, 0.6564531708333334, 0.6425476722222224 ], "status": "reconciled", "note": null }, { "text": "(0.3)", "box": [ 0.6564531708333334, 0.6219431994444446, 0.7360217958333335, 0.6425476722222224 ], "status": "reconciled", "note": null }, { "text": "1.0", "box": [ 0.7360217958333335, 0.6219431994444446, 0.8155084986111111, 0.6425476722222224 ], "status": "reconciled", "note": null }, { "text": "3.7", "box": [ 0.8155084986111111, 0.6219431994444446, 0.8753214250000001, 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0.0 | 0.0 | 0.0 | 0.0 | 0.2 |\n| Our share of real estate depreciation, amortization and sale adjustments | | 10.4 | 8.7 | 7.9 | 8.1 | 7.8 |\n| Adjustments for derivative results and loan sale activity | | 0.4 | 0.1 | 0.0 | 0.6 | (0.7) |\n| Unrealized (gain) loss on securities | | (0.1) | 1.9 | (0.1) | 0.2 | (0.1) |\n| Adjustment for impairment | | 0.1 | (0.0) | (0.0) | (0.0) | (0.0) |\n| Non-cash stock-based compensation | | 3.7 | 14.2 | 3.1 | 3.0 | 3.0 |\n| Distributable earnings prior to charge-off of allowance for credit losses | | $30.8 | $28.0 | $26.4 | $32.1 | $30.9 |\n| Charge-off of allowance for credit losses | | \u2013 | \u2013 | (5.0) | \u2013 | \u2013 |\n| Distributable earnings 1 | | $30.8 | $28.0 | $21.4 | $32.1 | $30.9 |\n| Estimated corporate tax (expense) benefit | | (1.0) | (0.7) | (0.5) | (0.9) | (2.0) |\n| After-tax distributable earnings | | $29.8 | $27.3 | $21.0 | $31.2 | $28.9 |\n| Weighted average diluted shares outstanding (mm) | | 125.2 | 126.0 | 126.2 | 126.1 | 126.2 |\n| Distributable EPS 1 | | $0.24 | $0.22 | $0.17 | $0.25 | $0.23 |\n| Per share impact of charge-off of allowance for credit losses | | \u2013 | \u2013 | 0.04 | \u2013 | \u2013 |\n| Distributable EPS prior to charge-off of allowance for credit losses | | $0.24 | $0.22 | $0.21 | $0.25 | $0.23 |\n| Distributable earnings | $112.3 | $30.8 | $28.0 | $21.4 | $32.1 | $30.9 |\n| Average shareholders' equity | 1,473.2 | 1,438.2 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 |\n| Pre-tax Distributable ROAE 1 | 7.6% | 8.6% | 7.6% | 5.7% | 8.6% | 8.2% |\n| After-tax distributable earnings | $109.3 | $29.8 | $27.3 | $21.0 | $31.2 | $28.9 |\n| Average shareholders' equity | 1,473.2 | 1,438.2 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 |\n| After-tax Distributable ROAE 1 | 7.4% | 8.3% | 7.5% | 5.6% | 8.3% | 7.7% |", "footnotes": [ { "marker": "1", "text": "For a description of these non-GAAP financial measures, see Selected Definitions on page 34" } ], "footnote_refs": [ "1" ], 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shareholders' equity\n1,473.2", "box": [ 0.013888888888888888, 0.8531670976851852, 0.4813398044444447, 0.8744391899074074 ], "status": null, "note": null }, { "text": "1,438.2", "box": [ 0.4813398044444447, 0.8531670976851852, 0.5587110750000002, 0.8744391899074074 ], "status": null, "note": null }, { "text": "1,465.5", "box": [ 0.5587110750000002, 0.8531670976851852, 0.6434936055555558, 0.8744391899074074 ], "status": null, "note": null }, { "text": "1,490.0", "box": [ 0.6434936055555558, 0.8531670976851852, 0.7283054722222224, 0.8744391899074074 ], "status": null, "note": null }, { "text": "1,499.3", "box": [ 0.7283054722222224, 0.8531670976851852, 0.8130704944444446, 0.8744391899074074 ], "status": null, "note": null }, { "text": "1,509.6", "box": [ 0.8130704944444446, 0.8531670976851852, 0.9730578222222223, 0.8744391899074074 ], "status": null, "note": null } ], [ { "text": "1", "box": [ 0.013888888888888888, 0.8744391899074074, 0.4813398044444447, 0.8819755349074074 ], "status": 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0.29334026629629634, 0.5351903733194444, 0.31302665518518513 ], "status": null, "note": null }, { "text": "27.6", "box": [ 0.5351903733194444, 0.29334026629629634, 0.6284684983194444, 0.31302665518518513 ], "status": null, "note": null }, { "text": "28.0", "box": [ 0.6284684983194444, 0.29334026629629634, 0.7217466927638889, 0.31302665518518513 ], "status": null, "note": null }, { "text": "28.0", "box": [ 0.7217466927638889, 0.29334026629629634, 0.8150248872083333, 0.31302665518518513 ], "status": null, "note": null }, { "text": "28.3", "box": [ 0.8150248872083333, 0.29334026629629634, 0.8904826910833334, 0.31302665518518513 ], "status": null, "note": null } ], [ { "text": "Securities", "box": [ 0.013888888888888888, 0.31302665518518513, 0.44608398675, 0.33271304407407415 ], "status": null, "note": null }, { "text": "1,872.4", "box": [ 0.44608398675, 0.31302665518518513, 0.5351903733194444, 0.33271304407407415 ], "status": null, "note": null }, { "text": "2,073.7", "box": [ 0.5351903733194444, 0.31302665518518513, 0.6284684983194444, 0.33271304407407415 ], "status": null, "note": null }, { "text": "2,088.3", "box": [ 0.6284684983194444, 0.31302665518518513, 0.7217466927638889, 0.33271304407407415 ], "status": null, "note": null }, { "text": "1,940.5", "box": [ 0.7217466927638889, 0.31302665518518513, 0.8150248872083333, 0.33271304407407415 ], "status": null, "note": null }, { "text": "1,966.5", "box": [ 0.8150248872083333, 0.31302665518518513, 0.8904826910833334, 0.33271304407407415 ], "status": null, "note": null } ], [ { "text": "Real estate and related lease intangibles, net", "box": [ 0.013888888888888888, 0.33271304407407415, 0.44608398675, 0.35239934037037035 ], "status": null, "note": null }, { "text": "776.5", "box": [ 0.44608398675, 0.33271304407407415, 0.5351903733194444, 0.35239934037037035 ], "status": null, "note": null }, { "text": "775.7", "box": [ 0.5351903733194444, 0.33271304407407415, 0.6284684983194444, 0.35239934037037035 ], "status": null, "note": null }, { "text": "703.5", "box": [ 0.6284684983194444, 0.33271304407407415, 0.7217466927638889, 0.35239934037037035 ], "status": null, "note": null }, { "text": "705.5", "box": [ 0.7217466927638889, 0.33271304407407415, 0.8150248872083333, 0.35239934037037035 ], "status": null, "note": null }, { "text": "690.2", "box": [ 0.8150248872083333, 0.33271304407407415, 0.8904826910833334, 0.35239934037037035 ], "status": null, "note": null } ], [ { "text": "Investments in and advances to unconsolidated ventures", "box": [ 0.013888888888888888, 0.35239934037037035, 0.44608398675, 0.37208563666666666 ], "status": null, "note": null }, { "text": "41.5", "box": [ 0.44608398675, 0.35239934037037035, 0.5351903733194444, 0.37208563666666666 ], "status": null, "note": null }, { "text": "44.2", "box": [ 0.5351903733194444, 0.35239934037037035, 0.6284684983194444, 0.37208563666666666 ], "status": null, "note": null }, { "text": "44.5", "box": [ 0.6284684983194444, 0.35239934037037035, 0.7217466927638889, 0.37208563666666666 ], "status": null, "note": null }, { "text": "18.5", "box": [ 0.7217466927638889, 0.35239934037037035, 0.8150248872083333, 0.37208563666666666 ], "status": null, "note": null }, { "text": "18.9", "box": [ 0.8150248872083333, 0.35239934037037035, 0.8904826910833334, 0.37208563666666666 ], "status": null, "note": null } ], [ { "text": "Derivative instruments", "box": [ 0.013888888888888888, 0.37208563666666666, 0.44608398675, 0.39177202555555557 ], "status": null, "note": null }, { "text": "0.1", "box": [ 0.44608398675, 0.37208563666666666, 0.5351903733194444, 0.39177202555555557 ], "status": null, "note": null }, { "text": "0.4", "box": [ 0.5351903733194444, 0.37208563666666666, 0.6284684983194444, 0.39177202555555557 ], "status": null, "note": null }, { "text": "0.3", "box": [ 0.6284684983194444, 0.37208563666666666, 0.7217466927638889, 0.39177202555555557 ], "status": null, "note": null }, { "text": "0.3", "box": [ 0.7217466927638889, 0.37208563666666666, 0.8150248872083333, 0.39177202555555557 ], "status": null, "note": null }, { "text": "0.2", "box": [ 0.8150248872083333, 0.37208563666666666, 0.8904826910833334, 0.39177202555555557 ], "status": null, "note": null } ], [ { "text": "Accrued interest receivable", "box": [ 0.013888888888888888, 0.39177202555555557, 0.44608398675, 0.41206480333333334 ], "status": null, "note": null }, { "text": "17.0", "box": [ 0.44608398675, 0.39177202555555557, 0.5351903733194444, 0.41206480333333334 ], "status": null, "note": null }, { "text": "17.8", "box": [ 0.5351903733194444, 0.39177202555555557, 0.6284684983194444, 0.41206480333333334 ], "status": null, "note": null }, { "text": "15.9", "box": [ 0.6284684983194444, 0.39177202555555557, 0.7217466927638889, 0.41206480333333334 ], "status": null, "note": null }, { "text": "14.5", "box": [ 0.7217466927638889, 0.39177202555555557, 0.8150248872083333, 0.41206480333333334 ], "status": null, "note": null }, { "text": "13.3", "box": [ 0.8150248872083333, 0.39177202555555557, 0.8904826910833334, 0.41206480333333334 ], "status": null, "note": null } ], [ { "text": "Other assets", "box": [ 0.013888888888888888, 0.41206480333333334, 0.44608398675, 0.4310584461111111 ], "status": null, "note": null }, { "text": "74.1", "box": [ 0.44608398675, 0.41206480333333334, 0.5351903733194444, 0.4310584461111111 ], "status": null, "note": null }, { "text": "56.4", "box": [ 0.5351903733194444, 0.41206480333333334, 0.6284684983194444, 0.4310584461111111 ], "status": null, "note": null }, { "text": "49.0", "box": [ 0.6284684983194444, 0.41206480333333334, 0.7217466927638889, 0.4310584461111111 ], "status": null, "note": null }, { "text": "47.9", "box": [ 0.7217466927638889, 0.41206480333333334, 0.8150248872083333, 0.4310584461111111 ], "status": null, "note": null }, { "text": "50.2", "box": [ 0.8150248872083333, 0.41206480333333334, 0.8904826910833334, 0.4310584461111111 ], "status": null, "note": null } ], [ { "text": "Total assets", "box": [ 0.013888888888888888, 0.4310584461111111, 0.44608398675, 0.4594324096296296 ], "status": null, "note": null }, { "text": "$5,606.3", "box": [ 0.44608398675, 0.4310584461111111, 0.5351903733194444, 0.4594324096296296 ], "status": null, "note": null }, { "text": "$5,606.7", "box": [ 0.5351903733194444, 0.4310584461111111, 0.6284684983194444, 0.4594324096296296 ], "status": null, "note": null }, { "text": "$5,152.5", "box": [ 0.6284684983194444, 0.4310584461111111, 0.7217466927638889, 0.4594324096296296 ], "status": null, "note": null }, { "text": "$4,686.5", "box": [ 0.7217466927638889, 0.4310584461111111, 0.8150248872083333, 0.4594324096296296 ], "status": null, "note": null }, { "text": "$4,457.5", "box": [ 0.8150248872083333, 0.4310584461111111, 0.8904826910833334, 0.4594324096296296 ], "status": null, "note": null } ], [ { "text": "Liabilities", "box": [ 0.013888888888888888, 0.4594324096296296, 0.44608398675, 0.4862922424074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.44608398675, 0.4594324096296296, 0.5351903733194444, 0.4862922424074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.4594324096296296, 0.6284684983194444, 0.4862922424074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.4594324096296296, 0.7217466927638889, 0.4862922424074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.4594324096296296, 0.8150248872083333, 0.4862922424074074 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.4594324096296296, 0.8904826910833334, 0.4862922424074074 ], "status": null, "note": null } ], [ { "text": "Debt obligations, net", "box": [ 0.013888888888888888, 0.4862922424074074, 0.44608398675, 0.5067178588888889 ], "status": null, "note": null }, { "text": "$4,004.9", "box": [ 0.44608398675, 0.4862922424074074, 0.5351903733194444, 0.5067178588888889 ], "status": null, "note": null }, { "text": "$4,027.6", "box": [ 0.5351903733194444, 0.4862922424074074, 0.6284684983194444, 0.5067178588888889 ], "status": null, "note": null }, { "text": "$3,510.4", "box": [ 0.6284684983194444, 0.4862922424074074, 0.7217466927638889, 0.5067178588888889 ], "status": null, "note": null }, { "text": "$2,997.2", "box": [ 0.7217466927638889, 0.4862922424074074, 0.8150248872083333, 0.5067178588888889 ], "status": null, "note": null }, { "text": "$2,783.2", "box": [ 0.8150248872083333, 0.4862922424074074, 0.8904826910833334, 0.5067178588888889 ], "status": null, "note": null } ], [ { "text": "Dividends payable", "box": [ 0.013888888888888888, 0.5067178588888889, 0.44608398675, 0.5264042477777777 ], "status": null, "note": null }, { "text": "31.1", "box": [ 0.44608398675, 0.5067178588888889, 0.5351903733194444, 0.5264042477777777 ], "status": null, "note": null }, { "text": "30.6", "box": [ 0.5351903733194444, 0.5067178588888889, 0.6284684983194444, 0.5264042477777777 ], "status": null, "note": null }, { "text": "31.8", "box": [ 0.6284684983194444, 0.5067178588888889, 0.7217466927638889, 0.5264042477777777 ], "status": null, "note": null }, { "text": "31.4", "box": [ 0.7217466927638889, 0.5067178588888889, 0.8150248872083333, 0.5264042477777777 ], "status": null, "note": null }, { "text": "30.9", "box": [ 0.8150248872083333, 0.5067178588888889, 0.8904826910833334, 0.5264042477777777 ], "status": null, "note": null } ], [ { "text": "Accrued expenses", "box": [ 0.013888888888888888, 0.5264042477777777, 0.44608398675, 0.5460906366666667 ], "status": null, "note": null }, { "text": "64.4", "box": [ 0.44608398675, 0.5264042477777777, 0.5351903733194444, 0.5460906366666667 ], "status": null, "note": null }, { "text": "45.1", "box": [ 0.5351903733194444, 0.5264042477777777, 0.6284684983194444, 0.5460906366666667 ], "status": null, "note": null }, { "text": "76.4", "box": [ 0.6284684983194444, 0.5264042477777777, 0.7217466927638889, 0.5460906366666667 ], "status": null, "note": null }, { "text": "55.4", "box": [ 0.7217466927638889, 0.5264042477777777, 0.8150248872083333, 0.5460906366666667 ], "status": null, "note": null }, { "text": "55.3", "box": [ 0.8150248872083333, 0.5264042477777777, 0.8904826910833334, 0.5460906366666667 ], "status": null, "note": null } ], [ { "text": "Other liabilities", "box": [ 0.013888888888888888, 0.5460906366666667, 0.44608398675, 0.5664384242592593 ], "status": null, "note": null }, { "text": "79.2", "box": [ 0.44608398675, 0.5460906366666667, 0.5351903733194444, 0.5664384242592593 ], "status": null, "note": null }, { "text": "58.8", "box": [ 0.5351903733194444, 0.5460906366666667, 0.6284684983194444, 0.5664384242592593 ], "status": null, "note": null }, { "text": "52.5", "box": [ 0.6284684983194444, 0.5460906366666667, 0.7217466927638889, 0.5664384242592593 ], "status": null, "note": null }, { "text": "109.1", "box": [ 0.7217466927638889, 0.5460906366666667, 0.8150248872083333, 0.5664384242592593 ], "status": null, "note": null }, { "text": "88.0", "box": [ 0.8150248872083333, 0.5460906366666667, 0.8904826910833334, 0.5664384242592593 ], "status": null, "note": null } ], [ { "text": "Total liabilities", "box": [ 0.013888888888888888, 0.5664384242592593, 0.44608398675, 0.5926637755555555 ], "status": null, "note": null }, { "text": "$4,179.6", "box": [ 0.44608398675, 0.5664384242592593, 0.5351903733194444, 0.5926637755555555 ], "status": null, "note": null }, { "text": "$4,162.1", "box": [ 0.5351903733194444, 0.5664384242592593, 0.6284684983194444, 0.5926637755555555 ], "status": null, "note": null }, { "text": "$3,671.2", "box": [ 0.6284684983194444, 0.5664384242592593, 0.7217466927638889, 0.5926637755555555 ], "status": null, "note": null }, { "text": "$3,193.1", "box": [ 0.7217466927638889, 0.5664384242592593, 0.8150248872083333, 0.5926637755555555 ], "status": null, "note": null }, { "text": "$2,957.4", "box": [ 0.8150248872083333, 0.5664384242592593, 0.8904826910833334, 0.5926637755555555 ], "status": null, "note": null } ], [ { "text": "Equity", "box": [ 0.013888888888888888, 0.5926637755555555, 0.44608398675, 0.6187869744444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.44608398675, 0.5926637755555555, 0.5351903733194444, 0.6187869744444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.5926637755555555, 0.6284684983194444, 0.6187869744444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.5926637755555555, 0.7217466927638889, 0.6187869744444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.5926637755555555, 0.8150248872083333, 0.6187869744444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.5926637755555555, 0.8904826910833334, 0.6187869744444444 ], "status": null, "note": null } ], [ { "text": "Total shareholders' equity", "box": [ 0.013888888888888888, 0.6187869744444444, 0.44608398675, 0.6414513583333333 ], "status": null, "note": null }, { "text": "$1,429.3", "box": [ 0.44608398675, 0.6187869744444444, 0.5351903733194444, 0.6414513583333333 ], "status": null, "note": null }, { "text": "$1,447.1", "box": [ 0.5351903733194444, 0.6187869744444444, 0.6284684983194444, 0.6414513583333333 ], "status": null, "note": null }, { "text": "$1,483.9", "box": [ 0.6284684983194444, 0.6187869744444444, 0.7217466927638889, 0.6414513583333333 ], "status": null, "note": null }, { "text": "$1,496.0", "box": [ 0.7217466927638889, 0.6187869744444444, 0.8150248872083333, 0.6414513583333333 ], "status": null, "note": null }, { "text": "$1,502.6", "box": [ 0.8150248872083333, 0.6187869744444444, 0.8904826910833334, 0.6414513583333333 ], "status": null, "note": null } ], [ { "text": "Noncontrolling interest in consolidated ventures", "box": [ 0.013888888888888888, 0.6414513583333333, 0.44608398675, 0.663843702037037 ], "status": null, "note": null }, { "text": "(2.6)", "box": [ 0.44608398675, 0.6414513583333333, 0.5351903733194444, 0.663843702037037 ], "status": null, "note": null }, { "text": "(2.6)", "box": [ 0.5351903733194444, 0.6414513583333333, 0.6284684983194444, 0.663843702037037 ], "status": null, "note": null }, { "text": "(2.6)", "box": [ 0.6284684983194444, 0.6414513583333333, 0.7217466927638889, 0.663843702037037 ], "status": null, "note": null }, { "text": "(2.6)", "box": [ 0.7217466927638889, 0.6414513583333333, 0.8150248872083333, 0.663843702037037 ], "status": null, "note": null }, { "text": "(2.5)", "box": [ 0.8150248872083333, 0.6414513583333333, 0.8904826910833334, 0.663843702037037 ], "status": null, "note": null } ], [ { "text": "Total equity", "box": [ 0.013888888888888888, 0.663843702037037, 0.44608398675, 0.6850307359259259 ], "status": null, "note": null }, { "text": "$1,426.7", "box": [ 0.44608398675, 0.663843702037037, 0.5351903733194444, 0.6850307359259259 ], "status": null, "note": null }, { "text": "$1,444.5", "box": [ 0.5351903733194444, 0.663843702037037, 0.6284684983194444, 0.6850307359259259 ], "status": null, "note": null }, { "text": "$1,481.4", "box": [ 0.6284684983194444, 0.663843702037037, 0.7217466927638889, 0.6850307359259259 ], "status": null, "note": null }, { "text": "$1,493.4", "box": [ 0.7217466927638889, 0.663843702037037, 0.8150248872083333, 0.6850307359259259 ], "status": null, "note": null }, { "text": "$1,500.1", "box": [ 0.8150248872083333, 0.663843702037037, 0.8904826910833334, 0.6850307359259259 ], "status": null, "note": null } ], [ { "text": "Total liabilities and equity", "box": [ 0.013888888888888888, 0.6850307359259259, 0.44608398675, 0.7139936194444445 ], "status": null, "note": null }, { "text": "$5,606.3", "box": [ 0.44608398675, 0.6850307359259259, 0.5351903733194444, 0.7139936194444445 ], "status": null, "note": null }, { "text": "$5,606.7", "box": [ 0.5351903733194444, 0.6850307359259259, 0.6284684983194444, 0.7139936194444445 ], "status": null, "note": null }, { "text": "$5,152.5", "box": [ 0.6284684983194444, 0.6850307359259259, 0.7217466927638889, 0.7139936194444445 ], "status": null, "note": null }, { "text": "$4,686.5", "box": [ 0.7217466927638889, 0.6850307359259259, 0.8150248872083333, 0.7139936194444445 ], "status": null, "note": null }, { "text": "$4,457.5", "box": [ 0.8150248872083333, 0.6850307359259259, 0.8904826910833334, 0.7139936194444445 ], "status": null, "note": null } ], [ { "text": "Total Leverage Ratio", "box": [ 0.013888888888888888, 0.7139936194444445, 0.44608398675, 0.7413945259259259 ], "status": null, "note": null }, { "text": "2.8x", "box": [ 0.44608398675, 0.7139936194444445, 0.5351903733194444, 0.7413945259259259 ], "status": null, "note": null }, { "text": "2.8x", "box": [ 0.5351903733194444, 0.7139936194444445, 0.6284684983194444, 0.7413945259259259 ], "status": null, "note": null }, { "text": "2.4x", "box": [ 0.6284684983194444, 0.7139936194444445, 0.7217466927638889, 0.7413945259259259 ], "status": null, "note": null }, { "text": "2.0x", "box": [ 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null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.79146888, 0.6284684983194444, 0.8013204638888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.79146888, 0.7217466927638889, 0.8013204638888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.79146888, 0.8150248872083333, 0.8013204638888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.79146888, 0.8904826910833334, 0.8013204638888889 ], "status": null, "note": null } ], [ { "text": "GAAP Book Value per Share", "box": [ 0.013888888888888888, 0.8013204638888889, 0.44608398675, 0.8171814824074073 ], "status": null, "note": null }, { "text": "$11.27", "box": [ 0.44608398675, 0.8013204638888889, 0.5351903733194444, 0.8171814824074073 ], "status": null, "note": null }, { "text": "$11.33", "box": [ 0.5351903733194444, 0.8013204638888889, 0.6284684983194444, 0.8171814824074073 ], "status": null, "note": null }, { "text": "$11.66", "box": [ 0.6284684983194444, 0.8013204638888889, 0.7217466927638889, 0.8171814824074073 ], "status": null, "note": null }, { "text": "$11.75", "box": [ 0.7217466927638889, 0.8013204638888889, 0.8150248872083333, 0.8171814824074073 ], "status": null, "note": null }, { "text": "$11.79", "box": [ 0.8150248872083333, 0.8013204638888889, 0.8904826910833334, 0.8171814824074073 ], "status": null, "note": null } ], [ { "text": "1", "box": [ 0.013888888888888888, 0.8171814824074073, 0.44608398675, 0.8260450935185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.44608398675, 0.8171814824074073, 0.5351903733194444, 0.8260450935185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.8171814824074073, 0.6284684983194444, 0.8260450935185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.8171814824074073, 0.7217466927638889, 0.8260450935185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.8171814824074073, 0.8150248872083333, 0.8260450935185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.8171814824074073, 0.8904826910833334, 0.8260450935185185 ], "status": null, "note": null } ], [ { "text": "Undepreciated Book Value per Share", "box": [ 0.013888888888888888, 0.8260450935185185, 0.44608398675, 0.8432588164814814 ], "status": null, "note": null }, { "text": "$13.44", "box": [ 0.44608398675, 0.8260450935185185, 0.5351903733194444, 0.8432588164814814 ], "status": null, "note": null }, { "text": "$13.42", "box": [ 0.5351903733194444, 0.8260450935185185, 0.6284684983194444, 0.8432588164814814 ], "status": null, "note": null }, { "text": "$13.69", "box": [ 0.6284684983194444, 0.8260450935185185, 0.7217466927638889, 0.8432588164814814 ], "status": null, "note": null }, { "text": "$13.71", "box": [ 0.7217466927638889, 0.8260450935185185, 0.8150248872083333, 0.8432588164814814 ], "status": null, "note": null }, { "text": "$13.68", "box": [ 0.8150248872083333, 0.8260450935185185, 0.8904826910833334, 0.8432588164814814 ], "status": null, "note": null } ], [ { "text": "Distributions per LADR Share", "box": [ 0.013888888888888888, 0.8432588164814814, 0.44608398675, 0.8953620977777778 ], "status": null, "note": null }, { "text": "$0.23", "box": [ 0.44608398675, 0.8432588164814814, 0.5351903733194444, 0.8953620977777778 ], "status": null, "note": null }, { "text": "$0.23", "box": [ 0.5351903733194444, 0.8432588164814814, 0.6284684983194444, 0.8953620977777778 ], "status": null, "note": null }, { "text": "$0.23", "box": [ 0.6284684983194444, 0.8432588164814814, 0.7217466927638889, 0.8953620977777778 ], "status": null, "note": null }, { "text": "$0.23", "box": [ 0.7217466927638889, 0.8432588164814814, 0.8150248872083333, 0.8953620977777778 ], "status": null, "note": null }, { "text": "$0.23", "box": [ 0.8150248872083333, 0.8432588164814814, 0.8904826910833334, 0.8953620977777778 ], "status": null, "note": null 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For a description of these non-GAAP financial measures, see Selected Definitions on page 34", "box": [ 0.013888888888888888, 0.8953620977777778, 0.44608398675, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.44608398675, 0.8953620977777778, 0.5351903733194444, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.8953620977777778, 0.6284684983194444, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.8953620977777778, 0.7217466927638889, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.8953620977777778, 0.8150248872083333, 0.941342037037037 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.8953620977777778, 0.8904826910833334, 0.941342037037037 ], "status": null, "note": null } ], [ { "text": "2. For a description of this financial measure, see Selected Definitions on page 34", "box": [ 0.013888888888888888, 0.941342037037037, 0.44608398675, 0.9613287407407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.44608398675, 0.941342037037037, 0.5351903733194444, 0.9613287407407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.5351903733194444, 0.941342037037037, 0.6284684983194444, 0.9613287407407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.6284684983194444, 0.941342037037037, 0.7217466927638889, 0.9613287407407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.7217466927638889, 0.941342037037037, 0.8150248872083333, 0.9613287407407408 ], "status": null, "note": null }, { "text": "", "box": [ 0.8150248872083333, 0.941342037037037, 0.8904826910833334, 0.9613287407407408 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.013888888888888888, 0.9613287407407408, 0.44608398675, 0.9817564444444443 ], "status": null, 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0.20779919666666666 ], "status": "reconciled", "note": null }, { "text": "03/31/2026", "box": [ 0.5351903733194444, 0.13277004666666656, 0.6284684983194444, 0.20779919666666666 ], "status": "reconciled", "note": null }, { "text": "12/31/2025", "box": [ 0.6284684983194444, 0.13277004666666656, 0.7217466927638889, 0.20779919666666666 ], "status": "reconciled", "note": null }, { "text": "09/30/2025", "box": [ 0.7217466927638889, 0.13277004666666656, 0.8150248872083333, 0.20779919666666666 ], "status": "reconciled", "note": null }, { "text": "06/30/2025", "box": [ 0.8150248872083333, 0.13277004666666656, 0.8904826910833334, 0.20779919666666666 ], "status": "reconciled", "note": null } ], [ { "text": "Assets", "box": [ 0.013888888888888888, 0.20779919666666666, 0.44608398675, 0.23354168685185178 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Cash and cash equivalents", "box": [ 0.013888888888888888, 0.23354168685185178, 0.44608398675, 0.2539676737037037 ], "status": "reconciled", "note": null }, { "text": "$37.6", "box": [ 0.44608398675, 0.23354168685185178, 0.5351903733194444, 0.2539676737037037 ], "status": "reconciled", "note": null }, { "text": "$33.1", "box": [ 0.5351903733194444, 0.23354168685185178, 0.6284684983194444, 0.2539676737037037 ], "status": "reconciled", "note": null }, { "text": "$38.0", "box": [ 0.6284684983194444, 0.23354168685185178, 0.7217466927638889, 0.2539676737037037 ], "status": "reconciled", "note": null }, { "text": "$49.4", "box": [ 0.7217466927638889, 0.23354168685185178, 0.8150248872083333, 0.2539676737037037 ], "status": "reconciled", "note": null }, { "text": "$134.9", "box": [ 0.8150248872083333, 0.23354168685185178, 0.8904826910833334, 0.2539676737037037 ], "status": "reconciled", "note": null } ], [ { "text": "Restricted cash", "box": [ 0.013888888888888888, 0.2539676737037037, 0.44608398675, 0.27365397 ], "status": "reconciled", "note": null }, { "text": "16.8", "box": [ 0.44608398675, 0.2539676737037037, 0.5351903733194444, 0.27365397 ], "status": "reconciled", "note": null }, { "text": "18.5", "box": [ 0.5351903733194444, 0.2539676737037037, 0.6284684983194444, 0.27365397 ], "status": "reconciled", "note": null }, { "text": "14.9", "box": [ 0.6284684983194444, 0.2539676737037037, 0.7217466927638889, 0.27365397 ], "status": "reconciled", "note": null }, { "text": "13.5", "box": [ 0.7217466927638889, 0.2539676737037037, 0.8150248872083333, 0.27365397 ], "status": "reconciled", "note": null }, { "text": "13.4", "box": [ 0.8150248872083333, 0.2539676737037037, 0.8904826910833334, 0.27365397 ], "status": "reconciled", "note": null } ], [ { "text": "Mortgage loan receivables held for investment, net, at amortized cost", "box": [ 0.013888888888888888, 0.27365397, 0.44608398675, 0.29334026629629634 ], "status": "reconciled", "note": null }, { "text": "2,743.0", "box": [ 0.44608398675, 0.27365397, 0.5351903733194444, 0.29334026629629634 ], "status": "reconciled", "note": null }, { "text": "2,559.3", "box": [ 0.5351903733194444, 0.27365397, 0.6284684983194444, 0.29334026629629634 ], "status": "reconciled", "note": null }, { "text": "2,170.2", "box": [ 0.6284684983194444, 0.27365397, 0.7217466927638889, 0.29334026629629634 ], "status": "reconciled", "note": null }, { "text": "1,868.5", "box": [ 0.7217466927638889, 0.27365397, 0.8150248872083333, 0.29334026629629634 ], "status": "reconciled", "note": null }, { "text": "1,541.5", "box": [ 0.8150248872083333, 0.27365397, 0.8904826910833334, 0.29334026629629634 ], "status": "reconciled", "note": null } ], [ { "text": "Mortgage loan receivables held for sale", "box": [ 0.013888888888888888, 0.29334026629629634, 0.44608398675, 0.31302665518518513 ], "status": "reconciled", "note": null }, { "text": "27.2", "box": [ 0.44608398675, 0.29334026629629634, 0.5351903733194444, 0.31302665518518513 ], "status": "reconciled", "note": null }, { "text": "27.6", "box": [ 0.5351903733194444, 0.29334026629629634, 0.6284684983194444, 0.31302665518518513 ], "status": "reconciled", "note": null }, { "text": "28.0", "box": [ 0.6284684983194444, 0.29334026629629634, 0.7217466927638889, 0.31302665518518513 ], "status": "reconciled", "note": null }, { "text": "28.0", "box": [ 0.7217466927638889, 0.29334026629629634, 0.8150248872083333, 0.31302665518518513 ], "status": "reconciled", "note": null }, { "text": "28.3", "box": [ 0.8150248872083333, 0.29334026629629634, 0.8904826910833334, 0.31302665518518513 ], "status": "reconciled", "note": null } ], [ { "text": "Securities", "box": [ 0.013888888888888888, 0.31302665518518513, 0.44608398675, 0.33271304407407415 ], "status": "reconciled", "note": null }, { "text": "1,872.4", "box": [ 0.44608398675, 0.31302665518518513, 0.5351903733194444, 0.33271304407407415 ], "status": "reconciled", "note": null }, { "text": "2,073.7", "box": [ 0.5351903733194444, 0.31302665518518513, 0.6284684983194444, 0.33271304407407415 ], "status": "reconciled", "note": null }, { "text": "2,088.3", "box": [ 0.6284684983194444, 0.31302665518518513, 0.7217466927638889, 0.33271304407407415 ], "status": "reconciled", "note": null }, { "text": "1,940.5", "box": [ 0.7217466927638889, 0.31302665518518513, 0.8150248872083333, 0.33271304407407415 ], "status": "reconciled", "note": null }, { "text": "1,966.5", "box": [ 0.8150248872083333, 0.31302665518518513, 0.8904826910833334, 0.33271304407407415 ], "status": "reconciled", "note": null } ], [ { "text": "Real estate and related lease intangibles, net", "box": [ 0.013888888888888888, 0.33271304407407415, 0.44608398675, 0.35239934037037035 ], "status": "reconciled", "note": null }, { "text": "776.5", "box": [ 0.44608398675, 0.33271304407407415, 0.5351903733194444, 0.35239934037037035 ], "status": "reconciled", "note": null }, { "text": "775.7", "box": [ 0.5351903733194444, 0.33271304407407415, 0.6284684983194444, 0.35239934037037035 ], "status": "reconciled", "note": null }, { "text": "703.5", "box": [ 0.6284684983194444, 0.33271304407407415, 0.7217466927638889, 0.35239934037037035 ], "status": "reconciled", "note": null }, { "text": "705.5", "box": [ 0.7217466927638889, 0.33271304407407415, 0.8150248872083333, 0.35239934037037035 ], "status": "reconciled", "note": null }, { "text": "690.2", "box": [ 0.8150248872083333, 0.33271304407407415, 0.8904826910833334, 0.35239934037037035 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in and advances to unconsolidated ventures", "box": [ 0.013888888888888888, 0.35239934037037035, 0.44608398675, 0.37208563666666666 ], "status": "reconciled", "note": null }, { "text": "41.5", "box": [ 0.44608398675, 0.35239934037037035, 0.5351903733194444, 0.37208563666666666 ], "status": 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$1,493.4 | $1,500.1 | $1,514.4 |\n| Net income (loss) attributable to Class A common shareholders | 14.6 | 2.6 | 15.9 | 19.2 | 17.3 |\n| Dividends | (29.2) | (29.3) | (29.3) | (29.3) | (29.3) |\n| Changes in other comprehensive income (OCI) | 1.2 | (1.7) | (0.8) | 2.3 | 1.6 |\n| Other | (4.5) | (8.4) | 2.1 | 1.1 | (3.9) |\n| Ending book equity balance (Total equity) | $1,426.7 | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 |\n| Noncontrolling interest in consolidated ventures | 2.6 | 2.6 | 2.6 | 2.6 | 2.5 |\n| Total shareholders' equity | $1,429.3 | $1,447.1 | $1,483.9 | $1,496.0 | $1,502.6 |\n| Average book equity balance excluding noncontrolling interest in consolidated ventures | $1,438.2 | $1,465.5 | $1,490.0 | $1,499.3 | $1,509.6 |\n| Accumulated depreciation & amortization \u2013 net leased commercial real estate | 203.5 | 198.8 | 194.1 | 189.5 | 184.9 |\n| Accumulated depreciation & amortization \u2013 diversified commercial real estate | 77.8 | 72.9 | 68.6 | 64.6 | 60.9 |\n| Less: noncontrolling interests' share of accumulated real estate depreciation & amortization | (5.4) | (5.3) | (5.1) | (5.0) | (4.9) |\n| Accumulated real estate depreciation & amortization \u2013 our share | $275.8 | $266.5 | $257.5 | $249.1 | $240.9 |\n| Undepreciated book value | $1,705.2 | $1,713.6 | $1,741.5 | $1,745.1 | $1,743.5 |\n| Total shares outstanding (mm) | 126.9 | 127.7 | 127.2 | 127.3 | 127.5 |\n| GAAP Book Value per Share1 | $11.27 | $11.33 | $11.66 | $11.75 | $11.79 |\n| Undepreciated Book Value per Share2 | $13.44 | $13.42 | $13.69 | $13.71 | $13.68 |\n| Debt obligations GAAP reconciliation | | | | | |\n| Loan repurchase facilities | $107.2 | \u2013 | \u2013 | \u2013 | $62.7 |\n| Securities repurchase financing | 825.9 | 934.9 | 627.0 | 361.6 | 294.4 |\n| Revolving credit facility (unsecured) | 202.0 | 492.0 | 280.0 | 20.0 | \u2013 |\n| Term loan (unsecured) | 275.0 | \u2013 | \u2013 | \u2013 | \u2013 |\n| Mortgage debt, net of unamortized debt issuance costs | 387.5 | 384.2 | 388.2 | 401.7 | 421.9 |\n| Senior unsecured notes, net of unamortized debt issuance costs | 2,207.3 | 2,216.4 | 2,215.2 | 2,213.9 | 2,004.1 |\n| Debt obligations, net | $4,004.9 | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 |\n| Less: CLO debt | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |\n| Adjusted debt obligations | $4,004.9 | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 |\n| Total equity | $1,426.7 | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 |\n| Plus: Accumulated depreciation and amortization on real estate and related intangibles | 281.2 | 271.7 | 262.7 | 254.1 | 245.8 |\n| Less: Accumulated amortization of below market leases | (19.3) | (18.8) | (18.3) | (17.8) | (17.2) |\n| Plus: CECL allowance | 47.1 | 47.1 | 47.1 | 52.1 | 52.2 |\n| Total adjusted equity | $1,735.8 | $1,744.6 | $1,772.9 | $1,781.9 | $1,780.8 |\n| Adjusted leverage ratio2 | 2.3x | 2.3x | 2.0x | 1.7x | 1.6x |", "footnotes": [ { "marker": "1", "text": "For a description of this financial measure, see Selected 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0.013888888888888888, 0.2626105860185185, 0.5131907708333331, 0.28564540083333334 ], "status": null, "note": null }, { "text": "$1,426.7", "box": [ 0.5131907708333331, 0.2626105860185185, 0.5939770795138889, 0.28564540083333334 ], "status": null, "note": null }, { "text": "$1,444.5", "box": [ 0.5939770795138889, 0.2626105860185185, 0.6822134336805555, 0.28564540083333334 ], "status": null, "note": null }, { "text": "$1,481.4", "box": [ 0.6822134336805555, 0.2626105860185185, 0.7704477920138888, 0.28564540083333334 ], "status": null, "note": null }, { "text": "$1,493.4", "box": [ 0.7704477920138888, 0.2626105860185185, 0.8586804059027776, 0.28564540083333334 ], "status": null, "note": null }, { "text": "$1,500.1", "box": [ 0.8586804059027776, 0.2626105860185185, 0.9850342888888889, 0.28564540083333334 ], "status": null, "note": null } ], [ { "text": "Noncontrolling interest in consolidated ventures", "box": [ 0.013888888888888888, 0.28564540083333334, 0.5131907708333331, 0.3086803082407408 ], "status": null, "note": null }, { "text": "2.6", "box": [ 0.5131907708333331, 0.28564540083333334, 0.5939770795138889, 0.3086803082407408 ], "status": null, "note": null }, { "text": "2.6", "box": [ 0.5939770795138889, 0.28564540083333334, 0.6822134336805555, 0.3086803082407408 ], "status": null, "note": null }, { "text": "2.6", "box": [ 0.6822134336805555, 0.28564540083333334, 0.7704477920138888, 0.3086803082407408 ], "status": null, "note": null }, { "text": "2.6", "box": [ 0.7704477920138888, 0.28564540083333334, 0.8586804059027776, 0.3086803082407408 ], "status": null, "note": null }, { "text": "2.5", "box": [ 0.8586804059027776, 0.28564540083333334, 0.9850342888888889, 0.3086803082407408 ], "status": null, "note": null } ], [ { "text": "Total shareholders' equity", "box": [ 0.013888888888888888, 0.3086803082407408, 0.5131907708333331, 0.3319029397222222 ], "status": null, "note": null }, { "text": "$1,429.3", "box": [ 0.5131907708333331, 0.3086803082407408, 0.5939770795138889, 0.3319029397222222 ], "status": null, "note": null }, { "text": "$1,447.1", "box": [ 0.5939770795138889, 0.3086803082407408, 0.6822134336805555, 0.3319029397222222 ], "status": null, "note": null }, { "text": "$1,483.9", "box": [ 0.6822134336805555, 0.3086803082407408, 0.7704477920138888, 0.3319029397222222 ], "status": null, "note": null }, { "text": "$1,496.0", "box": [ 0.7704477920138888, 0.3086803082407408, 0.8586804059027776, 0.3319029397222222 ], "status": null, "note": null }, { "text": "$1,502.6", "box": [ 0.8586804059027776, 0.3086803082407408, 0.9850342888888889, 0.3319029397222222 ], "status": null, "note": null } ], [ { "text": "Average book equity balance excluding noncontrolling interest in consolidated ventures", "box": [ 0.013888888888888888, 0.3319029397222222, 0.5131907708333331, 0.35885721814814814 ], "status": null, "note": null }, { "text": "$1,438.2", "box": [ 0.5131907708333331, 0.3319029397222222, 0.5939770795138889, 0.35885721814814814 ], "status": null, "note": null }, { "text": "$1,465.5", "box": [ 0.5939770795138889, 0.3319029397222222, 0.6822134336805555, 0.35885721814814814 ], "status": null, "note": null }, { "text": "$1,490.0", "box": [ 0.6822134336805555, 0.3319029397222222, 0.7704477920138888, 0.35885721814814814 ], "status": null, "note": null }, { "text": "$1,499.3", "box": [ 0.7704477920138888, 0.3319029397222222, 0.8586804059027776, 0.35885721814814814 ], "status": null, "note": null }, { "text": "$1,509.6", "box": [ 0.8586804059027776, 0.3319029397222222, 0.9850342888888889, 0.35885721814814814 ], "status": null, "note": null } ], [ { "text": "Accumulated depreciation & amortization \u2013 net leased commercial real estate", "box": [ 0.013888888888888888, 0.35885721814814814, 0.5131907708333331, 0.3826307903703704 ], "status": null, "note": null }, { "text": "203.5", "box": [ 0.5131907708333331, 0.35885721814814814, 0.5939770795138889, 0.3826307903703704 ], "status": null, "note": null }, { "text": "198.8", "box": [ 0.5939770795138889, 0.35885721814814814, 0.6822134336805555, 0.3826307903703704 ], "status": null, "note": null }, { "text": "194.1", "box": [ 0.6822134336805555, 0.35885721814814814, 0.7704477920138888, 0.3826307903703704 ], "status": null, "note": null }, { "text": "189.5", "box": [ 0.7704477920138888, 0.35885721814814814, 0.8586804059027776, 0.3826307903703704 ], "status": null, "note": null }, { "text": "184.9", "box": [ 0.8586804059027776, 0.35885721814814814, 0.9850342888888889, 0.3826307903703704 ], "status": null, "note": null } ], [ { "text": "Accumulated depreciation & amortization \u2013 diversified commercial real estate", "box": [ 0.013888888888888888, 0.3826307903703704, 0.5131907708333331, 0.401958845925926 ], "status": null, "note": null }, { "text": "77.8", "box": [ 0.5131907708333331, 0.3826307903703704, 0.5939770795138889, 0.401958845925926 ], "status": null, "note": null }, { "text": "72.9", "box": [ 0.5939770795138889, 0.3826307903703704, 0.6822134336805555, 0.401958845925926 ], "status": null, "note": null }, { "text": "68.6", "box": [ 0.6822134336805555, 0.3826307903703704, 0.7704477920138888, 0.401958845925926 ], "status": null, "note": null }, { "text": "64.6", "box": [ 0.7704477920138888, 0.3826307903703704, 0.8586804059027776, 0.401958845925926 ], "status": null, "note": null }, { "text": "60.9", "box": [ 0.8586804059027776, 0.3826307903703704, 0.9850342888888889, 0.401958845925926 ], "status": null, "note": null } ], [ { "text": "Less: noncontrolling interests' share of accumulated real estate depreciation & amortization", "box": [ 0.013888888888888888, 0.401958845925926, 0.5131907708333331, 0.4220449378703704 ], "status": null, "note": null }, { "text": "(5.4)", "box": [ 0.5131907708333331, 0.401958845925926, 0.5939770795138889, 0.4220449378703704 ], "status": null, "note": null }, { "text": "(5.3)", "box": [ 0.5939770795138889, 0.401958845925926, 0.6822134336805555, 0.4220449378703704 ], "status": null, "note": null }, { "text": "(5.1)", "box": [ 0.6822134336805555, 0.401958845925926, 0.7704477920138888, 0.4220449378703704 ], "status": null, "note": null }, { "text": "(5.0)", "box": [ 0.7704477920138888, 0.401958845925926, 0.8586804059027776, 0.4220449378703704 ], "status": null, "note": null }, { "text": "(4.9)", "box": [ 0.8586804059027776, 0.401958845925926, 0.9850342888888889, 0.4220449378703704 ], "status": null, "note": null } ], [ { "text": "Accumulated real estate depreciation & amortization \u2013 our share", "box": [ 0.013888888888888888, 0.4220449378703704, 0.5131907708333331, 0.44522358787037036 ], "status": null, "note": null }, { "text": "$275.8", "box": [ 0.5131907708333331, 0.4220449378703704, 0.5939770795138889, 0.44522358787037036 ], "status": null, "note": null }, { "text": "$266.5", "box": [ 0.5939770795138889, 0.4220449378703704, 0.6822134336805555, 0.44522358787037036 ], "status": null, "note": null }, { "text": "$257.5", "box": [ 0.6822134336805555, 0.4220449378703704, 0.7704477920138888, 0.44522358787037036 ], "status": null, "note": null }, { "text": "$249.1", "box": [ 0.7704477920138888, 0.4220449378703704, 0.8586804059027776, 0.44522358787037036 ], "status": null, "note": null }, { "text": "$240.9", "box": [ 0.8586804059027776, 0.4220449378703704, 0.9850342888888889, 0.44522358787037036 ], "status": null, "note": null } ], [ { "text": "Undepreciated book value", "box": [ 0.013888888888888888, 0.44522358787037036, 0.5131907708333331, 0.4727943968518518 ], "status": null, "note": null }, { "text": "$1,705.2", "box": [ 0.5131907708333331, 0.44522358787037036, 0.5939770795138889, 0.4727943968518518 ], "status": null, "note": null }, { "text": "$1,713.6", "box": [ 0.5939770795138889, 0.44522358787037036, 0.6822134336805555, 0.4727943968518518 ], "status": null, "note": null }, { "text": "$1,741.5", "box": [ 0.6822134336805555, 0.44522358787037036, 0.7704477920138888, 0.4727943968518518 ], "status": null, "note": null }, { "text": "$1,745.1", "box": [ 0.7704477920138888, 0.44522358787037036, 0.8586804059027776, 0.4727943968518518 ], "status": null, "note": null }, { "text": "$1,743.5", "box": [ 0.8586804059027776, 0.44522358787037036, 0.9850342888888889, 0.4727943968518518 ], "status": null, "note": null } ], [ { "text": "Total shares outstanding (mm)", "box": [ 0.013888888888888888, 0.4727943968518518, 0.5131907708333331, 0.5001745868518519 ], "status": null, "note": null }, { "text": "126.9", "box": [ 0.5131907708333331, 0.4727943968518518, 0.5939770795138889, 0.5001745868518519 ], "status": null, "note": null }, { "text": "127.7", "box": [ 0.5939770795138889, 0.4727943968518518, 0.6822134336805555, 0.5001745868518519 ], "status": null, "note": null }, { "text": "127.2", "box": [ 0.6822134336805555, 0.4727943968518518, 0.7704477920138888, 0.5001745868518519 ], "status": null, "note": null }, { "text": "127.3", "box": [ 0.7704477920138888, 0.4727943968518518, 0.8586804059027776, 0.5001745868518519 ], "status": null, "note": null }, { "text": "127.5", "box": [ 0.8586804059027776, 0.4727943968518518, 0.9850342888888889, 0.5001745868518519 ], "status": null, "note": null } ], [ { "text": "1", "box": [ 0.013888888888888888, 0.5001745868518519, 0.5131907708333331, 0.5121865556481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.5131907708333331, 0.5001745868518519, 0.5939770795138889, 0.5121865556481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.5939770795138889, 0.5001745868518519, 0.6822134336805555, 0.5121865556481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.6822134336805555, 0.5001745868518519, 0.7704477920138888, 0.5121865556481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.7704477920138888, 0.5001745868518519, 0.8586804059027776, 0.5121865556481482 ], "status": null, "note": null }, { "text": "", "box": [ 0.8586804059027776, 0.5001745868518519, 0.9850342888888889, 0.5121865556481482 ], "status": null, "note": null } ], [ { "text": "GAAP Book Value per Share", "box": [ 0.013888888888888888, 0.5121865556481482, 0.5131907708333331, 0.5261750741666666 ], "status": null, "note": null }, { "text": "$11.27", "box": [ 0.5131907708333331, 0.5121865556481482, 0.5939770795138889, 0.5261750741666666 ], "status": null, "note": null }, { "text": "$11.33", "box": [ 0.5939770795138889, 0.5121865556481482, 0.6822134336805555, 0.5261750741666666 ], "status": null, "note": null }, { "text": "$11.66", "box": [ 0.6822134336805555, 0.5121865556481482, 0.7704477920138888, 0.5261750741666666 ], "status": null, "note": null }, { "text": "$11.75", "box": [ 0.7704477920138888, 0.5121865556481482, 0.8586804059027776, 0.5261750741666666 ], "status": null, "note": null }, { "text": "$11.79", "box": [ 0.8586804059027776, 0.5121865556481482, 0.9850342888888889, 0.5261750741666666 ], "status": null, "note": null } ], [ { "text": "2", "box": [ 0.013888888888888888, 0.5261750741666666, 0.5131907708333331, 0.5353978519444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.5131907708333331, 0.5261750741666666, 0.5939770795138889, 0.5353978519444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.5939770795138889, 0.5261750741666666, 0.6822134336805555, 0.5353978519444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.6822134336805555, 0.5261750741666666, 0.7704477920138888, 0.5353978519444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.7704477920138888, 0.5261750741666666, 0.8586804059027776, 0.5353978519444444 ], "status": null, "note": null }, { "text": "", "box": [ 0.8586804059027776, 0.5261750741666666, 0.9850342888888889, 0.5353978519444444 ], "status": null, "note": null } ], [ { "text": "Undepreciated Book Value per Share", "box": [ 0.013888888888888888, 0.5353978519444444, 0.5131907708333331, 0.5551791045370371 ], "status": null, "note": null }, { "text": "$13.44", "box": [ 0.5131907708333331, 0.5353978519444444, 0.5939770795138889, 0.5551791045370371 ], "status": null, "note": null }, { "text": "$13.42", "box": [ 0.5939770795138889, 0.5353978519444444, 0.6822134336805555, 0.5551791045370371 ], "status": null, "note": null }, { "text": "$13.69", "box": [ 0.6822134336805555, 0.5353978519444444, 0.7704477920138888, 0.5551791045370371 ], "status": null, "note": null }, { "text": "$13.71", "box": [ 0.7704477920138888, 0.5353978519444444, 0.8586804059027776, 0.5551791045370371 ], "status": null, "note": null }, { "text": "$13.68", "box": [ 0.8586804059027776, 0.5353978519444444, 0.9850342888888889, 0.5551791045370371 ], "status": null, "note": null } ], [ { "text": "Debt obligations GAAP reconciliation", "box": [ 0.013888888888888888, 0.5551791045370371, 0.5131907708333331, 0.5815156051851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.5131907708333331, 0.5551791045370371, 0.5939770795138889, 0.5815156051851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.5939770795138889, 0.5551791045370371, 0.6822134336805555, 0.5815156051851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.6822134336805555, 0.5551791045370371, 0.7704477920138888, 0.5815156051851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.7704477920138888, 0.5551791045370371, 0.8586804059027776, 0.5815156051851852 ], "status": null, "note": null }, { "text": "", "box": [ 0.8586804059027776, 0.5551791045370371, 0.9850342888888889, 0.5815156051851852 ], "status": null, "note": null } ], [ { "text": "Loan repurchase facilities", "box": [ 0.013888888888888888, 0.5815156051851852, 0.5131907708333331, 0.6029618088888888 ], "status": null, "note": null }, { "text": "$107.2", "box": [ 0.5131907708333331, 0.5815156051851852, 0.5939770795138889, 0.6029618088888888 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.5815156051851852, 0.6822134336805555, 0.6029618088888888 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.5815156051851852, 0.7704477920138888, 0.6029618088888888 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.5815156051851852, 0.8586804059027776, 0.6029618088888888 ], "status": null, "note": null }, { "text": "$62.7", "box": [ 0.8586804059027776, 0.5815156051851852, 0.9850342888888889, 0.6029618088888888 ], "status": null, "note": null } ], [ { "text": "Securities repurchase financing", "box": [ 0.013888888888888888, 0.6029618088888888, 0.5131907708333331, 0.6223781051851852 ], "status": null, "note": null }, { "text": "825.9", "box": [ 0.5131907708333331, 0.6029618088888888, 0.5939770795138889, 0.6223781051851852 ], "status": null, "note": null }, { "text": "934.9", "box": [ 0.5939770795138889, 0.6029618088888888, 0.6822134336805555, 0.6223781051851852 ], "status": null, "note": null }, { "text": "627.0", "box": [ 0.6822134336805555, 0.6029618088888888, 0.7704477920138888, 0.6223781051851852 ], "status": null, "note": null }, { "text": "361.6", "box": [ 0.7704477920138888, 0.6029618088888888, 0.8586804059027776, 0.6223781051851852 ], "status": null, "note": null }, { "text": "294.4", "box": [ 0.8586804059027776, 0.6029618088888888, 0.9850342888888889, 0.6223781051851852 ], "status": null, "note": null } ], [ { "text": "Revolving credit facility (unsecured)", "box": [ 0.013888888888888888, 0.6223781051851852, 0.5131907708333331, 0.6418385681481482 ], "status": null, "note": null }, { "text": "202.0", "box": [ 0.5131907708333331, 0.6223781051851852, 0.5939770795138889, 0.6418385681481482 ], "status": null, "note": null }, { "text": "492.0", "box": [ 0.5939770795138889, 0.6223781051851852, 0.6822134336805555, 0.6418385681481482 ], "status": null, "note": null }, { "text": "280.0", "box": [ 0.6822134336805555, 0.6223781051851852, 0.7704477920138888, 0.6418385681481482 ], "status": null, "note": null }, { "text": "20.0", "box": [ 0.7704477920138888, 0.6223781051851852, 0.8586804059027776, 0.6418385681481482 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.6223781051851852, 0.9850342888888889, 0.6418385681481482 ], "status": null, "note": null } ], [ { "text": "Term loan (unsecured)", "box": [ 0.013888888888888888, 0.6418385681481482, 0.5131907708333331, 0.6613431051851851 ], "status": null, "note": null }, { "text": "275.0", "box": [ 0.5131907708333331, 0.6418385681481482, 0.5939770795138889, 0.6613431051851851 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.6418385681481482, 0.6822134336805555, 0.6613431051851851 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.6418385681481482, 0.7704477920138888, 0.6613431051851851 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.6418385681481482, 0.8586804059027776, 0.6613431051851851 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.6418385681481482, 0.9850342888888889, 0.6613431051851851 ], "status": null, "note": null } ], [ { "text": "Mortgage debt, net of unamortized debt issuance costs", "box": [ 0.013888888888888888, 0.6613431051851851, 0.5131907708333331, 0.680779522962963 ], "status": null, "note": null }, { "text": "387.5", "box": [ 0.5131907708333331, 0.6613431051851851, 0.5939770795138889, 0.680779522962963 ], "status": null, "note": null }, { "text": "384.2", "box": [ 0.5939770795138889, 0.6613431051851851, 0.6822134336805555, 0.680779522962963 ], "status": null, "note": null }, { "text": "388.2", "box": [ 0.6822134336805555, 0.6613431051851851, 0.7704477920138888, 0.680779522962963 ], "status": null, "note": null }, { "text": "401.7", "box": [ 0.7704477920138888, 0.6613431051851851, 0.8586804059027776, 0.680779522962963 ], "status": null, "note": null }, { "text": "421.9", "box": [ 0.8586804059027776, 0.6613431051851851, 0.9850342888888889, 0.680779522962963 ], "status": null, "note": null } ], [ { "text": "Senior unsecured notes, net of unamortized debt issuance costs", "box": [ 0.013888888888888888, 0.680779522962963, 0.5131907708333331, 0.701283825 ], "status": null, "note": null }, { "text": "2,207.3", "box": [ 0.5131907708333331, 0.680779522962963, 0.5939770795138889, 0.701283825 ], "status": null, "note": null }, { "text": "2,216.4", "box": [ 0.5939770795138889, 0.680779522962963, 0.6822134336805555, 0.701283825 ], "status": null, "note": null }, { "text": "2,215.2", "box": [ 0.6822134336805555, 0.680779522962963, 0.7704477920138888, 0.701283825 ], "status": null, "note": null }, { "text": "2,213.9", "box": [ 0.7704477920138888, 0.680779522962963, 0.8586804059027776, 0.701283825 ], "status": null, "note": null }, { "text": "2,004.1", "box": [ 0.8586804059027776, 0.680779522962963, 0.9850342888888889, 0.701283825 ], "status": null, "note": null } ], [ { "text": "Debt obligations, net", "box": [ 0.013888888888888888, 0.701283825, 0.5131907708333331, 0.7254212953703704 ], "status": null, "note": null }, { "text": "$4,004.9", "box": [ 0.5131907708333331, 0.701283825, 0.5939770795138889, 0.7254212953703704 ], "status": null, "note": null }, { "text": "$4,027.6", "box": [ 0.5939770795138889, 0.701283825, 0.6822134336805555, 0.7254212953703704 ], "status": null, "note": null }, { "text": "$3,510.4", "box": [ 0.6822134336805555, 0.701283825, 0.7704477920138888, 0.7254212953703704 ], "status": null, "note": null }, { "text": "$2,997.2", "box": [ 0.7704477920138888, 0.701283825, 0.8586804059027776, 0.7254212953703704 ], "status": null, "note": null }, { "text": "$2,783.2", "box": [ 0.8586804059027776, 0.701283825, 0.9850342888888889, 0.7254212953703704 ], "status": null, "note": null } ], [ { "text": "Less: CLO debt", "box": [ 0.013888888888888888, 0.7254212953703704, 0.5131907708333331, 0.7502662324074073 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.5131907708333331, 0.7254212953703704, 0.5939770795138889, 0.7502662324074073 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.7254212953703704, 0.6822134336805555, 0.7502662324074073 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.7254212953703704, 0.7704477920138888, 0.7502662324074073 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.7254212953703704, 0.8586804059027776, 0.7502662324074073 ], "status": null, "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.7254212953703704, 0.9850342888888889, 0.7502662324074073 ], "status": null, "note": null } ], [ { "text": "Adjusted debt obligations", "box": [ 0.013888888888888888, 0.7502662324074073, 0.5131907708333331, 0.7729474064814814 ], "status": null, "note": null }, { "text": "$4,004.9", "box": [ 0.5131907708333331, 0.7502662324074073, 0.5939770795138889, 0.7729474064814814 ], "status": null, "note": null }, { "text": "$4,027.6", "box": [ 0.5939770795138889, 0.7502662324074073, 0.6822134336805555, 0.7729474064814814 ], "status": null, "note": null }, { "text": "$3,510.4", "box": [ 0.6822134336805555, 0.7502662324074073, 0.7704477920138888, 0.7729474064814814 ], "status": null, "note": null }, { "text": "$2,997.2", "box": [ 0.7704477920138888, 0.7502662324074073, 0.8586804059027776, 0.7729474064814814 ], "status": null, "note": null }, { "text": "$2,783.2", "box": [ 0.8586804059027776, 0.7502662324074073, 0.9850342888888889, 0.7729474064814814 ], "status": null, "note": null } ], [ { "text": "Total equity", "box": [ 0.013888888888888888, 0.7729474064814814, 0.5131907708333331, 0.7948278722222222 ], "status": null, "note": null }, { "text": "$1,426.7", "box": [ 0.5131907708333331, 0.7729474064814814, 0.5939770795138889, 0.7948278722222222 ], "status": null, "note": null }, { "text": "$1,444.5", "box": [ 0.5939770795138889, 0.7729474064814814, 0.6822134336805555, 0.7948278722222222 ], "status": null, "note": null }, { "text": "$1,481.4", "box": [ 0.6822134336805555, 0.7729474064814814, 0.7704477920138888, 0.7948278722222222 ], "status": null, "note": null }, { "text": "$1,493.4", "box": [ 0.7704477920138888, 0.7729474064814814, 0.8586804059027776, 0.7948278722222222 ], "status": null, "note": null }, { "text": "$1,500.1", "box": [ 0.8586804059027776, 0.7729474064814814, 0.9850342888888889, 0.7948278722222222 ], "status": null, "note": null } ], [ { "text": "Plus: Accumulated depreciation and amortization on real estate and related intangibles", "box": [ 0.013888888888888888, 0.7948278722222222, 0.5131907708333331, 0.8141568407407408 ], "status": null, "note": null }, { "text": "281.2", "box": [ 0.5131907708333331, 0.7948278722222222, 0.5939770795138889, 0.8141568407407408 ], "status": null, "note": null }, { "text": "271.7", "box": [ 0.5939770795138889, 0.7948278722222222, 0.6822134336805555, 0.8141568407407408 ], "status": null, "note": null }, { "text": "262.7", "box": [ 0.6822134336805555, 0.7948278722222222, 0.7704477920138888, 0.8141568407407408 ], "status": null, "note": null }, { "text": "254.1", "box": [ 0.7704477920138888, 0.7948278722222222, 0.8586804059027776, 0.8141568407407408 ], "status": null, "note": null }, { "text": "245.8", "box": [ 0.8586804059027776, 0.7948278722222222, 0.9850342888888889, 0.8141568407407408 ], "status": null, "note": null } ], [ { "text": "Less: Accumulated amortization of below market leases", "box": [ 0.013888888888888888, 0.8141568407407408, 0.5131907708333331, 0.833484988888889 ], "status": null, "note": null }, { "text": "(19.3)", "box": [ 0.5131907708333331, 0.8141568407407408, 0.5939770795138889, 0.833484988888889 ], "status": null, "note": null }, { "text": "(18.8)", "box": [ 0.5939770795138889, 0.8141568407407408, 0.6822134336805555, 0.833484988888889 ], "status": null, "note": null }, { "text": "(18.3)", "box": [ 0.6822134336805555, 0.8141568407407408, 0.7704477920138888, 0.833484988888889 ], "status": null, "note": null }, { "text": "(17.8)", "box": [ 0.7704477920138888, 0.8141568407407408, 0.8586804059027776, 0.833484988888889 ], "status": null, "note": null }, { "text": "(17.2)", "box": [ 0.8586804059027776, 0.8141568407407408, 0.9850342888888889, 0.833484988888889 ], "status": null, "note": null } ], [ { "text": "Plus: CECL allowance", "box": [ 0.013888888888888888, 0.833484988888889, 0.5131907708333331, 0.854321312037037 ], "status": null, "note": null }, { "text": "47.1", "box": [ 0.5131907708333331, 0.833484988888889, 0.5939770795138889, 0.854321312037037 ], "status": null, "note": null }, { "text": "47.1", "box": [ 0.5939770795138889, 0.833484988888889, 0.6822134336805555, 0.854321312037037 ], "status": null, "note": null }, { "text": "47.1", "box": [ 0.6822134336805555, 0.833484988888889, 0.7704477920138888, 0.854321312037037 ], "status": null, "note": null }, { "text": "52.1", "box": [ 0.7704477920138888, 0.833484988888889, 0.8586804059027776, 0.854321312037037 ], "status": null, "note": null }, { "text": "52.2", "box": [ 0.8586804059027776, 0.833484988888889, 0.9850342888888889, 0.854321312037037 ], 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0.5131907708333331, 0.8865664658333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.5131907708333331, 0.8766817436111111, 0.5939770795138889, 0.8865664658333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.5939770795138889, 0.8766817436111111, 0.6822134336805555, 0.8865664658333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.6822134336805555, 0.8766817436111111, 0.7704477920138888, 0.8865664658333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.7704477920138888, 0.8766817436111111, 0.8586804059027776, 0.8865664658333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.8586804059027776, 0.8766817436111111, 0.9850342888888889, 0.8865664658333333 ], "status": null, "note": null } ], [ { "text": "Adjusted leverage ratio", "box": [ 0.013888888888888888, 0.8865664658333333, 0.5131907708333331, 0.9126343064814815 ], "status": null, "note": null }, { "text": "2.3x", "box": [ 0.5131907708333331, 0.8865664658333333, 0.5939770795138889, 0.9126343064814815 ], "status": null, "note": null }, { "text": "2.3x", "box": [ 0.5939770795138889, 0.8865664658333333, 0.6822134336805555, 0.9126343064814815 ], "status": null, "note": null }, { "text": "2.0x", "box": [ 0.6822134336805555, 0.8865664658333333, 0.7704477920138888, 0.9126343064814815 ], "status": null, "note": null }, { "text": "1.7x", "box": [ 0.7704477920138888, 0.8865664658333333, 0.8586804059027776, 0.9126343064814815 ], "status": null, "note": null }, { "text": "1.6x", "box": [ 0.8586804059027776, 0.8865664658333333, 0.9850342888888889, 0.9126343064814815 ], "status": null, "note": null } ], [ { "text": "1. 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"03/31/2026", "box": [ 0.5939770795138889, 0.14167818157407402, 0.6822134336805555, 0.1603300112962963 ], "status": "reconciled", "note": null }, { "text": "12/31/2025", "box": [ 0.6822134336805555, 0.14167818157407402, 0.7704477920138888, 0.1603300112962963 ], "status": "reconciled", "note": null }, { "text": "09/30/2025", "box": [ 0.7704477920138888, 0.14167818157407402, 0.8586804059027776, 0.1603300112962963 ], "status": "reconciled", "note": null }, { "text": "06/30/2025", "box": [ 0.8586804059027776, 0.14167818157407402, 0.9850342888888889, 0.1603300112962963 ], "status": "reconciled", "note": null } ], [ { "text": "Beginning book equity balance", "box": [ 0.013888888888888888, 0.1603300112962963, 0.5131907708333331, 0.18441586379629632 ], "status": "reconciled", "note": null }, { "text": "$1,444.5", "box": [ 0.5131907708333331, 0.1603300112962963, 0.5939770795138889, 0.18441586379629632 ], "status": "reconciled", "note": null }, { "text": "$1,481.4", "box": [ 0.5939770795138889, 0.1603300112962963, 0.6822134336805555, 0.18441586379629632 ], "status": "reconciled", "note": null }, { "text": "$1,493.4", "box": [ 0.6822134336805555, 0.1603300112962963, 0.7704477920138888, 0.18441586379629632 ], "status": "reconciled", "note": null }, { "text": "$1,500.1", "box": [ 0.7704477920138888, 0.1603300112962963, 0.8586804059027776, 0.18441586379629632 ], "status": "reconciled", "note": null }, { "text": "$1,514.4", "box": [ 0.8586804059027776, 0.1603300112962963, 0.9850342888888889, 0.18441586379629632 ], "status": "reconciled", "note": null } ], [ { "text": "Net income (loss) attributable to Class A common shareholders", "box": [ 0.013888888888888888, 0.18441586379629632, 0.5131907708333331, 0.20391254962962965 ], "status": "reconciled", "note": null }, { "text": "14.6", "box": [ 0.5131907708333331, 0.18441586379629632, 0.5939770795138889, 0.20391254962962965 ], "status": "reconciled", "note": null }, { "text": "2.6", "box": [ 0.5939770795138889, 0.18441586379629632, 0.6822134336805555, 0.20391254962962965 ], "status": "reconciled", "note": null }, { "text": "15.9", "box": [ 0.6822134336805555, 0.18441586379629632, 0.7704477920138888, 0.20391254962962965 ], "status": "reconciled", "note": null }, { "text": "19.2", "box": [ 0.7704477920138888, 0.18441586379629632, 0.8586804059027776, 0.20391254962962965 ], "status": "reconciled", "note": null }, { "text": "17.3", "box": [ 0.8586804059027776, 0.18441586379629632, 0.9850342888888889, 0.20391254962962965 ], "status": "reconciled", "note": null } ], [ { "text": "Dividends", "box": [ 0.013888888888888888, 0.20391254962962965, 0.5131907708333331, 0.22321816592592603 ], "status": "reconciled", "note": null }, { "text": "(29.2)", "box": [ 0.5131907708333331, 0.20391254962962965, 0.5939770795138889, 0.22321816592592603 ], "status": "reconciled", "note": null }, { "text": "(29.3)", "box": [ 0.5939770795138889, 0.20391254962962965, 0.6822134336805555, 0.22321816592592603 ], "status": "reconciled", "note": null }, { "text": "(29.3)", "box": [ 0.6822134336805555, 0.20391254962962965, 0.7704477920138888, 0.22321816592592603 ], "status": "reconciled", "note": null }, { "text": "(29.3)", "box": [ 0.7704477920138888, 0.20391254962962965, 0.8586804059027776, 0.22321816592592603 ], "status": "reconciled", "note": null }, { "text": "(29.3)", "box": [ 0.8586804059027776, 0.20391254962962965, 0.9850342888888889, 0.22321816592592603 ], "status": "reconciled", "note": null } ], [ { "text": "Changes in other comprehensive income (OCI)", "box": [ 0.013888888888888888, 0.22321816592592603, 0.5131907708333331, 0.24285520296296295 ], "status": "reconciled", "note": null }, { "text": "1.2", "box": [ 0.5131907708333331, 0.22321816592592603, 0.5939770795138889, 0.24285520296296295 ], "status": "reconciled", "note": null }, { "text": "(1.7)", "box": [ 0.5939770795138889, 0.22321816592592603, 0.6822134336805555, 0.24285520296296295 ], "status": "reconciled", "note": null }, { "text": "(0.8)", "box": [ 0.6822134336805555, 0.22321816592592603, 0.7704477920138888, 0.24285520296296295 ], "status": "reconciled", "note": null }, { "text": "2.3", "box": [ 0.7704477920138888, 0.22321816592592603, 0.8586804059027776, 0.24285520296296295 ], "status": "reconciled", "note": null }, { "text": "1.6", "box": [ 0.8586804059027776, 0.22321816592592603, 0.9850342888888889, 0.24285520296296295 ], "status": "reconciled", "note": null } ], [ { "text": "Other", "box": [ 0.013888888888888888, 0.24285520296296295, 0.5131907708333331, 0.2626105860185185 ], "status": "reconciled", "note": null }, { "text": "(4.5)", "box": [ 0.5131907708333331, 0.24285520296296295, 0.5939770795138889, 0.2626105860185185 ], "status": "reconciled", "note": null }, { "text": "(8.4)", "box": [ 0.5939770795138889, 0.24285520296296295, 0.6822134336805555, 0.2626105860185185 ], "status": "reconciled", "note": null }, { "text": "2.1", "box": [ 0.6822134336805555, 0.24285520296296295, 0.7704477920138888, 0.2626105860185185 ], "status": "reconciled", "note": null }, { "text": "1.1", "box": [ 0.7704477920138888, 0.24285520296296295, 0.8586804059027776, 0.2626105860185185 ], "status": "reconciled", "note": null }, { "text": "(3.9)", "box": [ 0.8586804059027776, 0.24285520296296295, 0.9850342888888889, 0.2626105860185185 ], "status": "reconciled", "note": null } ], [ { "text": "Ending book equity balance (Total equity)", "box": [ 0.013888888888888888, 0.2626105860185185, 0.5131907708333331, 0.28564540083333334 ], "status": "reconciled", "note": null }, { "text": "$1,426.7", "box": [ 0.5131907708333331, 0.2626105860185185, 0.5939770795138889, 0.28564540083333334 ], "status": "reconciled", "note": null }, { "text": "$1,444.5", "box": [ 0.5939770795138889, 0.2626105860185185, 0.6822134336805555, 0.28564540083333334 ], "status": "reconciled", "note": null }, { "text": "$1,481.4", "box": [ 0.6822134336805555, 0.2626105860185185, 0.7704477920138888, 0.28564540083333334 ], "status": "reconciled", "note": null }, { "text": "$1,493.4", "box": [ 0.7704477920138888, 0.2626105860185185, 0.8586804059027776, 0.28564540083333334 ], "status": "reconciled", "note": null }, { "text": "$1,500.1", "box": [ 0.8586804059027776, 0.2626105860185185, 0.9850342888888889, 0.28564540083333334 ], "status": "reconciled", "note": null } ], [ { "text": "Noncontrolling interest in consolidated ventures", "box": [ 0.013888888888888888, 0.28564540083333334, 0.5131907708333331, 0.3086803082407408 ], "status": "reconciled", "note": null }, { "text": "2.6", "box": [ 0.5131907708333331, 0.28564540083333334, 0.5939770795138889, 0.3086803082407408 ], "status": "reconciled", "note": null }, { "text": "2.6", "box": [ 0.5939770795138889, 0.28564540083333334, 0.6822134336805555, 0.3086803082407408 ], "status": "reconciled", "note": null }, { "text": "2.6", "box": [ 0.6822134336805555, 0.28564540083333334, 0.7704477920138888, 0.3086803082407408 ], "status": "reconciled", "note": null }, { "text": "2.6", "box": [ 0.7704477920138888, 0.28564540083333334, 0.8586804059027776, 0.3086803082407408 ], "status": "reconciled", "note": null }, { "text": "2.5", "box": [ 0.8586804059027776, 0.28564540083333334, 0.9850342888888889, 0.3086803082407408 ], "status": "reconciled", "note": null } ], [ { "text": "Total shareholders' equity", "box": [ 0.013888888888888888, 0.3086803082407408, 0.5131907708333331, 0.3319029397222222 ], "status": "reconciled", "note": null }, { "text": "$1,429.3", "box": [ 0.5131907708333331, 0.3086803082407408, 0.5939770795138889, 0.3319029397222222 ], "status": "reconciled", "note": null }, { "text": "$1,447.1", "box": [ 0.5939770795138889, 0.3086803082407408, 0.6822134336805555, 0.3319029397222222 ], "status": "reconciled", "note": null }, { "text": "$1,483.9", "box": [ 0.6822134336805555, 0.3086803082407408, 0.7704477920138888, 0.3319029397222222 ], "status": "reconciled", "note": null }, { "text": "$1,496.0", "box": [ 0.7704477920138888, 0.3086803082407408, 0.8586804059027776, 0.3319029397222222 ], "status": "reconciled", "note": null }, { "text": "$1,502.6", "box": [ 0.8586804059027776, 0.3086803082407408, 0.9850342888888889, 0.3319029397222222 ], "status": "reconciled", "note": null } ], [ { "text": "Average book equity balance excluding noncontrolling interest in consolidated ventures", "box": [ 0.013888888888888888, 0.3319029397222222, 0.5131907708333331, 0.35885721814814814 ], "status": "reconciled", "note": null }, { "text": "$1,438.2", "box": [ 0.5131907708333331, 0.3319029397222222, 0.5939770795138889, 0.35885721814814814 ], "status": "reconciled", "note": null }, { "text": "$1,465.5", "box": [ 0.5939770795138889, 0.3319029397222222, 0.6822134336805555, 0.35885721814814814 ], "status": "reconciled", "note": null }, { "text": "$1,490.0", "box": [ 0.6822134336805555, 0.3319029397222222, 0.7704477920138888, 0.35885721814814814 ], "status": "reconciled", "note": null }, { "text": "$1,499.3", "box": [ 0.7704477920138888, 0.3319029397222222, 0.8586804059027776, 0.35885721814814814 ], "status": "reconciled", "note": null }, { "text": "$1,509.6", "box": [ 0.8586804059027776, 0.3319029397222222, 0.9850342888888889, 0.35885721814814814 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated depreciation & amortization \u2013 net leased commercial real estate", "box": [ 0.013888888888888888, 0.35885721814814814, 0.5131907708333331, 0.3826307903703704 ], "status": "reconciled", "note": null }, { "text": "203.5", "box": [ 0.5131907708333331, 0.35885721814814814, 0.5939770795138889, 0.3826307903703704 ], "status": "reconciled", "note": null }, { "text": "198.8", "box": [ 0.5939770795138889, 0.35885721814814814, 0.6822134336805555, 0.3826307903703704 ], "status": "reconciled", "note": null }, { "text": "194.1", "box": [ 0.6822134336805555, 0.35885721814814814, 0.7704477920138888, 0.3826307903703704 ], "status": "reconciled", "note": null }, { "text": "189.5", "box": [ 0.7704477920138888, 0.35885721814814814, 0.8586804059027776, 0.3826307903703704 ], "status": "reconciled", "note": null }, { "text": "184.9", "box": [ 0.8586804059027776, 0.35885721814814814, 0.9850342888888889, 0.3826307903703704 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated depreciation & amortization \u2013 diversified commercial real estate", "box": [ 0.013888888888888888, 0.3826307903703704, 0.5131907708333331, 0.401958845925926 ], "status": "reconciled", "note": null }, { "text": "77.8", "box": [ 0.5131907708333331, 0.3826307903703704, 0.5939770795138889, 0.401958845925926 ], "status": "reconciled", "note": null }, { "text": "72.9", "box": [ 0.5939770795138889, 0.3826307903703704, 0.6822134336805555, 0.401958845925926 ], "status": "reconciled", "note": null }, { "text": "68.6", "box": [ 0.6822134336805555, 0.3826307903703704, 0.7704477920138888, 0.401958845925926 ], "status": "reconciled", "note": null }, { "text": "64.6", "box": [ 0.7704477920138888, 0.3826307903703704, 0.8586804059027776, 0.401958845925926 ], "status": "reconciled", "note": null }, { "text": "60.9", "box": [ 0.8586804059027776, 0.3826307903703704, 0.9850342888888889, 0.401958845925926 ], "status": "reconciled", "note": null } ], [ { "text": "Less: noncontrolling interests' share of accumulated real estate depreciation & amortization", "box": [ 0.013888888888888888, 0.401958845925926, 0.5131907708333331, 0.4220449378703704 ], "status": "reconciled", "note": null }, { "text": "(5.4)", "box": [ 0.5131907708333331, 0.401958845925926, 0.5939770795138889, 0.4220449378703704 ], "status": "reconciled", "note": null }, { "text": "(5.3)", "box": [ 0.5939770795138889, 0.401958845925926, 0.6822134336805555, 0.4220449378703704 ], "status": "reconciled", "note": null }, { "text": "(5.1)", "box": [ 0.6822134336805555, 0.401958845925926, 0.7704477920138888, 0.4220449378703704 ], "status": "reconciled", "note": null }, { "text": "(5.0)", "box": [ 0.7704477920138888, 0.401958845925926, 0.8586804059027776, 0.4220449378703704 ], "status": "reconciled", "note": null }, { "text": "(4.9)", "box": [ 0.8586804059027776, 0.401958845925926, 0.9850342888888889, 0.4220449378703704 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated real estate depreciation & amortization \u2013 our share", "box": [ 0.013888888888888888, 0.4220449378703704, 0.5131907708333331, 0.44522358787037036 ], "status": "reconciled", "note": null }, { "text": "$275.8", "box": [ 0.5131907708333331, 0.4220449378703704, 0.5939770795138889, 0.44522358787037036 ], "status": "reconciled", "note": null }, { "text": "$266.5", "box": [ 0.5939770795138889, 0.4220449378703704, 0.6822134336805555, 0.44522358787037036 ], "status": "reconciled", "note": null }, { "text": "$257.5", "box": [ 0.6822134336805555, 0.4220449378703704, 0.7704477920138888, 0.44522358787037036 ], "status": "reconciled", "note": null }, { "text": "$249.1", "box": [ 0.7704477920138888, 0.4220449378703704, 0.8586804059027776, 0.44522358787037036 ], "status": "reconciled", "note": null }, { "text": "$240.9", "box": [ 0.8586804059027776, 0.4220449378703704, 0.9850342888888889, 0.44522358787037036 ], "status": "reconciled", "note": null } ], [ { "text": "Undepreciated book value", "box": [ 0.013888888888888888, 0.44522358787037036, 0.5131907708333331, 0.4727943968518518 ], "status": "reconciled", "note": null }, { "text": "$1,705.2", "box": [ 0.5131907708333331, 0.44522358787037036, 0.5939770795138889, 0.4727943968518518 ], "status": "reconciled", "note": null }, { "text": "$1,713.6", "box": [ 0.5939770795138889, 0.44522358787037036, 0.6822134336805555, 0.4727943968518518 ], "status": "reconciled", "note": null }, { "text": "$1,741.5", "box": [ 0.6822134336805555, 0.44522358787037036, 0.7704477920138888, 0.4727943968518518 ], "status": "reconciled", "note": null }, { "text": "$1,745.1", "box": [ 0.7704477920138888, 0.44522358787037036, 0.8586804059027776, 0.4727943968518518 ], "status": "reconciled", "note": null }, { "text": "$1,743.5", "box": [ 0.8586804059027776, 0.44522358787037036, 0.9850342888888889, 0.4727943968518518 ], "status": "reconciled", "note": null } ], [ { "text": "Total shares outstanding (mm)", "box": [ 0.013888888888888888, 0.4727943968518518, 0.5131907708333331, 0.5001745868518519 ], "status": "reconciled", "note": null }, { "text": "126.9", "box": [ 0.5131907708333331, 0.4727943968518518, 0.5939770795138889, 0.5001745868518519 ], "status": "reconciled", "note": null }, { "text": "127.7", "box": [ 0.5939770795138889, 0.4727943968518518, 0.6822134336805555, 0.5001745868518519 ], "status": "reconciled", "note": null }, { "text": "127.2", "box": [ 0.6822134336805555, 0.4727943968518518, 0.7704477920138888, 0.5001745868518519 ], "status": "reconciled", "note": null }, { "text": "127.3", "box": [ 0.7704477920138888, 0.4727943968518518, 0.8586804059027776, 0.5001745868518519 ], "status": "reconciled", "note": null }, { "text": "127.5", "box": [ 0.8586804059027776, 0.4727943968518518, 0.9850342888888889, 0.5001745868518519 ], "status": "reconciled", "note": null } ], [ { "text": "GAAP Book Value per Share1", "box": [ 0.013888888888888888, 0.5001745868518519, 0.5131907708333331, 0.5261750741666666 ], "status": "reconciled", "note": null }, { "text": "$11.27", "box": [ 0.5131907708333331, 0.5121865556481482, 0.5939770795138889, 0.5261750741666666 ], "status": "reconciled", "note": null }, { "text": "$11.33", "box": [ 0.5939770795138889, 0.5121865556481482, 0.6822134336805555, 0.5261750741666666 ], "status": "reconciled", "note": null }, { "text": "$11.66", "box": [ 0.6822134336805555, 0.5121865556481482, 0.7704477920138888, 0.5261750741666666 ], "status": "reconciled", "note": null }, { "text": "$11.75", "box": [ 0.7704477920138888, 0.5121865556481482, 0.8586804059027776, 0.5261750741666666 ], "status": "reconciled", "note": null }, { "text": "$11.79", "box": [ 0.8586804059027776, 0.5121865556481482, 0.9850342888888889, 0.5261750741666666 ], "status": "reconciled", "note": null } ], [ { "text": "Undepreciated Book Value per Share2", "box": [ 0.013888888888888888, 0.5261750741666666, 0.5131907708333331, 0.5551791045370371 ], "status": "reconciled", "note": null }, { "text": "$13.44", "box": [ 0.5131907708333331, 0.5353978519444444, 0.5939770795138889, 0.5551791045370371 ], "status": "reconciled", "note": null }, { "text": "$13.42", "box": [ 0.5939770795138889, 0.5353978519444444, 0.6822134336805555, 0.5551791045370371 ], "status": "reconciled", "note": null }, { "text": "$13.69", "box": [ 0.6822134336805555, 0.5353978519444444, 0.7704477920138888, 0.5551791045370371 ], "status": "reconciled", "note": null }, { "text": "$13.71", "box": [ 0.7704477920138888, 0.5353978519444444, 0.8586804059027776, 0.5551791045370371 ], "status": "reconciled", "note": null }, { "text": "$13.68", "box": [ 0.8586804059027776, 0.5353978519444444, 0.9850342888888889, 0.5551791045370371 ], "status": "reconciled", "note": null } ], [ { "text": "Debt obligations GAAP reconciliation", "box": [ 0.013888888888888888, 0.5551791045370371, 0.5131907708333331, 0.5815156051851852 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Loan repurchase facilities", "box": [ 0.013888888888888888, 0.5815156051851852, 0.5131907708333331, 0.6029618088888888 ], "status": "reconciled", "note": null }, { "text": "$107.2", "box": [ 0.5131907708333331, 0.5815156051851852, 0.5939770795138889, 0.6029618088888888 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.5815156051851852, 0.6822134336805555, 0.6029618088888888 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.5815156051851852, 0.7704477920138888, 0.6029618088888888 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.5815156051851852, 0.8586804059027776, 0.6029618088888888 ], "status": "reconciled", "note": null }, { "text": "$62.7", "box": [ 0.8586804059027776, 0.5815156051851852, 0.9850342888888889, 0.6029618088888888 ], "status": "reconciled", "note": null } ], [ { "text": "Securities repurchase financing", "box": [ 0.013888888888888888, 0.6029618088888888, 0.5131907708333331, 0.6223781051851852 ], "status": "reconciled", "note": null }, { "text": "825.9", "box": [ 0.5131907708333331, 0.6029618088888888, 0.5939770795138889, 0.6223781051851852 ], "status": "reconciled", "note": null }, { "text": "934.9", "box": [ 0.5939770795138889, 0.6029618088888888, 0.6822134336805555, 0.6223781051851852 ], "status": "reconciled", "note": null }, { "text": "627.0", "box": [ 0.6822134336805555, 0.6029618088888888, 0.7704477920138888, 0.6223781051851852 ], "status": "reconciled", "note": null }, { "text": "361.6", "box": [ 0.7704477920138888, 0.6029618088888888, 0.8586804059027776, 0.6223781051851852 ], "status": "reconciled", "note": null }, { "text": "294.4", "box": [ 0.8586804059027776, 0.6029618088888888, 0.9850342888888889, 0.6223781051851852 ], "status": "reconciled", "note": null } ], [ { "text": "Revolving credit facility (unsecured)", "box": [ 0.013888888888888888, 0.6223781051851852, 0.5131907708333331, 0.6418385681481482 ], "status": "reconciled", "note": null }, { "text": "202.0", "box": [ 0.5131907708333331, 0.6223781051851852, 0.5939770795138889, 0.6418385681481482 ], "status": "reconciled", "note": null }, { "text": "492.0", "box": [ 0.5939770795138889, 0.6223781051851852, 0.6822134336805555, 0.6418385681481482 ], "status": "reconciled", "note": null }, { "text": "280.0", "box": [ 0.6822134336805555, 0.6223781051851852, 0.7704477920138888, 0.6418385681481482 ], "status": "reconciled", "note": null }, { "text": "20.0", "box": [ 0.7704477920138888, 0.6223781051851852, 0.8586804059027776, 0.6418385681481482 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.6223781051851852, 0.9850342888888889, 0.6418385681481482 ], "status": "reconciled", "note": null } ], [ { "text": "Term loan (unsecured)", "box": [ 0.013888888888888888, 0.6418385681481482, 0.5131907708333331, 0.6613431051851851 ], "status": "reconciled", "note": null }, { "text": "275.0", "box": [ 0.5131907708333331, 0.6418385681481482, 0.5939770795138889, 0.6613431051851851 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.6418385681481482, 0.6822134336805555, 0.6613431051851851 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.6418385681481482, 0.7704477920138888, 0.6613431051851851 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.6418385681481482, 0.8586804059027776, 0.6613431051851851 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.6418385681481482, 0.9850342888888889, 0.6613431051851851 ], "status": "reconciled", "note": null } ], [ { "text": "Mortgage debt, net of unamortized debt issuance costs", "box": [ 0.013888888888888888, 0.6613431051851851, 0.5131907708333331, 0.680779522962963 ], "status": "reconciled", "note": null }, { "text": "387.5", "box": [ 0.5131907708333331, 0.6613431051851851, 0.5939770795138889, 0.680779522962963 ], "status": "reconciled", "note": null }, { "text": "384.2", "box": [ 0.5939770795138889, 0.6613431051851851, 0.6822134336805555, 0.680779522962963 ], "status": "reconciled", "note": null }, { "text": "388.2", "box": [ 0.6822134336805555, 0.6613431051851851, 0.7704477920138888, 0.680779522962963 ], "status": "reconciled", "note": null }, { "text": "401.7", "box": [ 0.7704477920138888, 0.6613431051851851, 0.8586804059027776, 0.680779522962963 ], "status": "reconciled", "note": null }, { "text": "421.9", "box": [ 0.8586804059027776, 0.6613431051851851, 0.9850342888888889, 0.680779522962963 ], "status": "reconciled", "note": null } ], [ { "text": "Senior unsecured notes, net of unamortized debt issuance costs", "box": [ 0.013888888888888888, 0.680779522962963, 0.5131907708333331, 0.701283825 ], "status": "reconciled", "note": null }, { "text": "2,207.3", "box": [ 0.5131907708333331, 0.680779522962963, 0.5939770795138889, 0.701283825 ], "status": "reconciled", "note": null }, { "text": "2,216.4", "box": [ 0.5939770795138889, 0.680779522962963, 0.6822134336805555, 0.701283825 ], "status": "reconciled", "note": null }, { "text": "2,215.2", "box": [ 0.6822134336805555, 0.680779522962963, 0.7704477920138888, 0.701283825 ], "status": "reconciled", "note": null }, { "text": "2,213.9", "box": [ 0.7704477920138888, 0.680779522962963, 0.8586804059027776, 0.701283825 ], "status": "reconciled", "note": null }, { "text": "2,004.1", "box": [ 0.8586804059027776, 0.680779522962963, 0.9850342888888889, 0.701283825 ], "status": "reconciled", "note": null } ], [ { "text": "Debt obligations, net", "box": [ 0.013888888888888888, 0.701283825, 0.5131907708333331, 0.7254212953703704 ], "status": "reconciled", "note": null }, { "text": "$4,004.9", "box": [ 0.5131907708333331, 0.701283825, 0.5939770795138889, 0.7254212953703704 ], "status": "reconciled", "note": null }, { "text": "$4,027.6", "box": [ 0.5939770795138889, 0.701283825, 0.6822134336805555, 0.7254212953703704 ], "status": "reconciled", "note": null }, { "text": "$3,510.4", "box": [ 0.6822134336805555, 0.701283825, 0.7704477920138888, 0.7254212953703704 ], "status": "reconciled", "note": null }, { "text": "$2,997.2", "box": [ 0.7704477920138888, 0.701283825, 0.8586804059027776, 0.7254212953703704 ], "status": "reconciled", "note": null }, { "text": "$2,783.2", "box": [ 0.8586804059027776, 0.701283825, 0.9850342888888889, 0.7254212953703704 ], "status": "reconciled", "note": null } ], [ { "text": "Less: CLO debt", "box": [ 0.013888888888888888, 0.7254212953703704, 0.5131907708333331, 0.7502662324074073 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.5131907708333331, 0.7254212953703704, 0.5939770795138889, 0.7502662324074073 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.5939770795138889, 0.7254212953703704, 0.6822134336805555, 0.7502662324074073 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.6822134336805555, 0.7254212953703704, 0.7704477920138888, 0.7502662324074073 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.7704477920138888, 0.7254212953703704, 0.8586804059027776, 0.7502662324074073 ], "status": "reconciled", "note": null }, { "text": "\u2013", "box": [ 0.8586804059027776, 0.7254212953703704, 0.9850342888888889, 0.7502662324074073 ], "status": "reconciled", "note": null } ], [ { "text": "Adjusted debt obligations", "box": [ 0.013888888888888888, 0.7502662324074073, 0.5131907708333331, 0.7729474064814814 ], "status": "reconciled", "note": null }, { "text": "$4,004.9", "box": [ 0.5131907708333331, 0.7502662324074073, 0.5939770795138889, 0.7729474064814814 ], "status": "reconciled", "note": null }, { "text": "$4,027.6", "box": [ 0.5939770795138889, 0.7502662324074073, 0.6822134336805555, 0.7729474064814814 ], "status": "reconciled", "note": null }, { "text": "$3,510.4", "box": [ 0.6822134336805555, 0.7502662324074073, 0.7704477920138888, 0.7729474064814814 ], "status": "reconciled", "note": null }, { "text": "$2,997.2", "box": [ 0.7704477920138888, 0.7502662324074073, 0.8586804059027776, 0.7729474064814814 ], "status": "reconciled", "note": null }, { "text": "$2,783.2", "box": [ 0.8586804059027776, 0.7502662324074073, 0.9850342888888889, 0.7729474064814814 ], "status": "reconciled", "note": null } ], [ { "text": "Total equity", "box": [ 0.013888888888888888, 0.7729474064814814, 0.5131907708333331, 0.7948278722222222 ], "status": "reconciled", "note": null }, { "text": "$1,426.7", "box": [ 0.5131907708333331, 0.7729474064814814, 0.5939770795138889, 0.7948278722222222 ], "status": "reconciled", "note": null }, { "text": "$1,444.5", "box": [ 0.5939770795138889, 0.7729474064814814, 0.6822134336805555, 0.7948278722222222 ], "status": "reconciled", "note": null }, { "text": "$1,481.4", "box": [ 0.6822134336805555, 0.7729474064814814, 0.7704477920138888, 0.7948278722222222 ], "status": "reconciled", "note": null }, { "text": "$1,493.4", "box": [ 0.7704477920138888, 0.7729474064814814, 0.8586804059027776, 0.7948278722222222 ], "status": "reconciled", "note": null }, { "text": "$1,500.1", "box": [ 0.8586804059027776, 0.7729474064814814, 0.9850342888888889, 0.7948278722222222 ], "status": "reconciled", "note": null } ], [ { "text": "Plus: Accumulated depreciation and amortization on real estate and related intangibles", "box": [ 0.013888888888888888, 0.7948278722222222, 0.5131907708333331, 0.8141568407407408 ], "status": "reconciled", "note": null }, { "text": "281.2", "box": [ 0.5131907708333331, 0.7948278722222222, 0.5939770795138889, 0.8141568407407408 ], "status": "reconciled", "note": null }, { "text": "271.7", "box": [ 0.5939770795138889, 0.7948278722222222, 0.6822134336805555, 0.8141568407407408 ], "status": "reconciled", "note": null }, { "text": "262.7", "box": [ 0.6822134336805555, 0.7948278722222222, 0.7704477920138888, 0.8141568407407408 ], "status": "reconciled", "note": null }, { "text": "254.1", "box": [ 0.7704477920138888, 0.7948278722222222, 0.8586804059027776, 0.8141568407407408 ], "status": "reconciled", "note": null }, { "text": "245.8", "box": [ 0.8586804059027776, 0.7948278722222222, 0.9850342888888889, 0.8141568407407408 ], "status": "reconciled", "note": null } ], [ { "text": "Less: Accumulated amortization of below market leases", "box": [ 0.013888888888888888, 0.8141568407407408, 0.5131907708333331, 0.833484988888889 ], "status": "reconciled", "note": null }, { "text": "(19.3)", "box": [ 0.5131907708333331, 0.8141568407407408, 0.5939770795138889, 0.833484988888889 ], "status": "reconciled", "note": null }, { "text": "(18.8)", "box": [ 0.5939770795138889, 0.8141568407407408, 0.6822134336805555, 0.833484988888889 ], "status": "reconciled", "note": null }, { "text": "(18.3)", "box": [ 0.6822134336805555, 0.8141568407407408, 0.7704477920138888, 0.833484988888889 ], "status": "reconciled", "note": null }, { "text": "(17.8)", "box": [ 0.7704477920138888, 0.8141568407407408, 0.8586804059027776, 0.833484988888889 ], "status": "reconciled", "note": null }, { "text": "(17.2)", "box": [ 0.8586804059027776, 0.8141568407407408, 0.9850342888888889, 0.833484988888889 ], "status": "reconciled", "note": null } ], [ { "text": "Plus: CECL allowance", "box": [ 0.013888888888888888, 0.833484988888889, 0.5131907708333331, 0.854321312037037 ], "status": "reconciled", "note": null }, { "text": "47.1", "box": [ 0.5131907708333331, 0.833484988888889, 0.5939770795138889, 0.854321312037037 ], "status": "reconciled", "note": null }, { "text": "47.1", "box": [ 0.5939770795138889, 0.833484988888889, 0.6822134336805555, 0.854321312037037 ], "status": "reconciled", "note": null }, { "text": "47.1", "box": [ 0.6822134336805555, 0.833484988888889, 0.7704477920138888, 0.854321312037037 ], "status": "reconciled", "note": null }, { "text": "52.1", "box": [ 0.7704477920138888, 0.833484988888889, 0.8586804059027776, 0.854321312037037 ], "status": "reconciled", "note": null }, { "text": "52.2", "box": [ 0.8586804059027776, 0.833484988888889, 0.9850342888888889, 0.854321312037037 ], "status": "reconciled", "note": null } ], [ { "text": "Total adjusted equity", "box": [ 0.013888888888888888, 0.854321312037037, 0.5131907708333331, 0.8766817436111111 ], "status": "reconciled", "note": null }, { "text": "$1,735.8", "box": [ 0.5131907708333331, 0.854321312037037, 0.5939770795138889, 0.8766817436111111 ], "status": "reconciled", "note": null }, { "text": "$1,744.6", "box": [ 0.5939770795138889, 0.854321312037037, 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