[
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    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p6-t1",
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    "title": "CRE Securities, CRE First Mortgage Loans, CRE Equity \u2014 stats (IG-rated, AAA-rated, Avg. investment/loan size, LTV, etc.)",
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    "markdown": "|  |  |  |  | Top of capital stack with ~ 50% credit cushion below |  |\n| --- | --- | --- | --- | --- | --- |\n|  |  | CRE |  |  |  |\n|  |  | Securities |  |  |  |\n|  |  |  | 99% | 96% | < $15M |\n|  |  | ($2.1B) |  |  |  |\n|  |  |  | IG-rated | AAA-rated | Avg. investment |\n|  |  |  |  |  | size |\n|  | ~ 87% |  |  |  |  |\n|  | invested in |  |  |  |  |\n| Liquidity & seniority | senior secured | CRE |  |  |  |\n|  |  |  |  | Senior secured loans protected by property owner equity |  |\n|  | and/or IG-rated |  |  |  |  |\n|  |  | First |  |  |  |\n|  | assets |  |  |  |  |\n|  |  | Mortgage |  |  |  |\n|  |  |  |  |  | ~ $25M - $30M |\n|  |  |  | 99% + | 68% |  |\n|  |  | Loans |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  | 1 | Avg. loan |\n|  |  | ($2.6B) | First mortgages | W.A. LTV |  |\n|  |  |  |  |  | size |\n|  |  |  |  | Predominantly net lease investments |  |\n|  |  | CRE |  |  |  |\n|  |  | Equity | ~ 61% | 6.5-year | ~ $5M |\n|  |  | ($1.0B) | IG-rated | Net lease avg. | Avg. investment |\n|  |  |  | net lease tenants | remaining lease | size |",
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          "text": "~ 87%",
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            0.4330976944444445,
            0.5884710555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.5754710555555556,
            0.6217721833333333,
            0.5884710555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.5754710555555556,
            0.7810949249999999,
            0.5884710555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5754710555555556,
            0.9328606555555555,
            0.5884710555555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.5884710555555556,
            0.14812999999999998,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.5884710555555556,
            0.30046648333333337,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Mortgage",
          "box": [
            0.30046648333333337,
            0.5884710555555556,
            0.4330976944444445,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.5884710555555556,
            0.6217721833333333,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.5884710555555556,
            0.7810949249999999,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5884710555555556,
            0.9328606555555555,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6055717407407407,
            0.14812999999999998,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6055717407407407,
            0.30046648333333337,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6055717407407407,
            0.4330976944444445,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6055717407407407,
            0.6217721833333333,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.6055717407407407,
            0.7810949249999999,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ $25M - $30M",
          "box": [
            0.7810949249999999,
            0.6055717407407407,
            0.9328606555555555,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6175138518518519,
            0.14812999999999998,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6175138518518519,
            0.30046648333333337,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6175138518518519,
            0.4330976944444445,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99% +",
          "box": [
            0.4330976944444445,
            0.6175138518518519,
            0.6217721833333333,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "68%",
          "box": [
            0.6217721833333333,
            0.6175138518518519,
            0.7810949249999999,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.6175138518518519,
            0.9328606555555555,
            0.6228869444444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6228869444444445,
            0.14812999999999998,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6228869444444445,
            0.30046648333333337,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Loans",
          "box": [
            0.30046648333333337,
            0.6228869444444445,
            0.4330976944444445,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6228869444444445,
            0.6217721833333333,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.6228869444444445,
            0.7810949249999999,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.6228869444444445,
            0.9328606555555555,
            0.6369576111111112
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6369576111111112,
            0.14812999999999998,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6369576111111112,
            0.30046648333333337,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6369576111111112,
            0.4330976944444445,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6369576111111112,
            0.6217721833333333,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.6369576111111112,
            0.7810949249999999,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.6369576111111112,
            0.9328606555555555,
            0.6423887407407408
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6423887407407408,
            0.14812999999999998,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6423887407407408,
            0.30046648333333337,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6423887407407408,
            0.4330976944444445,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6423887407407408,
            0.6217721833333333,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1",
          "box": [
            0.6217721833333333,
            0.6423887407407408,
            0.7810949249999999,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Avg. loan",
          "box": [
            0.7810949249999999,
            0.6423887407407408,
            0.9328606555555555,
            0.6492509629629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6492509629629629,
            0.14812999999999998,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6492509629629629,
            0.30046648333333337,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "($2.6B)",
          "box": [
            0.30046648333333337,
            0.6492509629629629,
            0.4330976944444445,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "First mortgages",
          "box": [
            0.4330976944444445,
            0.6492509629629629,
            0.6217721833333333,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "W.A. LTV",
          "box": [
            0.6217721833333333,
            0.6492509629629629,
            0.7810949249999999,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.6492509629629629,
            0.9328606555555555,
            0.6635949814814815
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6635949814814815,
            0.14812999999999998,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6635949814814815,
            0.30046648333333337,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6635949814814815,
            0.4330976944444445,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6635949814814815,
            0.6217721833333333,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.6635949814814815,
            0.7810949249999999,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "size",
          "box": [
            0.7810949249999999,
            0.6635949814814815,
            0.9328606555555555,
            0.7084613518518518
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.7084613518518518,
            0.14812999999999998,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.7084613518518518,
            0.30046648333333337,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.7084613518518518,
            0.4330976944444445,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.7084613518518518,
            0.6217721833333333,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Predominantly net lease investments",
          "box": [
            0.6217721833333333,
            0.7084613518518518,
            0.7810949249999999,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.7084613518518518,
            0.9328606555555555,
            0.7557763703703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.7557763703703704,
            0.14812999999999998,
            0.777073037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.7557763703703704,
            0.30046648333333337,
            0.777073037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "CRE",
          "box": [
            0.30046648333333337,
            0.7557763703703704,
            0.4330976944444445,
            0.777073037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.7557763703703704,
            0.6217721833333333,
            0.777073037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.7557763703703704,
            0.7810949249999999,
            0.777073037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.7557763703703704,
            0.9328606555555555,
            0.777073037037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.777073037037037,
            0.14812999999999998,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.777073037037037,
            0.30046648333333337,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Equity",
          "box": [
            0.30046648333333337,
            0.777073037037037,
            0.4330976944444445,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 61%",
          "box": [
            0.4330976944444445,
            0.777073037037037,
            0.6217721833333333,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6.5-year",
          "box": [
            0.6217721833333333,
            0.777073037037037,
            0.7810949249999999,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ $5M",
          "box": [
            0.7810949249999999,
            0.777073037037037,
            0.9328606555555555,
            0.8089958148148149
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.8089958148148149,
            0.14812999999999998,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.8089958148148149,
            0.30046648333333337,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "($1.0B)",
          "box": [
            0.30046648333333337,
            0.8089958148148149,
            0.4330976944444445,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "IG-rated",
          "box": [
            0.4330976944444445,
            0.8089958148148149,
            0.6217721833333333,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net lease avg.",
          "box": [
            0.6217721833333333,
            0.8089958148148149,
            0.7810949249999999,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Avg. investment",
          "box": [
            0.7810949249999999,
            0.8089958148148149,
            0.9328606555555555,
            0.8358028518518518
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.8358028518518518,
            0.14812999999999998,
            0.858173111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.8358028518518518,
            0.30046648333333337,
            0.858173111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.8358028518518518,
            0.4330976944444445,
            0.858173111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "net lease tenants",
          "box": [
            0.4330976944444445,
            0.8358028518518518,
            0.6217721833333333,
            0.858173111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "remaining lease",
          "box": [
            0.6217721833333333,
            0.8358028518518518,
            0.7810949249999999,
            0.858173111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "size",
          "box": [
            0.7810949249999999,
            0.8358028518518518,
            0.9328606555555555,
            0.858173111111111
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.30555200000000005,
            0.14812999999999998,
            0.3272775740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.30046648333333337,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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            0.4330976944444445,
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          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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          ],
          "status": null,
          "note": null
        },
        {
          "text": "Top of capital stack with ~ 50% credit cushion below",
          "box": [
            0.6217721833333333,
            0.30555200000000005,
            0.7810949249999999,
            0.3272775740740741
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.3513364814814816
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        },
        {
          "text": "CRE",
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        {
          "text": "",
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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            0.9328606555555555,
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.30046648333333337,
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          "status": null,
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        },
        {
          "text": "Securities",
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            0.4330976944444445,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.3747081296296297,
            0.14812999999999998,
            0.39074711111111116
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.3747081296296297,
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            0.39074711111111116
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.3747081296296297,
            0.4330976944444445,
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          "status": null,
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        },
        {
          "text": "99%",
          "box": [
            0.4330976944444445,
            0.3747081296296297,
            0.6217721833333333,
            0.39074711111111116
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.6217721833333333,
            0.3747081296296297,
            0.7810949249999999,
            0.39074711111111116
          ],
          "status": null,
          "note": null
        },
        {
          "text": "< $15M",
          "box": [
            0.7810949249999999,
            0.3747081296296297,
            0.9328606555555555,
            0.39074711111111116
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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            0.14812999999999998,
            0.40562714814814826
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.30046648333333337,
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          ],
          "status": null,
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        },
        {
          "text": "($2.1B)",
          "box": [
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            0.4330976944444445,
            0.40562714814814826
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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            0.6217721833333333,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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            0.7810949249999999,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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            0.9328606555555555,
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.40562714814814826,
            0.14812999999999998,
            0.42896203703703706
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.42896203703703706
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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          "status": null,
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        },
        {
          "text": "IG-rated",
          "box": [
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            0.6217721833333333,
            0.42896203703703706
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          "status": null,
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        },
        {
          "text": "AAA-rated",
          "box": [
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            0.42896203703703706
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        },
        {
          "text": "Avg. investment",
          "box": [
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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            0.46523096296296307
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
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            0.46523096296296307
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.42896203703703706,
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            0.46523096296296307
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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            0.6217721833333333,
            0.46523096296296307
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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          "status": null,
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        },
        {
          "text": "size",
          "box": [
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
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            0.14812999999999998,
            0.5056340740740741
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          "status": null,
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        },
        {
          "text": "~ 87%",
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            0.46523096296296307,
            0.30046648333333337,
            0.5056340740740741
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.46523096296296307,
            0.6217721833333333,
            0.5056340740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.46523096296296307,
            0.7810949249999999,
            0.5056340740740741
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.46523096296296307,
            0.9328606555555555,
            0.5056340740740741
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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          "status": null,
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        },
        {
          "text": "invested in",
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            0.14812999999999998,
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            0.5254660555555556
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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            0.5254660555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.5056340740740741,
            0.6217721833333333,
            0.5254660555555556
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.5056340740740741,
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            0.5254660555555556
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5056340740740741,
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            0.5254660555555556
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "Liquidity & seniority",
          "box": [
            0.11233658333333334,
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            0.14812999999999998,
            0.5416651666666666
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          "status": null,
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        },
        {
          "text": "senior secured",
          "box": [
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            0.30046648333333337,
            0.5416651666666666
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          "status": null,
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        },
        {
          "text": "CRE",
          "box": [
            0.30046648333333337,
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            0.4330976944444445,
            0.5416651666666666
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        },
        {
          "text": "",
          "box": [
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            0.5254660555555556,
            0.6217721833333333,
            0.5416651666666666
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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            0.5416651666666666
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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            0.9328606555555555,
            0.5416651666666666
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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            0.14812999999999998,
            0.5550804814814815
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.5416651666666666,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.5416651666666666,
            0.4330976944444445,
            0.5550804814814815
          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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            0.6217721833333333,
            0.5550804814814815
          ],
          "status": null,
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        },
        {
          "text": "Senior secured loans protected by property owner equity",
          "box": [
            0.6217721833333333,
            0.5416651666666666,
            0.7810949249999999,
            0.5550804814814815
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5416651666666666,
            0.9328606555555555,
            0.5550804814814815
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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            0.14812999999999998,
            0.5624693888888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "and/or IG-rated",
          "box": [
            0.14812999999999998,
            0.5550804814814815,
            0.30046648333333337,
            0.5624693888888889
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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            0.6217721833333333,
            0.5624693888888889
          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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            0.5624693888888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.5624693888888889,
            0.14812999999999998,
            0.5754710555555556
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.5624693888888889,
            0.30046648333333337,
            0.5754710555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "First",
          "box": [
            0.30046648333333337,
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            0.4330976944444445,
            0.5754710555555556
          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.5624693888888889,
            0.6217721833333333,
            0.5754710555555556
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.5624693888888889,
            0.7810949249999999,
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          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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          "status": null,
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        },
        {
          "text": "assets",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
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            0.4330976944444445,
            0.5884710555555556
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
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            0.6217721833333333,
            0.5884710555555556
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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            0.7810949249999999,
            0.5884710555555556
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5754710555555556,
            0.9328606555555555,
            0.5884710555555556
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.5884710555555556,
            0.14812999999999998,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.5884710555555556,
            0.30046648333333337,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Mortgage",
          "box": [
            0.30046648333333337,
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            0.4330976944444445,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.5884710555555556,
            0.6217721833333333,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
            0.5884710555555556,
            0.7810949249999999,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7810949249999999,
            0.5884710555555556,
            0.9328606555555555,
            0.6055717407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
            0.6055717407407407,
            0.14812999999999998,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.14812999999999998,
            0.6055717407407407,
            0.30046648333333337,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.30046648333333337,
            0.6055717407407407,
            0.4330976944444445,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4330976944444445,
            0.6055717407407407,
            0.6217721833333333,
            0.6175138518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6217721833333333,
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            0.7810949249999999,
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          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ $25M - $30M",
          "box": [
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            0.9328606555555555,
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          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11233658333333334,
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            0.14812999999999998,
            0.6228869444444445
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          "status": null,
          "note": null
        },
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          "box": [
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          "text": "Avg. loan",
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        {
          "text": "($2.6B)",
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    "title": "CRE Asset Allocation Over Time",
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    "markdown": "|  | C R E   A S S E T   A L L O C A T I O N   O V E R   T I M E |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  | M U L T I - C Y L I N D E R   S T R A T E G Y   E X P R E S S E D   I N   T H R E E   F O R M S :   L O A N S ,   S E C U R I T I E S   &   E Q U I T Y |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  | (WATER) |  | (STEAM) |  | (ICE) |  |\n|  |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |\n|  | G E N E R A T E D   ~ 1 0 %   A V G .   R O E   S I N C E   2 0 1 4 |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| CRE\nLiquidity & seniority |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Securities \u2013 % IG | 99% | 98% | 98% | 100% | 100% | 100% | 100% | 100% | 99% | 99% | 98% | 99% | 99% |  |\n| Securities \u2013 % AAA | 82% | 83% | 85% | 81% | 80% | 87% | 88% | 87% | 86% | 84% | 88% | 95% | 97% |  |\n| Loans \u2013 % Sr. Secured | 89% | 88% | 91% | 94% | 96% | 96% | 96% | 96% | 98% | 99% | 99% | > 99% | > 99% |  |\n| CRE Equity \u2013 % NNN | 44% | 58% | 66% | 67% | 67% | 67% | 67% | 67% | 66% | 72% | 68% | 64% | 59% |  |\n| Total Assets | $4.5B | $5.8B | $5.9B | $5.9B | $6.3B | $6.5B | $6.6B | $5.6B | $5.9B | $5.7B | $5.3B | $4.9B | $5.6B |  |\n|  | Note:  As of 03/31/2026.  Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts.  Excludes other assets. |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|  | 1.  Represents After-Tax Distributable ROAE.  For a description of this non-GAAP financial measure, see Selected Definitions on page 40. |  |  |  |  |  |  |  |  |  |  |  |  | 7 |",
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          "text": "100%",
          "box": [
            0.5977131944444444,
            0.7461450000000001,
            0.6651361111111112,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.6651361111111112,
            0.7461450000000001,
            0.7312131944444445,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7312131944444445,
            0.7461450000000001,
            0.7963788194444444,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.7963788194444444,
            0.7461450000000001,
            0.860489236111111,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.860489236111111,
            0.7461450000000001,
            0.9255047916666668,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.9255047916666668,
            0.7461450000000001,
            0.9783439583333332,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.7461450000000001,
            0.9905357777777777,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities \u2013 % AAA",
          "box": [
            0.031019444444444443,
            0.8117131481481482,
            0.15154861111111104,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "82%",
          "box": [
            0.15154861111111104,
            0.8117131481481482,
            0.20771319444444442,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "83%",
          "box": [
            0.20771319444444442,
            0.8117131481481482,
            0.2737131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "85%",
          "box": [
            0.2737131944444445,
            0.8117131481481482,
            0.3392298611111112,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "81%",
          "box": [
            0.3392298611111112,
            0.8117131481481482,
            0.4047131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "80%",
          "box": [
            0.4047131944444445,
            0.8117131481481482,
            0.46921319444444437,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "87%",
          "box": [
            0.46921319444444437,
            0.8117131481481482,
            0.5337131944444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.5337131944444444,
            0.8117131481481482,
            0.5977131944444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "87%",
          "box": [
            0.5977131944444444,
            0.8117131481481482,
            0.6651361111111112,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "86%",
          "box": [
            0.6651361111111112,
            0.8117131481481482,
            0.7312131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "84%",
          "box": [
            0.7312131944444445,
            0.8117131481481482,
            0.7963788194444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.7963788194444444,
            0.8117131481481482,
            0.860489236111111,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "95%",
          "box": [
            0.860489236111111,
            0.8117131481481482,
            0.9255047916666668,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "97%",
          "box": [
            0.9255047916666668,
            0.8117131481481482,
            0.9783439583333332,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8117131481481482,
            0.9905357777777777,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loans \u2013 % Sr. Secured",
          "box": [
            0.031019444444444443,
            0.8397764814814815,
            0.15154861111111104,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "89%",
          "box": [
            0.15154861111111104,
            0.8397764814814815,
            0.20771319444444442,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.20771319444444442,
            0.8397764814814815,
            0.2737131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "91%",
          "box": [
            0.2737131944444445,
            0.8397764814814815,
            0.3392298611111112,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "94%",
          "box": [
            0.3392298611111112,
            0.8397764814814815,
            0.4047131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.4047131944444445,
            0.8397764814814815,
            0.46921319444444437,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.46921319444444437,
            0.8397764814814815,
            0.5337131944444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.5337131944444444,
            0.8397764814814815,
            0.5977131944444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.5977131944444444,
            0.8397764814814815,
            0.6651361111111112,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.6651361111111112,
            0.8397764814814815,
            0.7312131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7312131944444445,
            0.8397764814814815,
            0.7963788194444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7963788194444444,
            0.8397764814814815,
            0.860489236111111,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "> 99%",
          "box": [
            0.860489236111111,
            0.8397764814814815,
            0.9255047916666668,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "> 99%",
          "box": [
            0.9255047916666668,
            0.8397764814814815,
            0.9783439583333332,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8397764814814815,
            0.9905357777777777,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "CRE Equity \u2013 % NNN",
          "box": [
            0.031019444444444443,
            0.8678431481481482,
            0.15154861111111104,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "44%",
          "box": [
            0.15154861111111104,
            0.8678431481481482,
            0.20771319444444442,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "58%",
          "box": [
            0.20771319444444442,
            0.8678431481481482,
            0.2737131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "66%",
          "box": [
            0.2737131944444445,
            0.8678431481481482,
            0.3392298611111112,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.3392298611111112,
            0.8678431481481482,
            0.4047131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.4047131944444445,
            0.8678431481481482,
            0.46921319444444437,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.46921319444444437,
            0.8678431481481482,
            0.5337131944444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.5337131944444444,
            0.8678431481481482,
            0.5977131944444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.5977131944444444,
            0.8678431481481482,
            0.6651361111111112,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "66%",
          "box": [
            0.6651361111111112,
            0.8678431481481482,
            0.7312131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "72%",
          "box": [
            0.7312131944444445,
            0.8678431481481482,
            0.7963788194444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "68%",
          "box": [
            0.7963788194444444,
            0.8678431481481482,
            0.860489236111111,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "64%",
          "box": [
            0.860489236111111,
            0.8678431481481482,
            0.9255047916666668,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "59%",
          "box": [
            0.9255047916666668,
            0.8678431481481482,
            0.9783439583333332,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8678431481481482,
            0.9905357777777777,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Assets",
          "box": [
            0.031019444444444443,
            0.9033288888888888,
            0.15154861111111104,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4.5B",
          "box": [
            0.15154861111111104,
            0.9033288888888888,
            0.20771319444444442,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.8B",
          "box": [
            0.20771319444444442,
            0.9033288888888888,
            0.2737131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.2737131944444445,
            0.9033288888888888,
            0.3392298611111112,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.3392298611111112,
            0.9033288888888888,
            0.4047131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.3B",
          "box": [
            0.4047131944444445,
            0.9033288888888888,
            0.46921319444444437,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.5B",
          "box": [
            0.46921319444444437,
            0.9033288888888888,
            0.5337131944444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.6B",
          "box": [
            0.5337131944444444,
            0.9033288888888888,
            0.5977131944444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.6B",
          "box": [
            0.5977131944444444,
            0.9033288888888888,
            0.6651361111111112,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.6651361111111112,
            0.9033288888888888,
            0.7312131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.7B",
          "box": [
            0.7312131944444445,
            0.9033288888888888,
            0.7963788194444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.3B",
          "box": [
            0.7963788194444444,
            0.9033288888888888,
            0.860489236111111,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4.9B",
          "box": [
            0.860489236111111,
            0.9033288888888888,
            0.9255047916666668,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.6B",
          "box": [
            0.9255047916666668,
            0.9033288888888888,
            0.9783439583333332,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.9033288888888888,
            0.9905357777777777,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.031019444444444443,
            0.9381872407407407,
            0.15154861111111104,
            0.9564019074074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Note:  As of 03/31/2026.  Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts.  Excludes other assets.",
          "box": [
            0.15154861111111104,
            0.9381872407407407,
            0.20771319444444442,
            0.9564019074074075
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.20771319444444442,
            0.9381872407407407,
            0.2737131944444445,
            0.9564019074074075
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        },
        {
          "text": "",
          "box": [
            0.2737131944444445,
            0.9381872407407407,
            0.3392298611111112,
            0.9564019074074075
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.3392298611111112,
            0.9381872407407407,
            0.4047131944444445,
            0.9564019074074075
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        },
        {
          "text": "",
          "box": [
            0.4047131944444445,
            0.9381872407407407,
            0.46921319444444437,
            0.9564019074074075
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        },
        {
          "text": "",
          "box": [
            0.46921319444444437,
            0.9381872407407407,
            0.5337131944444444,
            0.9564019074074075
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        },
        {
          "text": "",
          "box": [
            0.5337131944444444,
            0.9381872407407407,
            0.5977131944444444,
            0.9564019074074075
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        },
        {
          "text": "",
          "box": [
            0.5977131944444444,
            0.9381872407407407,
            0.6651361111111112,
            0.9564019074074075
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.6651361111111112,
            0.9381872407407407,
            0.7312131944444445,
            0.9564019074074075
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7312131944444445,
            0.9381872407407407,
            0.7963788194444444,
            0.9564019074074075
          ],
          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7963788194444444,
            0.9381872407407407,
            0.860489236111111,
            0.9564019074074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.860489236111111,
            0.9381872407407407,
            0.9255047916666668,
            0.9564019074074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9255047916666668,
            0.9381872407407407,
            0.9783439583333332,
            0.9564019074074075
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
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      ],
      [
        {
          "text": "",
          "box": [
            0.031019444444444443,
            0.9564019074074075,
            0.15154861111111104,
            0.9721452222222223
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          "status": null,
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        },
        {
          "text": "1.  Represents After-Tax Distributable ROAE.  For a description of this non-GAAP financial measure, see Selected Definitions on page 40.",
          "box": [
            0.15154861111111104,
            0.9564019074074075,
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          "box": [
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            0.2737131944444445,
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        },
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          "box": [
            0.2737131944444445,
            0.9564019074074075,
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            0.9721452222222223
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        },
        {
          "text": "",
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          "text": "C R E   A S S E T   A L L O C A T I O N   O V E R   T I M E",
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            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3392298611111112,
            0.6837195185185185,
            0.4047131944444445,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4047131944444445,
            0.6837195185185185,
            0.46921319444444437,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.46921319444444437,
            0.6837195185185185,
            0.5337131944444444,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5337131944444444,
            0.6837195185185185,
            0.5977131944444444,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5977131944444444,
            0.6837195185185185,
            0.6651361111111112,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6651361111111112,
            0.6837195185185185,
            0.7312131944444445,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7312131944444445,
            0.6837195185185185,
            0.7963788194444444,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7963788194444444,
            0.6837195185185185,
            0.860489236111111,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.860489236111111,
            0.6837195185185185,
            0.9255047916666668,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9255047916666668,
            0.6837195185185185,
            0.9783439583333332,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.6837195185185185,
            0.9905357777777777,
            0.7461450000000001
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities \u2013 % IG",
          "box": [
            0.031019444444444443,
            0.7461450000000001,
            0.15154861111111104,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.15154861111111104,
            0.7461450000000001,
            0.20771319444444442,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.20771319444444442,
            0.7461450000000001,
            0.2737131944444445,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.2737131944444445,
            0.7461450000000001,
            0.3392298611111112,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.3392298611111112,
            0.7461450000000001,
            0.4047131944444445,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.4047131944444445,
            0.7461450000000001,
            0.46921319444444437,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.46921319444444437,
            0.7461450000000001,
            0.5337131944444444,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.5337131944444444,
            0.7461450000000001,
            0.5977131944444444,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.5977131944444444,
            0.7461450000000001,
            0.6651361111111112,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.6651361111111112,
            0.7461450000000001,
            0.7312131944444445,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7312131944444445,
            0.7461450000000001,
            0.7963788194444444,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.7963788194444444,
            0.7461450000000001,
            0.860489236111111,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.860489236111111,
            0.7461450000000001,
            0.9255047916666668,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.9255047916666668,
            0.7461450000000001,
            0.9783439583333332,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.7461450000000001,
            0.9905357777777777,
            0.8117131481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities \u2013 % AAA",
          "box": [
            0.031019444444444443,
            0.8117131481481482,
            0.15154861111111104,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "82%",
          "box": [
            0.15154861111111104,
            0.8117131481481482,
            0.20771319444444442,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "83%",
          "box": [
            0.20771319444444442,
            0.8117131481481482,
            0.2737131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "85%",
          "box": [
            0.2737131944444445,
            0.8117131481481482,
            0.3392298611111112,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "81%",
          "box": [
            0.3392298611111112,
            0.8117131481481482,
            0.4047131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "80%",
          "box": [
            0.4047131944444445,
            0.8117131481481482,
            0.46921319444444437,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "87%",
          "box": [
            0.46921319444444437,
            0.8117131481481482,
            0.5337131944444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.5337131944444444,
            0.8117131481481482,
            0.5977131944444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "87%",
          "box": [
            0.5977131944444444,
            0.8117131481481482,
            0.6651361111111112,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "86%",
          "box": [
            0.6651361111111112,
            0.8117131481481482,
            0.7312131944444445,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "84%",
          "box": [
            0.7312131944444445,
            0.8117131481481482,
            0.7963788194444444,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.7963788194444444,
            0.8117131481481482,
            0.860489236111111,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "95%",
          "box": [
            0.860489236111111,
            0.8117131481481482,
            0.9255047916666668,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "97%",
          "box": [
            0.9255047916666668,
            0.8117131481481482,
            0.9783439583333332,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8117131481481482,
            0.9905357777777777,
            0.8397764814814815
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loans \u2013 % Sr. Secured",
          "box": [
            0.031019444444444443,
            0.8397764814814815,
            0.15154861111111104,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "89%",
          "box": [
            0.15154861111111104,
            0.8397764814814815,
            0.20771319444444442,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88%",
          "box": [
            0.20771319444444442,
            0.8397764814814815,
            0.2737131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "91%",
          "box": [
            0.2737131944444445,
            0.8397764814814815,
            0.3392298611111112,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "94%",
          "box": [
            0.3392298611111112,
            0.8397764814814815,
            0.4047131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.4047131944444445,
            0.8397764814814815,
            0.46921319444444437,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.46921319444444437,
            0.8397764814814815,
            0.5337131944444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.5337131944444444,
            0.8397764814814815,
            0.5977131944444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.5977131944444444,
            0.8397764814814815,
            0.6651361111111112,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "98%",
          "box": [
            0.6651361111111112,
            0.8397764814814815,
            0.7312131944444445,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7312131944444445,
            0.8397764814814815,
            0.7963788194444444,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.7963788194444444,
            0.8397764814814815,
            0.860489236111111,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "> 99%",
          "box": [
            0.860489236111111,
            0.8397764814814815,
            0.9255047916666668,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "> 99%",
          "box": [
            0.9255047916666668,
            0.8397764814814815,
            0.9783439583333332,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8397764814814815,
            0.9905357777777777,
            0.8678431481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "CRE Equity \u2013 % NNN",
          "box": [
            0.031019444444444443,
            0.8678431481481482,
            0.15154861111111104,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "44%",
          "box": [
            0.15154861111111104,
            0.8678431481481482,
            0.20771319444444442,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "58%",
          "box": [
            0.20771319444444442,
            0.8678431481481482,
            0.2737131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "66%",
          "box": [
            0.2737131944444445,
            0.8678431481481482,
            0.3392298611111112,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.3392298611111112,
            0.8678431481481482,
            0.4047131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.4047131944444445,
            0.8678431481481482,
            0.46921319444444437,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.46921319444444437,
            0.8678431481481482,
            0.5337131944444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.5337131944444444,
            0.8678431481481482,
            0.5977131944444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67%",
          "box": [
            0.5977131944444444,
            0.8678431481481482,
            0.6651361111111112,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "66%",
          "box": [
            0.6651361111111112,
            0.8678431481481482,
            0.7312131944444445,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "72%",
          "box": [
            0.7312131944444445,
            0.8678431481481482,
            0.7963788194444444,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "68%",
          "box": [
            0.7963788194444444,
            0.8678431481481482,
            0.860489236111111,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "64%",
          "box": [
            0.860489236111111,
            0.8678431481481482,
            0.9255047916666668,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "59%",
          "box": [
            0.9255047916666668,
            0.8678431481481482,
            0.9783439583333332,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.8678431481481482,
            0.9905357777777777,
            0.9033288888888888
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Assets",
          "box": [
            0.031019444444444443,
            0.9033288888888888,
            0.15154861111111104,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4.5B",
          "box": [
            0.15154861111111104,
            0.9033288888888888,
            0.20771319444444442,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.8B",
          "box": [
            0.20771319444444442,
            0.9033288888888888,
            0.2737131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.2737131944444445,
            0.9033288888888888,
            0.3392298611111112,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.3392298611111112,
            0.9033288888888888,
            0.4047131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.3B",
          "box": [
            0.4047131944444445,
            0.9033288888888888,
            0.46921319444444437,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.5B",
          "box": [
            0.46921319444444437,
            0.9033288888888888,
            0.5337131944444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.6B",
          "box": [
            0.5337131944444444,
            0.9033288888888888,
            0.5977131944444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.6B",
          "box": [
            0.5977131944444444,
            0.9033288888888888,
            0.6651361111111112,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.9B",
          "box": [
            0.6651361111111112,
            0.9033288888888888,
            0.7312131944444445,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.7B",
          "box": [
            0.7312131944444445,
            0.9033288888888888,
            0.7963788194444444,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.3B",
          "box": [
            0.7963788194444444,
            0.9033288888888888,
            0.860489236111111,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4.9B",
          "box": [
            0.860489236111111,
            0.9033288888888888,
            0.9255047916666668,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5.6B",
          "box": [
            0.9255047916666668,
            0.9033288888888888,
            0.9783439583333332,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9783439583333332,
            0.9033288888888888,
            0.9905357777777777,
            0.9381872407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.031019444444444443,
            0.9381872407407407,
            0.15154861111111104,
            0.9564019074074075
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    "title": "Investment Grade REITs",
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    "markdown": "| Metric | Equity REITs | Equity REITs (LC Ladder Capital) | Mortgage REITs |\n| --- | --- | --- | --- |\n| Management structure | Internal | Internal | External |\n| Level of inside ownership | Modest | Significant : ~$165M / >12% | Low |\n| Credit rating | Investment grade | Investment grade | Below investment grade, or unrated |\n| Duration of cash flows | Long-term leases | Diversified mix of loans, leases & securities | Short-term loans |\n| NAV upside | Equity assets with potential upside | 15% \u2013 20% equity assets with history of consistent gains | Very Limited |\n| Liability structure | Predominantly unsecured debt | Predominantly unsecured debt | Primarily secured & recourse leverage |\n| Total leverage | ~ 1.5x \u2013 2.0x Debt / Equity ~ 60% \u2013 65% Debt / Assets | ~ 2.0x \u2013 3.0x Debt / Equity ~ 65% LTV loans with equity cushion ~ 45% \u2013 50% Debt / Assets | ~ 3.0x \u2013 4.0x Debt / Equity |\n| Dividend yield | Low / mid single-digit \u2013 ~ 4.0% \u2013 5.0% | High single-digit \u2013 currently 9.0% | High single-digit / Low double-digit |",
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            0.5083390925925926,
            0.5070068361111111,
            0.529323
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.5083390925925926,
            0.533871875,
            0.529323
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.5083390925925926,
            0.7682448444444443,
            0.529323
          ],
          "status": null,
          "note": null
        },
        {
          "text": "grade, or unrated",
          "box": [
            0.7682448444444443,
            0.5083390925925926,
            0.9450170166666666,
            0.529323
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.529323,
            0.26260033055555554,
            0.5527054444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.529323,
            0.5070068361111111,
            0.5527054444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.529323,
            0.533871875,
            0.5527054444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Diversified mix of loans,",
          "box": [
            0.533871875,
            0.529323,
            0.7682448444444443,
            0.5527054444444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.529323,
            0.9450170166666666,
            0.5527054444444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Duration of cash flows",
          "box": [
            0.09514041666666666,
            0.5527054444444445,
            0.26260033055555554,
            0.5665150925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Long-term leases",
          "box": [
            0.26260033055555554,
            0.5527054444444445,
            0.5070068361111111,
            0.5665150925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.5527054444444445,
            0.533871875,
            0.5665150925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.5527054444444445,
            0.7682448444444443,
            0.5665150925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Short-term loans",
          "box": [
            0.7682448444444443,
            0.5527054444444445,
            0.9450170166666666,
            0.5665150925925927
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.5665150925925927,
            0.26260033055555554,
            0.5899641481481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.5665150925925927,
            0.5070068361111111,
            0.5899641481481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.5665150925925927,
            0.533871875,
            0.5899641481481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "leases & securities",
          "box": [
            0.533871875,
            0.5665150925925927,
            0.7682448444444443,
            0.5899641481481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.5665150925925927,
            0.9450170166666666,
            0.5899641481481481
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.5899641481481481,
            0.26260033055555554,
            0.6145050740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Equity assets with",
          "box": [
            0.26260033055555554,
            0.5899641481481481,
            0.5070068361111111,
            0.6145050740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.5899641481481481,
            0.533871875,
            0.6145050740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15% \u2013 20% equity assets with",
          "box": [
            0.533871875,
            0.5899641481481481,
            0.7682448444444443,
            0.6145050740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.5899641481481481,
            0.9450170166666666,
            0.6145050740740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "NAV upside",
          "box": [
            0.09514041666666666,
            0.6145050740740741,
            0.26260033055555554,
            0.6273141296296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.6145050740740741,
            0.5070068361111111,
            0.6273141296296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.6145050740740741,
            0.533871875,
            0.6273141296296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.6145050740740741,
            0.7682448444444443,
            0.6273141296296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Very Limited",
          "box": [
            0.7682448444444443,
            0.6145050740740741,
            0.9450170166666666,
            0.6273141296296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.6273141296296296,
            0.26260033055555554,
            0.650876074074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "potential upside",
          "box": [
            0.26260033055555554,
            0.6273141296296296,
            0.5070068361111111,
            0.650876074074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.6273141296296296,
            0.533871875,
            0.650876074074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "history of consistent gains",
          "box": [
            0.533871875,
            0.6273141296296296,
            0.7682448444444443,
            0.650876074074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.6273141296296296,
            0.9450170166666666,
            0.650876074074074
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.650876074074074,
            0.26260033055555554,
            0.6767793518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Predominantly",
          "box": [
            0.26260033055555554,
            0.650876074074074,
            0.5070068361111111,
            0.6767793518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.650876074074074,
            0.533871875,
            0.6767793518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Predominantly",
          "box": [
            0.533871875,
            0.650876074074074,
            0.7682448444444443,
            0.6767793518518518
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Primarily secured &",
          "box": [
            0.7682448444444443,
            0.650876074074074,
            0.9450170166666666,
            0.6767793518518518
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Liability structure",
          "box": [
            0.09514041666666666,
            0.6767793518518518,
            0.26260033055555554,
            0.6881107962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.6767793518518518,
            0.5070068361111111,
            0.6881107962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.6767793518518518,
            0.533871875,
            0.6881107962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.6767793518518518,
            0.7682448444444443,
            0.6881107962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.6767793518518518,
            0.9450170166666666,
            0.6881107962962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.6881107962962963,
            0.26260033055555554,
            0.7114418518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "unsecured debt",
          "box": [
            0.26260033055555554,
            0.6881107962962963,
            0.5070068361111111,
            0.7114418518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.6881107962962963,
            0.533871875,
            0.7114418518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "unsecured debt",
          "box": [
            0.533871875,
            0.6881107962962963,
            0.7682448444444443,
            0.7114418518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "recourse leverage",
          "box": [
            0.7682448444444443,
            0.6881107962962963,
            0.9450170166666666,
            0.7114418518518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.7114418518518519,
            0.26260033055555554,
            0.7472492962962962
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 1.5x \u2013 2.0x Debt / Equity",
          "box": [
            0.26260033055555554,
            0.7114418518518519,
            0.5070068361111111,
            0.7472492962962962
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.7114418518518519,
            0.533871875,
            0.7472492962962962
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 2.0x \u2013 3.0x Debt / Equity",
          "box": [
            0.533871875,
            0.7114418518518519,
            0.7682448444444443,
            0.7472492962962962
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.7114418518518519,
            0.9450170166666666,
            0.7472492962962962
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.7472492962962962,
            0.26260033055555554,
            0.7606047407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.7472492962962962,
            0.5070068361111111,
            0.7606047407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.7472492962962962,
            0.533871875,
            0.7606047407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2",
          "box": [
            0.533871875,
            0.7472492962962962,
            0.7682448444444443,
            0.7606047407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.7472492962962962,
            0.9450170166666666,
            0.7606047407407408
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.7606047407407408,
            0.26260033055555554,
            0.7677637777777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "first-loss",
          "box": [
            0.26260033055555554,
            0.7606047407407408,
            0.5070068361111111,
            0.7677637777777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.7606047407407408,
            0.533871875,
            0.7677637777777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 65% LTV",
          "box": [
            0.533871875,
            0.7606047407407408,
            0.7682448444444443,
            0.7677637777777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.7606047407407408,
            0.9450170166666666,
            0.7677637777777778
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.7677637777777778,
            0.26260033055555554,
            0.7767638703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.7677637777777778,
            0.5070068361111111,
            0.7767638703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.7677637777777778,
            0.533871875,
            0.7767638703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.7677637777777778,
            0.7682448444444443,
            0.7767638703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~3.0x \u2013 4.0x",
          "box": [
            0.7682448444444443,
            0.7677637777777778,
            0.9450170166666666,
            0.7767638703703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.7767638703703704,
            0.26260033055555554,
            0.780965962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.7767638703703704,
            0.5070068361111111,
            0.780965962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.7767638703703704,
            0.533871875,
            0.780965962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.7767638703703704,
            0.7682448444444443,
            0.780965962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.7767638703703704,
            0.9450170166666666,
            0.780965962962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.780965962962963,
            0.26260033055555554,
            0.779593462962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.780965962962963,
            0.5070068361111111,
            0.779593462962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.780965962962963,
            0.533871875,
            0.779593462962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.780965962962963,
            0.7682448444444443,
            0.779593462962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.780965962962963,
            0.9450170166666666,
            0.779593462962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total leverage",
          "box": [
            0.09514041666666666,
            0.779593462962963,
            0.26260033055555554,
            0.8134577407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "exposure \nassets",
          "box": [
            0.26260033055555554,
            0.779593462962963,
            0.5070068361111111,
            0.8134577407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+",
          "box": [
            0.5070068361111111,
            0.779593462962963,
            0.533871875,
            0.8134577407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "loans with \n  equity cushion",
          "box": [
            0.533871875,
            0.779593462962963,
            0.7682448444444443,
            0.8134577407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Debt / Equity",
          "box": [
            0.7682448444444443,
            0.779593462962963,
            0.9450170166666666,
            0.8134577407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.8134577407407407,
            0.26260033055555554,
            0.853135962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 60% \u2013 65% Debt / Assets",
          "box": [
            0.26260033055555554,
            0.8134577407407407,
            0.5070068361111111,
            0.853135962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.8134577407407407,
            0.533871875,
            0.853135962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 45% \u2013 50% Debt / Assets",
          "box": [
            0.533871875,
            0.8134577407407407,
            0.7682448444444443,
            0.853135962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.8134577407407407,
            0.9450170166666666,
            0.853135962962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.853135962962963,
            0.26260033055555554,
            0.8774776481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Low / mid single-digit \u2013",
          "box": [
            0.26260033055555554,
            0.853135962962963,
            0.5070068361111111,
            0.8774776481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.853135962962963,
            0.533871875,
            0.8774776481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "High single-digit \u2013",
          "box": [
            0.533871875,
            0.853135962962963,
            0.7682448444444443,
            0.8774776481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "High single-digit /",
          "box": [
            0.7682448444444443,
            0.853135962962963,
            0.9450170166666666,
            0.8774776481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.8774776481481482,
            0.26260033055555554,
            0.8793510555555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.8774776481481482,
            0.5070068361111111,
            0.8793510555555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.8774776481481482,
            0.533871875,
            0.8793510555555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.533871875,
            0.8774776481481482,
            0.7682448444444443,
            0.8793510555555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.8774776481481482,
            0.9450170166666666,
            0.8793510555555555
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividend yield",
          "box": [
            0.09514041666666666,
            0.8793510555555555,
            0.26260033055555554,
            0.8918001111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.26260033055555554,
            0.8793510555555555,
            0.5070068361111111,
            0.8918001111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+",
          "box": [
            0.5070068361111111,
            0.8793510555555555,
            0.533871875,
            0.8918001111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1",
          "box": [
            0.533871875,
            0.8793510555555555,
            0.7682448444444443,
            0.8918001111111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7682448444444443,
            0.8793510555555555,
            0.9450170166666666,
            0.8918001111111111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.09514041666666666,
            0.8918001111111111,
            0.26260033055555554,
            0.9035969259259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "~ 4.0% \u2013 5.0%",
          "box": [
            0.26260033055555554,
            0.8918001111111111,
            0.5070068361111111,
            0.9035969259259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5070068361111111,
            0.8918001111111111,
            0.533871875,
            0.9035969259259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "currently 9.0%",
          "box": [
            0.533871875,
            0.8918001111111111,
            0.7682448444444443,
            0.9035969259259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Low double-digit",
          "box": [
            0.7682448444444443,
            0.8918001111111111,
            0.9450170166666666,
            0.9035969259259259
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Metric",
          "box": null,
          "status": "unverified",
          "note": "The image shows no header row printed above the first metric row; the table begins directly with 'Management structure' as the leftmost row label."
        },
        {
          "text": "Equity REITs",
          "box": [
            0.26260033055555554,
            0.2594568888888889,
            0.5070068361111111,
            0.356866462962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Equity REITs (LC Ladder Capital)",
          "box": [
            0.533871875,
            0.356866462962963,
            0.7682448444444443,
            0.4046441111111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Mortgage REITs",
          "box": [
            0.7682448444444443,
            0.2594568888888889,
            0.9450170166666666,
            0.356866462962963
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Management structure",
          "box": [
            0.09514041666666666,
            0.356866462962963,
            0.26260033055555554,
            0.4046441111111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Internal",
          "box": [
            0.26260033055555554,
            0.356866462962963,
            0.5070068361111111,
            0.4046441111111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Internal",
          "box": [
            0.533871875,
            0.356866462962963,
            0.7682448444444443,
            0.4046441111111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "External",
          "box": [
            0.7682448444444443,
            0.356866462962963,
            0.9450170166666666,
            0.4046441111111112
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Level of inside ownership",
          "box": [
            0.09514041666666666,
            0.43682298148148146,
            0.26260033055555554,
            0.4505529814814815
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Modest",
          "box": [
            0.26260033055555554,
            0.43682298148148146,
            0.5070068361111111,
            0.4505529814814815
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Significant : ~$165M / >12%",
          "box": [
            0.533871875,
            0.4046441111111112,
            0.7682448444444443,
            0.4725292222222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Low",
          "box": [
            0.7682448444444443,
            0.43682298148148146,
            0.9450170166666666,
            0.4505529814814815
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Credit rating",
          "box": [
            0.09514041666666666,
            0.4963025555555555,
            0.26260033055555554,
            0.5083390925925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Investment grade",
          "box": [
            0.26260033055555554,
            0.4963025555555555,
            0.5070068361111111,
            0.5083390925925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Investment grade",
          "box": [
            0.533871875,
            0.4963025555555555,
            0.7682448444444443,
            0.5083390925925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Below investment grade, or unrated",
          "box": [
            0.7682448444444443,
            0.4725292222222223,
            0.9450170166666666,
            0.529323
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Duration of cash flows",
          "box": [
            0.09514041666666666,
            0.5527054444444445,
            0.26260033055555554,
            0.5665150925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Long-term leases",
          "box": [
            0.26260033055555554,
            0.5527054444444445,
            0.5070068361111111,
            0.5665150925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Diversified mix of loans, leases & securities",
          "box": [
            0.533871875,
            0.529323,
            0.7682448444444443,
            0.5899641481481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Short-term loans",
          "box": [
            0.7682448444444443,
            0.5527054444444445,
            0.9450170166666666,
            0.5665150925925927
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "NAV upside",
          "box": [
            0.09514041666666666,
            0.6145050740740741,
            0.26260033055555554,
            0.6273141296296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Equity assets with potential upside",
          "box": [
            0.26260033055555554,
            0.5899641481481481,
            0.5070068361111111,
            0.650876074074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "15% \u2013 20% equity assets with history of consistent gains",
          "box": [
            0.533871875,
            0.5899641481481481,
            0.7682448444444443,
            0.650876074074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Very Limited",
          "box": [
            0.7682448444444443,
            0.6145050740740741,
            0.9450170166666666,
            0.6273141296296296
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Liability structure",
          "box": [
            0.09514041666666666,
            0.6767793518518518,
            0.26260033055555554,
            0.6881107962962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Predominantly unsecured debt",
          "box": [
            0.26260033055555554,
            0.650876074074074,
            0.5070068361111111,
            0.7114418518518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Predominantly unsecured debt",
          "box": [
            0.533871875,
            0.650876074074074,
            0.7682448444444443,
            0.7114418518518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Primarily secured & recourse leverage",
          "box": [
            0.7682448444444443,
            0.650876074074074,
            0.9450170166666666,
            0.7114418518518519
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total leverage",
          "box": [
            0.09514041666666666,
            0.779593462962963,
            0.26260033055555554,
            0.8134577407407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "~ 1.5x \u2013 2.0x Debt / Equity ~ 60% \u2013 65% Debt / Assets",
          "box": [
            0.26260033055555554,
            0.7114418518518519,
            0.5070068361111111,
            0.853135962962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "~ 2.0x \u2013 3.0x Debt / Equity ~ 65% LTV loans with equity cushion ~ 45% \u2013 50% Debt / Assets",
          "box": [
            0.533871875,
            0.7114418518518519,
            0.7682448444444443,
            0.853135962962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "~ 3.0x \u2013 4.0x Debt / Equity",
          "box": [
            0.7682448444444443,
            0.7677637777777778,
            0.9450170166666666,
            0.8134577407407407
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Dividend yield",
          "box": [
            0.09514041666666666,
            0.8793510555555555,
            0.26260033055555554,
            0.8918001111111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Low / mid single-digit \u2013 ~ 4.0% \u2013 5.0%",
          "box": [
            0.26260033055555554,
            0.853135962962963,
            0.5070068361111111,
            0.9035969259259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "High single-digit \u2013 currently 9.0%",
          "box": [
            0.533871875,
            0.853135962962963,
            0.7682448444444443,
            0.9035969259259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "High single-digit / Low double-digit",
          "box": [
            0.7682448444444443,
            0.853135962962963,
            0.9450170166666666,
            0.9035969259259259
          ],
          "status": "reconciled",
          "note": null
        }
      ]
    ],
    "merged_cells": [
      {
        "result": "Equity REITs",
        "row": 0,
        "col": 1,
        "sources": [
          "Equity",
          "REITs"
        ],
        "source_cells": [
          "B2",
          "B3"
        ],
        "source_boxes": [
          [
            0.26260033055555554,
            0.2594568888888889,
            0.5070068361111111,
            0.3140259259259258
          ],
          [
            0.26260033055555554,
            0.3140259259259258,
            0.5070068361111111,
            0.356866462962963
          ]
        ],
        "box": [
          0.26260033055555554,
          0.2594568888888889,
          0.5070068361111111,
          0.356866462962963
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Equity REITs (LC Ladder Capital)",
        "row": 0,
        "col": 2,
        "sources": [
          "Internal",
          "Internal"
        ],
        "source_cells": [
          "D4",
          "D4"
        ],
        "source_boxes": [
          [
            0.533871875,
            0.356866462962963,
            0.7682448444444443,
            0.4046441111111112
          ],
          [
            0.533871875,
            0.356866462962963,
            0.7682448444444443,
            0.4046441111111112
          ]
        ],
        "box": [
          0.533871875,
          0.356866462962963,
          0.7682448444444443,
          0.4046441111111112
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Mortgage REITs",
        "row": 0,
        "col": 3,
        "sources": [
          "Mortgage",
          "REITs"
        ],
        "source_cells": [
          "E2",
          "E3"
        ],
        "source_boxes": [
          [
            0.7682448444444443,
            0.2594568888888889,
            0.9450170166666666,
            0.3140259259259258
          ],
          [
            0.7682448444444443,
            0.3140259259259258,
            0.9450170166666666,
            0.356866462962963
          ]
        ],
        "box": [
          0.7682448444444443,
          0.2594568888888889,
          0.9450170166666666,
          0.356866462962963
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Significant : ~$165M / >12%",
        "row": 2,
        "col": 2,
        "sources": [
          "Significant :",
          "~$165M",
          "> 12%"
        ],
        "source_cells": [
          "D5",
          "D8",
          "D8"
        ],
        "source_boxes": [
          [
            0.533871875,
            0.4046441111111112,
            0.7682448444444443,
            0.4337791111111111
          ],
          [
            0.533871875,
            0.4505529814814815,
            0.7682448444444443,
            0.4725292222222223
          ],
          [
            0.533871875,
            0.4505529814814815,
            0.7682448444444443,
            0.4725292222222223
          ]
        ],
        "box": [
          0.533871875,
          0.4046441111111112,
          0.7682448444444443,
          0.4725292222222223
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Below investment grade, or unrated",
        "row": 3,
        "col": 3,
        "sources": [
          "Below investment",
          "grade, or unrated"
        ],
        "source_cells": [
          "E9",
          "E11"
        ],
        "source_boxes": [
          [
            0.7682448444444443,
            0.4725292222222223,
            0.9450170166666666,
            0.4963025555555555
          ],
          [
            0.7682448444444443,
            0.5083390925925926,
            0.9450170166666666,
            0.529323
          ]
        ],
        "box": [
          0.7682448444444443,
          0.4725292222222223,
          0.9450170166666666,
          0.529323
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Diversified mix of loans, leases & securities",
        "row": 4,
        "col": 2,
        "sources": [
          "Diversified mix of loans,",
          "leases & securities"
        ],
        "source_cells": [
          "D12",
          "D14"
        ],
        "source_boxes": [
          [
            0.533871875,
            0.529323,
            0.7682448444444443,
            0.5527054444444445
          ],
          [
            0.533871875,
            0.5665150925925927,
            0.7682448444444443,
            0.5899641481481481
          ]
        ],
        "box": [
          0.533871875,
          0.529323,
          0.7682448444444443,
          0.5899641481481481
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "15% \u2013 20% equity assets with history of consistent gains",
        "row": 5,
        "col": 2,
        "sources": [
          "15% \u2013 20% equity assets with",
          "history of consistent gains"
        ],
        "source_cells": [
          "D15",
          "D17"
        ],
        "source_boxes": [
          [
            0.533871875,
            0.5899641481481481,
            0.7682448444444443,
            0.6145050740740741
          ],
          [
            0.533871875,
            0.6273141296296296,
            0.7682448444444443,
            0.650876074074074
          ]
        ],
        "box": [
          0.533871875,
          0.5899641481481481,
          0.7682448444444443,
          0.650876074074074
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Primarily secured & recourse leverage",
        "row": 6,
        "col": 3,
        "sources": [
          "Primarily secured &",
          "recourse leverage"
        ],
        "source_cells": [
          "E18",
          "E20"
        ],
        "source_boxes": [
          [
            0.7682448444444443,
            0.650876074074074,
            0.9450170166666666,
            0.6767793518518518
          ],
          [
            0.7682448444444443,
            0.6881107962962963,
            0.9450170166666666,
            0.7114418518518519
          ]
        ],
        "box": [
          0.7682448444444443,
          0.650876074074074,
          0.9450170166666666,
          0.7114418518518519
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "~ 1.5x \u2013 2.0x Debt / Equity ~ 60% \u2013 65% Debt / Assets",
        "row": 7,
        "col": 1,
        "sources": [
          "~ 1.5x \u2013 2.0x Debt / Equity",
          "~ 60% \u2013 65% Debt / Assets"
        ],
        "source_cells": [
          "B21",
          "B28"
        ],
        "source_boxes": [
          [
            0.26260033055555554,
            0.7114418518518519,
            0.5070068361111111,
            0.7472492962962962
          ],
          [
            0.26260033055555554,
            0.8134577407407407,
            0.5070068361111111,
            0.853135962962963
          ]
        ],
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          "text": "K E Y   M E T R I C S",
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          "text": "",
          "box": [
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          "text": "",
          "box": [
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          "text": "Focus on necessity-based",
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          "text": "Total gross asset value\n$1.0B",
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        {
          "text": "",
          "box": [
            0.5210524027777778,
            0.3177480000000001,
            0.7933772111111109,
            0.3267505555555556
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          "status": null,
          "note": null
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        {
          "text": "",
          "box": [
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            0.3177480000000001,
            0.971162222222222,
            0.3267505555555556
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          "note": null
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      ],
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        {
          "text": "",
          "box": [
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            0.3267505555555556,
            0.5210524027777778,
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        {
          "text": "",
          "box": [
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        },
        {
          "text": "businesses, including BJ\u2019s,",
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        {
          "text": "Net equity invested\n$663M",
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            0.5210524027777778,
            0.35986133333333337
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          "status": null,
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        {
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          "box": [
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            0.35986133333333337
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          "status": null,
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        },
        {
          "text": "Walgreens & Dollar General",
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            0.971162222222222,
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        {
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          "box": [
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            0.5210524027777778,
            0.3738618888888889
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        },
        {
          "text": "",
          "box": [
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            0.35986133333333337,
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            0.3738618888888889
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        {
          "text": "~ 61% IG-rated tenants",
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          "text": "Square feet\n~ 5.7M",
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        {
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          "box": [
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        {
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          "box": [
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          "text": "In-place annual NOI\n$67M",
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            0.41517574074074076
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        {
          "text": "",
          "box": [
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            0.7933772111111109,
            0.41517574074074076
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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            0.39339907407407415,
            0.971162222222222,
            0.41517574074074076
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        {
          "text": "CRE EQUITY PORTFOLIO KEY METRICS",
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        {
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          "text": "Total gross asset value",
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          "text": "In-place annual NOI",
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          "text": "$67M",
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    "title": "Net Lease Portfolio",
    "subtitle": "",
    "markdown": "| Net Lease Portfolio | |\n| --- | --- |\n| # of properties | 149 |\n| W.A. remaining lease term | 6.5 years |\n| % leased | 100% |\n| % IG-rated tenants | ~61% |",
    "footnotes": [],
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    "header_rows": 1,
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      311.3
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          "box": [
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          "box": [
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          "text": "Net Lease Portfolio",
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          "box": [
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          "box": [
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      ],
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          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "Net lease",
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        },
        {
          "text": "",
          "box": [
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          "text": "W.A. remaining lease term",
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          "text": "6.5 years",
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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          "text": "% IG-rated tenants",
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        {
          "text": "~61%",
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        {
          "text": "",
          "box": [
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          "text": "Net Lease Portfolio",
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          "text": "W.A. remaining lease term",
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          "text": "% IG-rated tenants",
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          "text": "~61%",
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  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p14-t1",
    "content_fingerprint": "54a80eb2",
    "title": "HISTORY OF REALIZED GAINS SELLING ABOVE UNDEPRECIATED CARRYING VALUE",
    "subtitle": "CRE EQUITY SALES (since 2020)",
    "markdown": "| Year | # of Property Sales | Total Net Sales Proceeds | Total Undepreciated Carrying Value | $ Gain vs. Undepreciated Carrying Value | % Gain vs. Undepreciated Carrying Value |\n| --- | --- | --- | --- | --- | --- |\n| Excl. REO Assets |  |  |  |  |  |\n| 2025 | 1 | $13 | $12 | + $1 | + 7% |\n| 2024 | 7 | $59 | $54 | + $4 | + 8% |\n| 2023 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |\n| 2022 | 8 | $311 | $275 | + $36 | + 13% |\n| 2021 | 5 | $131 | $108 | + $23 | + 21% |\n| 2020 | 3 | $89 | $77 | + $12 | + 16% |\n| Total (excl. REO assets) | 24 | $602 | $526 | + $76 | + 14% |\n| REO Assets (since 2020) | 10 | $185 | $181 | + $4 | + 2% |",
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    "cell_grid": [
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        {
          "text": "E M B E D D E D   D E P R E C I A T I O N   I N",
          "box": [
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        {
          "text": "C R E   E Q U I T Y   S A L E S",
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            0.8257761888888887,
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          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.2511368888888889,
            0.8768431575,
            0.2773628888888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.2511368888888889,
            0.9478977847083334,
            0.2773628888888889
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "B O O K   E Q U I T Y   V A L U E",
          "box": [
            0.08370583333333334,
            0.2773628888888889,
            0.4521679055555555,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.2773628888888889,
            0.5844401034444444,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.2773628888888889,
            0.6184914576388888,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "( s i n c e   2 0 2 0 )",
          "box": [
            0.6184914576388888,
            0.2773628888888889,
            0.8257761888888887,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.2773628888888889,
            0.8768431575,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.2773628888888889,
            0.9478977847083334,
            0.3284557251851852
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.3284557251851852,
            0.4521679055555555,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.3284557251851852,
            0.5844401034444444,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "# of",
          "box": [
            0.5844401034444444,
            0.3284557251851852,
            0.6184914576388888,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Total\nTotal",
          "box": [
            0.6184914576388888,
            0.3284557251851852,
            0.8257761888888887,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ Gain vs.",
          "box": [
            0.8257761888888887,
            0.3284557251851852,
            0.8768431575,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "% Gain vs.",
          "box": [
            0.8768431575,
            0.3284557251851852,
            0.9478977847083334,
            0.3714972370370371
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.3714972370370371,
            0.4521679055555555,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.3714972370370371,
            0.5844401034444444,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Property",
          "box": [
            0.5844401034444444,
            0.3714972370370371,
            0.6184914576388888,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net Sales\nUndepreciated",
          "box": [
            0.6184914576388888,
            0.3714972370370371,
            0.8257761888888887,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated",
          "box": [
            0.8257761888888887,
            0.3714972370370371,
            0.8768431575,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated",
          "box": [
            0.8768431575,
            0.3714972370370371,
            0.9478977847083334,
            0.38519845629629634
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "$1,714",
          "box": [
            0.08370583333333334,
            0.38519845629629634,
            0.4521679055555555,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.38519845629629634,
            0.5844401034444444,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.38519845629629634,
            0.6184914576388888,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.38519845629629634,
            0.8257761888888887,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.38519845629629634,
            0.8768431575,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.38519845629629634,
            0.9478977847083334,
            0.3985253548148148
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.3985253548148148,
            0.4521679055555555,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Year",
          "box": [
            0.4521679055555555,
            0.3985253548148148,
            0.5844401034444444,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Sales",
          "box": [
            0.5844401034444444,
            0.3985253548148148,
            0.6184914576388888,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value\nProceeds",
          "box": [
            0.6184914576388888,
            0.3985253548148148,
            0.8257761888888887,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value",
          "box": [
            0.8257761888888887,
            0.3985253548148148,
            0.8768431575,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value",
          "box": [
            0.8768431575,
            0.3985253548148148,
            0.9478977847083334,
            0.40632441925925933
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated",
          "box": [
            0.08370583333333334,
            0.40632441925925933,
            0.4521679055555555,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.40632441925925933,
            0.5844401034444444,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.40632441925925933,
            0.6184914576388888,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.40632441925925933,
            0.8257761888888887,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.40632441925925933,
            0.8768431575,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.40632441925925933,
            0.9478977847083334,
            0.41680525925925926
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Depreciation &",
          "box": [
            0.08370583333333334,
            0.41680525925925926,
            0.4521679055555555,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.41680525925925926,
            0.5844401034444444,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.41680525925925926,
            0.6184914576388888,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.41680525925925926,
            0.8257761888888887,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.41680525925925926,
            0.8768431575,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.41680525925925926,
            0.9478977847083334,
            0.4291046666666667
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "$1,447",
          "box": [
            0.08370583333333334,
            0.4291046666666667,
            0.4521679055555555,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Excl. REO Assets",
          "box": [
            0.4521679055555555,
            0.4291046666666667,
            0.5844401034444444,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.4291046666666667,
            0.6184914576388888,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.4291046666666667,
            0.8257761888888887,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.4291046666666667,
            0.8768431575,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.4291046666666667,
            0.9478977847083334,
            0.4404346666666667
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Amortization",
          "box": [
            0.08370583333333334,
            0.4404346666666667,
            0.4521679055555555,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.4404346666666667,
            0.5844401034444444,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.4404346666666667,
            0.6184914576388888,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.4404346666666667,
            0.8257761888888887,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.4404346666666667,
            0.8768431575,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.4404346666666667,
            0.9478977847083334,
            0.45259775129629626
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.45259775129629626,
            0.4521679055555555,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2025",
          "box": [
            0.4521679055555555,
            0.45259775129629626,
            0.5844401034444444,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1",
          "box": [
            0.5844401034444444,
            0.45259775129629626,
            0.6184914576388888,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13\n$12",
          "box": [
            0.6184914576388888,
            0.45259775129629626,
            0.8257761888888887,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $1",
          "box": [
            0.8257761888888887,
            0.45259775129629626,
            0.8768431575,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 7%",
          "box": [
            0.8768431575,
            0.45259775129629626,
            0.9478977847083334,
            0.47685899953703703
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.47685899953703703,
            0.4521679055555555,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2024",
          "box": [
            0.4521679055555555,
            0.47685899953703703,
            0.5844401034444444,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7",
          "box": [
            0.5844401034444444,
            0.47685899953703703,
            0.6184914576388888,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$59\n$54",
          "box": [
            0.6184914576388888,
            0.47685899953703703,
            0.8257761888888887,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $4",
          "box": [
            0.8257761888888887,
            0.47685899953703703,
            0.8768431575,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 8%",
          "box": [
            0.8768431575,
            0.47685899953703703,
            0.9478977847083334,
            0.5021816926851851
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated",
          "box": [
            0.08370583333333334,
            0.5021816926851851,
            0.4521679055555555,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2023",
          "box": [
            0.4521679055555555,
            0.5021816926851851,
            0.5844401034444444,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5844401034444444,
            0.5021816926851851,
            0.6184914576388888,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013\n\u2013",
          "box": [
            0.6184914576388888,
            0.5021816926851851,
            0.8257761888888887,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8257761888888887,
            0.5021816926851851,
            0.8768431575,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8768431575,
            0.5021816926851851,
            0.9478977847083334,
            0.5266767852777777
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Book\nGAAP",
          "box": [
            0.08370583333333334,
            0.5266767852777777,
            0.4521679055555555,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.5266767852777777,
            0.5844401034444444,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.5266767852777777,
            0.6184914576388888,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.5266767852777777,
            0.8257761888888887,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.5266767852777777,
            0.8768431575,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.5266767852777777,
            0.9478977847083334,
            0.5413120105555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.5413120105555556,
            0.4521679055555555,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2022",
          "box": [
            0.4521679055555555,
            0.5413120105555556,
            0.5844401034444444,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8",
          "box": [
            0.5844401034444444,
            0.5413120105555556,
            0.6184914576388888,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$311\n$275",
          "box": [
            0.6184914576388888,
            0.5413120105555556,
            0.8257761888888887,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $36",
          "box": [
            0.8257761888888887,
            0.5413120105555556,
            0.8768431575,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 13%",
          "box": [
            0.8768431575,
            0.5413120105555556,
            0.9478977847083334,
            0.5511718778703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Equity\nBook",
          "box": [
            0.08370583333333334,
            0.5511718778703704,
            0.4521679055555555,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.5511718778703704,
            0.5844401034444444,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.5511718778703704,
            0.6184914576388888,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.5511718778703704,
            0.8257761888888887,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.5511718778703704,
            0.8768431575,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.5511718778703704,
            0.9478977847083334,
            0.5658071031481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.5658071031481482,
            0.4521679055555555,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2021",
          "box": [
            0.4521679055555555,
            0.5658071031481482,
            0.5844401034444444,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5",
          "box": [
            0.5844401034444444,
            0.5658071031481482,
            0.6184914576388888,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$131\n$108",
          "box": [
            0.6184914576388888,
            0.5658071031481482,
            0.8257761888888887,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $23",
          "box": [
            0.8257761888888887,
            0.5658071031481482,
            0.8768431575,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 21%",
          "box": [
            0.8768431575,
            0.5658071031481482,
            0.9478977847083334,
            0.5735463037962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1, 2",
          "box": [
            0.08370583333333334,
            0.5735463037962963,
            0.4521679055555555,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.5735463037962963,
            0.5844401034444444,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.5735463037962963,
            0.6184914576388888,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.5735463037962963,
            0.8257761888888887,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.5735463037962963,
            0.8768431575,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.5735463037962963,
            0.9478977847083334,
            0.5777857407407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Value \nEquity",
          "box": [
            0.08370583333333334,
            0.5777857407407407,
            0.4521679055555555,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.5777857407407407,
            0.5844401034444444,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.5777857407407407,
            0.6184914576388888,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.5777857407407407,
            0.8257761888888887,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.5777857407407407,
            0.8768431575,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.5777857407407407,
            0.9478977847083334,
            0.5903021957407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.08370583333333334,
            0.5903021957407407,
            0.4521679055555555,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2020",
          "box": [
            0.4521679055555555,
            0.5903021957407407,
            0.5844401034444444,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3",
          "box": [
            0.5844401034444444,
            0.5903021957407407,
            0.6184914576388888,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$89\n$77",
          "box": [
            0.6184914576388888,
            0.5903021957407407,
            0.8257761888888887,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $12",
          "box": [
            0.8257761888888887,
            0.5903021957407407,
            0.8768431575,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 16%",
          "box": [
            0.8768431575,
            0.5903021957407407,
            0.9478977847083334,
            0.6003791926851851
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Value",
          "box": [
            0.08370583333333334,
            0.6003791926851851,
            0.4521679055555555,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.6003791926851851,
            0.5844401034444444,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.6003791926851851,
            0.6184914576388888,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.6003791926851851,
            0.8257761888888887,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.6003791926851851,
            0.8768431575,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.6003791926851851,
            0.9478977847083334,
            0.6158675260185185
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.6158675260185185,
            0.4521679055555555,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Total",
          "box": [
            0.4521679055555555,
            0.6158675260185185,
            0.5844401034444444,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.6158675260185185,
            0.6184914576388888,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.6158675260185185,
            0.8257761888888887,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.6158675260185185,
            0.8768431575,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.6158675260185185,
            0.9478977847083334,
            0.6300391847222222
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.6300391847222222,
            0.4521679055555555,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.6300391847222222,
            0.5844401034444444,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "24",
          "box": [
            0.5844401034444444,
            0.6300391847222222,
            0.6184914576388888,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$602\n$526",
          "box": [
            0.6184914576388888,
            0.6300391847222222,
            0.8257761888888887,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $76",
          "box": [
            0.8257761888888887,
            0.6300391847222222,
            0.8768431575,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 14%",
          "box": [
            0.8768431575,
            0.6300391847222222,
            0.9478977847083334,
            0.6389400749074073
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.6389400749074073,
            0.4521679055555555,
            0.684464056388889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(excl. REO assets)",
          "box": [
            0.4521679055555555,
            0.6389400749074073,
            0.5844401034444444,
            0.684464056388889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.6389400749074073,
            0.6184914576388888,
            0.684464056388889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.6389400749074073,
            0.8257761888888887,
            0.684464056388889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.6389400749074073,
            0.8768431575,
            0.684464056388889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.6389400749074073,
            0.9478977847083334,
            0.684464056388889
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.684464056388889,
            0.4521679055555555,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "REO Assets",
          "box": [
            0.4521679055555555,
            0.684464056388889,
            0.5844401034444444,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.684464056388889,
            0.6184914576388888,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.684464056388889,
            0.8257761888888887,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.684464056388889,
            0.8768431575,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.684464056388889,
            0.9478977847083334,
            0.7299102958333333
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.7299102958333333,
            0.4521679055555555,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4521679055555555,
            0.7299102958333333,
            0.5844401034444444,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "10",
          "box": [
            0.5844401034444444,
            0.7299102958333333,
            0.6184914576388888,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$185\n$181",
          "box": [
            0.6184914576388888,
            0.7299102958333333,
            0.8257761888888887,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ $4",
          "box": [
            0.8257761888888887,
            0.7299102958333333,
            0.8768431575,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "+ 2%",
          "box": [
            0.8768431575,
            0.7299102958333333,
            0.9478977847083334,
            0.7388111860185185
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.08370583333333334,
            0.7388111860185185,
            0.4521679055555555,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(since 2020)",
          "box": [
            0.4521679055555555,
            0.7388111860185185,
            0.5844401034444444,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5844401034444444,
            0.7388111860185185,
            0.6184914576388888,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6184914576388888,
            0.7388111860185185,
            0.8257761888888887,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8257761888888887,
            0.7388111860185185,
            0.8768431575,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8768431575,
            0.7388111860185185,
            0.9478977847083334,
            0.7497929496296296
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Year",
          "box": [
            0.4521679055555555,
            0.3985253548148148,
            0.5844401034444444,
            0.40632441925925933
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "# of Property Sales",
          "box": [
            0.5844401034444444,
            0.3284557251851852,
            0.6184914576388888,
            0.40632441925925933
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Total Net Sales Proceeds",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The image shows a column header reading 'Total Net Sales Proceeds' printed in the table."
        },
        {
          "text": "Total Undepreciated Carrying Value",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The image shows a column header reading 'Total Undepreciated Carrying Value' printed in the table."
        },
        {
          "text": "$ Gain vs. Undepreciated Carrying Value",
          "box": [
            0.8257761888888887,
            0.3284557251851852,
            0.8768431575,
            0.40632441925925933
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "% Gain vs. Undepreciated Carrying Value",
          "box": [
            0.8768431575,
            0.3284557251851852,
            0.9478977847083334,
            0.40632441925925933
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Excl. REO Assets",
          "box": [
            0.4521679055555555,
            0.4291046666666667,
            0.5844401034444444,
            0.4404346666666667
          ],
          "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": "2025",
          "box": [
            0.4521679055555555,
            0.45259775129629626,
            0.5844401034444444,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1",
          "box": [
            0.5844401034444444,
            0.45259775129629626,
            0.6184914576388888,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13",
          "box": [
            0.6184914576388888,
            0.45259775129629626,
            0.8257761888888887,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$12",
          "box": [
            0.6184914576388888,
            0.45259775129629626,
            0.8257761888888887,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ $1",
          "box": [
            0.8257761888888887,
            0.45259775129629626,
            0.8768431575,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ 7%",
          "box": [
            0.8768431575,
            0.45259775129629626,
            0.9478977847083334,
            0.47685899953703703
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "2024",
          "box": [
            0.4521679055555555,
            0.47685899953703703,
            0.5844401034444444,
            0.5021816926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "7",
          "box": [
            0.5844401034444444,
            0.47685899953703703,
            0.6184914576388888,
            0.5021816926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$59",
          "box": [
            0.6184914576388888,
            0.47685899953703703,
            0.8257761888888887,
            0.5021816926851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$54",
          "box": [
            0.6184914576388888,
            0.47685899953703703,
            0.8257761888888887,
            0.5021816926851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ $4",
          "box": [
            0.8257761888888887,
            0.47685899953703703,
            0.8768431575,
            0.5021816926851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ 8%",
          "box": [
            0.8768431575,
            0.47685899953703703,
            0.9478977847083334,
            0.5021816926851851
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "2023",
          "box": [
            0.4521679055555555,
            0.5021816926851851,
            0.5844401034444444,
            0.5266767852777777
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5844401034444444,
            0.5021816926851851,
            0.6184914576388888,
            0.5266767852777777
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8257761888888887,
            0.5021816926851851,
            0.8768431575,
            0.5266767852777777
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8768431575,
            0.5021816926851851,
            0.9478977847083334,
            0.5266767852777777
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": null,
          "status": "single_character",
          "note": null
        },
        {
          "text": "\u2013",
          "box": null,
          "status": "single_character",
          "note": null
        }
      ],
      [
        {
          "text": "2022",
          "box": [
            0.4521679055555555,
            0.5413120105555556,
            0.5844401034444444,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
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        {
          "text": "8",
          "box": [
            0.5844401034444444,
            0.5413120105555556,
            0.6184914576388888,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$311",
          "box": [
            0.6184914576388888,
            0.5413120105555556,
            0.8257761888888887,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$275",
          "box": [
            0.6184914576388888,
            0.5413120105555556,
            0.8257761888888887,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
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        {
          "text": "+ $36",
          "box": [
            0.8257761888888887,
            0.5413120105555556,
            0.8768431575,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ 13%",
          "box": [
            0.8768431575,
            0.5413120105555556,
            0.9478977847083334,
            0.5511718778703704
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          "status": "reconciled",
          "note": null
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      ],
      [
        {
          "text": "2021",
          "box": [
            0.4521679055555555,
            0.5658071031481482,
            0.5844401034444444,
            0.5735463037962963
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          "status": "reconciled",
          "note": null
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        {
          "text": "5",
          "box": [
            0.5844401034444444,
            0.5658071031481482,
            0.6184914576388888,
            0.5735463037962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$131",
          "box": [
            0.6184914576388888,
            0.5658071031481482,
            0.8257761888888887,
            0.5735463037962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$108",
          "box": [
            0.6184914576388888,
            0.5658071031481482,
            0.8257761888888887,
            0.5735463037962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ $23",
          "box": [
            0.8257761888888887,
            0.5658071031481482,
            0.8768431575,
            0.5735463037962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ 21%",
          "box": [
            0.8768431575,
            0.5658071031481482,
            0.9478977847083334,
            0.5735463037962963
          ],
          "status": "reconciled",
          "note": null
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      ],
      [
        {
          "text": "2020",
          "box": [
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            0.5903021957407407,
            0.5844401034444444,
            0.6003791926851851
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          "status": "reconciled",
          "note": null
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        {
          "text": "3",
          "box": [
            0.5844401034444444,
            0.5903021957407407,
            0.6184914576388888,
            0.6003791926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$89",
          "box": [
            0.6184914576388888,
            0.5903021957407407,
            0.8257761888888887,
            0.6003791926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$77",
          "box": [
            0.6184914576388888,
            0.5903021957407407,
            0.8257761888888887,
            0.6003791926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ $12",
          "box": [
            0.8257761888888887,
            0.5903021957407407,
            0.8768431575,
            0.6003791926851851
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "+ 16%",
          "box": [
            0.8768431575,
            0.5903021957407407,
            0.9478977847083334,
            0.6003791926851851
          ],
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        }
      ],
      [
        {
          "text": "Total (excl. REO assets)",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows a row label reading 'Total (excl. REO assets)' printed in a dark blue band at the bottom of the upper section of the table."
        },
        {
          "text": "24",
          "box": [
            0.5844401034444444,
            0.6300391847222222,
            0.6184914576388888,
            0.6389400749074073
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          "note": null
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        {
          "text": "$602",
          "box": [
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            0.6300391847222222,
            0.8257761888888887,
            0.6389400749074073
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        {
          "text": "$526",
          "box": [
            0.6184914576388888,
            0.6300391847222222,
            0.8257761888888887,
            0.6389400749074073
          ],
          "status": "reconciled",
          "note": null
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        {
          "text": "+ $76",
          "box": [
            0.8257761888888887,
            0.6300391847222222,
            0.8768431575,
            0.6389400749074073
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          "status": "reconciled",
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        {
          "text": "+ 14%",
          "box": [
            0.8768431575,
            0.6300391847222222,
            0.9478977847083334,
            0.6389400749074073
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      ],
      [
        {
          "text": "REO Assets (since 2020)",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows a row label reading 'REO Assets (since 2020)' printed in a dark blue band at the bottom of the table."
        },
        {
          "text": "10",
          "box": [
            0.5844401034444444,
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            0.6184914576388888,
            0.7388111860185185
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          "status": "reconciled",
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        {
          "text": "$185",
          "box": [
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            0.8257761888888887,
            0.7388111860185185
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        {
          "text": "$181",
          "box": [
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            0.8257761888888887,
            0.7388111860185185
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          "note": null
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        {
          "text": "+ $4",
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            0.7299102958333333,
            0.8768431575,
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        {
          "text": "+ 2%",
          "box": [
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            0.9478977847083334,
            0.7388111860185185
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        "result": "Excl. REO Assets",
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    "dropped_text": [
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    "source": ".cache/s3/qubera-docs/rj-docs/Ladder-Capital-Investor-Presentation-2026-05-04.pdf",
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  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p15-t1",
    "content_fingerprint": "5ac87b10",
    "title": "SECURITIES PORTFOLIO KEY METRICS",
    "subtitle": "",
    "markdown": "| Securities portfolio assets | $2,074M |\n| --- | --- |\n| % IG-rated | 99% |\n| % AAA-rated | 96% |\n| % Unencumbered IG-rated securities | ~50% |\n| W.A. duration | 3.0 Years |\n| Avg. investment per CUSIP | $14.5M |\n| W.A. yield (unlevered) | 5.3% |",
    "footnotes": [],
    "footnote_refs": [],
    "units": "",
    "header_rows": 0,
    "page": 15,
    "bbox": [
      73.8,
      187.5,
      619.6,
      401.2
    ],
    "som_region": [
      0.10243949890136719,
      0.25704964531792535,
      0.8606240166558159,
      0.6527655707465277
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    "content_region": [
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      0.25704964531792535,
      0.8606240166558159,
      0.6416544596354167
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    "cell_grid": [
      [
        {
          "text": "S E C U R I T I E S   P O R T F O L I O",
          "box": [
            0.11077294444444452,
            0.278270962962963,
            0.49713571111111116,
            0.30449696296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "S E C U R I T I E S   P O R T F O L I O",
          "box": [
            0.49713571111111116,
            0.278270962962963,
            0.8522907944444444,
            0.30449696296296297
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "K E Y   M E T R I C S",
          "box": [
            0.11077294444444452,
            0.30449696296296297,
            0.49713571111111116,
            0.35707761111111114
          ],
          "status": null,
          "note": null
        },
        {
          "text": "C R E D I T   R A T I N G   S U M M A R Y",
          "box": [
            0.49713571111111116,
            0.30449696296296297,
            0.8522907944444444,
            0.35707761111111114
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities portfolio assets\n$2,074M",
          "box": [
            0.11077294444444452,
            0.35707761111111114,
            0.49713571111111116,
            0.412872925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.35707761111111114,
            0.8522907944444444,
            0.412872925925926
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% IG-rated\n99%",
          "box": [
            0.11077294444444452,
            0.412872925925926,
            0.49713571111111116,
            0.4532068148148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.412872925925926,
            0.8522907944444444,
            0.4532068148148149
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% AAA-rated\n96%",
          "box": [
            0.11077294444444452,
            0.4532068148148149,
            0.49713571111111116,
            0.48849759259259273
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.4532068148148149,
            0.8522907944444444,
            0.48849759259259273
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% Unencumbered IG-rated securities\n~50%",
          "box": [
            0.11077294444444452,
            0.48849759259259273,
            0.49713571111111116,
            0.5259232407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.49713571111111116,
            0.48849759259259273,
            0.8522907944444444,
            0.5259232407407408
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.11077294444444452,
            0.5259232407407408,
            0.49713571111111116,
            0.5472950185185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "IG-rated",
          "box": [
            0.49713571111111116,
            0.5259232407407408,
            0.8522907944444444,
            0.5472950185185185
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "W.A. duration\n3.0 Years",
          "box": [
            0.11077294444444452,
            0.5472950185185185,
            0.49713571111111116,
            0.5728567037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.5472950185185185,
            0.8522907944444444,
            0.5728567037037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Avg. investment per CUSIP\n$14.5M",
          "box": [
            0.11077294444444452,
            0.5728567037037037,
            0.49713571111111116,
            0.6128482592592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.5728567037037037,
            0.8522907944444444,
            0.6128482592592592
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "W.A. yield  (unlevered)\n5.3%",
          "box": [
            0.11077294444444452,
            0.6128482592592592,
            0.49713571111111116,
            0.6416544814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.49713571111111116,
            0.6128482592592592,
            0.8522907944444444,
            0.6416544814814815
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Securities portfolio assets",
          "box": [
            0.11077294444444452,
            0.35707761111111114,
            0.49713571111111116,
            0.412872925925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,074M",
          "box": [
            0.11077294444444452,
            0.35707761111111114,
            0.49713571111111116,
            0.412872925925926
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "% IG-rated",
          "box": [
            0.11077294444444452,
            0.412872925925926,
            0.49713571111111116,
            0.4532068148148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "99%",
          "box": [
            0.11077294444444452,
            0.412872925925926,
            0.49713571111111116,
            0.4532068148148149
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "% AAA-rated",
          "box": [
            0.11077294444444452,
            0.4532068148148149,
            0.49713571111111116,
            0.48849759259259273
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "96%",
          "box": [
            0.11077294444444452,
            0.4532068148148149,
            0.49713571111111116,
            0.48849759259259273
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "% Unencumbered IG-rated securities",
          "box": [
            0.11077294444444452,
            0.48849759259259273,
            0.49713571111111116,
            0.5259232407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "~50%",
          "box": [
            0.11077294444444452,
            0.48849759259259273,
            0.49713571111111116,
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    "title": "LADDER VS. EQUITY REITS: \"APPLES-TO-APPLES\" COVENANT COMPARISON",
    "subtitle": "LADDER'S ~65% LTV 1 SENIOR SECURED FIRST MORTGAGE LOANS ARE SENIOR TO PROPERTY OWNER EQUITY (VERSUS EQUITY REITS WITH FIRST-LOSS EXPOSURE)",
    "markdown": "| Metric | Ladder IG Bond Covenant | \"Look-Through\" Ladder Metric | Equity REIT IG Bond Covenant |\n| --- | --- | --- | --- |\n| TOTAL LEVERAGE | \u22643.5x Debt/Equity * (\u226478% Debt/Assets) | 65% LTV 1 | \u226451% Debt/Assets \u226460% Debt/Assets |\n| UNENCUMBERED ASSETS / UNSECURED DEBT | \u22651.20x | 65% LTV 1 \u22651.85x | \u22651.50x |\n| FIXED CHARGE COVERAGE RATIO | \u22651.25x | 1.2x DSCR 2 | \u22651.50x |",
    "footnotes": [
      "* Ladder's target leverage range is 2.0x - 3.0x",
      "Note: See publicly-filed credit agreement for additional details on revolving credit facility",
      "1. Illustrative LTV for typical Ladder first mortgage loan",
      "2. Illustrative debt service coverage ratio (DSCR) for typical Ladder first mortgage loan"
    ],
    "footnote_refs": [
      "1",
      "2",
      "*"
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    "units": "",
    "header_rows": 1,
    "page": 22,
    "bbox": [
      18.4,
      9.1,
      719.2,
      533.1
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      [
        {
          "text": "L A D D E R   V S .   E Q U I T Y   R E I T S   :",
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      ],
      [
        {
          "text": "\u201c A P P L E S - T O - A P P L E S \u201d   C O V E N A N T   C O M P A R I S O N",
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      ],
      [
        {
          "text": "L A D D E R \u2019 S   ~ 6 5 %   L T V  \n1   S E N I O R   S E C U R E D   F I R S T   M O R T G A G E   L O A N S   A R E   S E N I O R   T O",
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      ],
      [
        {
          "text": "( V E R S U S   E Q U I T Y   R E I T S   W I T H   F I R S T - L O S S   E X P O S U R E )\nP R O P E R T Y   O W N E R   E Q U I T Y",
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      [
        {
          "text": "L A D D E R\nE Q U I T Y   R E I T",
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      [
        {
          "text": "\u201c L O O K - T H R O U G H \u201d",
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      [
        {
          "text": "I G   B O N D\nI G   B O N D",
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          "box": [
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      ],
      [
        {
          "text": "L A D D E R   M E T R I C",
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      ],
      [
        {
          "text": "C O V E N A N T\nC O V E N A N T",
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          "box": [
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      [
        {
          "text": "T O T A L\n\u2264 3.5x Debt / Equity *",
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          "box": [
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      [
        {
          "text": "\u2264 60% Debt / Assets\n\u2264 51% Debt / Assets",
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          "box": [
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      [
        {
          "text": "L E V E R A G E\n65% LTV 1",
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          "box": [
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          "text": "( \u2264 78% Debt / Assets )",
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          "box": [
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        {
          "text": "U N E N C U M B E R E D",
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        },
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          "box": [
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      ],
      [
        {
          "text": "\u2265 1.20x\n\u2265 1.50x",
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          "box": [
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      [
        {
          "text": "\u2265 1.85x\nA S S E T S   /",
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          "box": [
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          "text": "65% LTV 1",
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          "box": [
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      [
        {
          "text": "U N S E C U R E D   D E B T",
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          "box": [
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      ],
      [
        {
          "text": "F I X E D   C H A R G E",
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        },
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      [
        {
          "text": "\u2265 1.25x\n\u2265 1.50x",
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          "box": [
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          "text": "\u2265 1.50x",
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      ],
      [
        {
          "text": "2\nC O V E R A G E   R A T I O",
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          "box": [
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          "text": "1.2x DSCR",
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        {
          "text": "* Ladder\u2019s target leverage range is 2.0x - 3.0x",
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          "text": "Note:  See publicly-filed credit agreement for additional details on revolving credit facility",
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          "text": "1.  Illustrative LTV for typical Ladder first mortgage loan",
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          "text": "2.  Illustrative debt service coverage ratio (DSCR) for typical Ladder first mortgage loan",
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          "note": "The image shows no printed text at the header position of the first column; the left side of the table begins with the row labels (TOTAL LEVERAGE, UNENCUMBERED ASSETS / UNSECURED DEBT, FIXED CHARGE COVERAGE RATIO)."
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          "text": "TOTAL LEVERAGE",
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          "text": "\u22643.5x Debt/Equity * (\u226478% Debt/Assets)",
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          "text": "65% LTV 1",
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          "text": "\u226451% Debt/Assets \u226460% Debt/Assets",
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    "markdown": "|  | Snapshot of Business Lines |  |  |\n| --- | --- | --- | --- |\n| Balance Sheet Loans |  | Net Leased Commercial Real Estate  (100% Owned) |  |\n| Carrying Value of Assets | $2,606 | Carrying Value of Assets | $397 |\n| A\nSecured Financing on Assets | \u2013 | Undepreciated Book Value of Assets | 596 |\n| Net Equity Invested (excl. Corporate Debt) | 2,606 | D\nSecured Financing on Assets | 277 |\n| % First Mortgage | 99.9% | Net Equity Invested (excl. Corporate Debt) | 319 |\n| % Other (Mezzanine / Subordinate) | 0.1% | Total Square Feet | 3,437,369 |\n| Weighted-Average Yield | 8.0% | Weighted-Average % Leased | 100% |\n| Origination Volume  (LTM) | $1,724 | In-Place Annual Net Operating Income  (NOI) | $39.4 |\n| Funding Volume  (LTM) | 1,620 |  | 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 | $28 | Carrying Value of Assets | $378 |\n| B\nSecured Financing on Assets | \u2013 | Undepreciated Book Value of Assets | 451 |\n| Net Equity Invested (excl. Corporate Debt) | 28 | E\nSecured Financing on Assets | 107 |",
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    "bbox": [
      46.1,
      259.8,
      459.0,
      434.8
    ],
    "som_region": [
      0.06401629977756076,
      0.19473758273654515,
      0.6375264909532334,
      0.5188199643735533
    ],
    "content_region": [
      0.06401629977756076,
      0.19473758273654515,
      0.6375264909532334,
      0.5184747766565394
    ],
    "cell_grid": [
      [
        {
          "text": "",
          "box": [
            0.07235022888888902,
            0.2110512044444445,
            0.2541637002638889,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Snapshot of Business Lines",
          "box": [
            0.2541637002638889,
            0.2110512044444445,
            0.3507753405972223,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.2110512044444445,
            0.5783580189722222,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.2110512044444445,
            0.6291930194444446,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Balance Sheet Loans",
          "box": [
            0.07235022888888902,
            0.2317339160185186,
            0.2541637002638889,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.2317339160185186,
            0.3507753405972223,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net Leased Commercial Real Estate  (100% Owned)",
          "box": [
            0.3507753405972223,
            0.2317339160185186,
            0.5783580189722222,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.2317339160185186,
            0.6291930194444446,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.07235022888888902,
            0.2532921130555556,
            0.2541637002638889,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,606",
          "box": [
            0.2541637002638889,
            0.2532921130555556,
            0.3507753405972223,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.3507753405972223,
            0.2532921130555556,
            0.5783580189722222,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$397",
          "box": [
            0.5783580189722222,
            0.2532921130555556,
            0.6291930194444446,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "A\nSecured Financing on Assets",
          "box": [
            0.07235022888888902,
            0.2720138640740741,
            0.2541637002638889,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.2541637002638889,
            0.2720138640740741,
            0.3507753405972223,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated Book Value of Assets",
          "box": [
            0.3507753405972223,
            0.2720138640740741,
            0.5783580189722222,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "596",
          "box": [
            0.5783580189722222,
            0.2720138640740741,
            0.6291930194444446,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.07235022888888902,
            0.29117880259259266,
            0.2541637002638889,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,606",
          "box": [
            0.2541637002638889,
            0.29117880259259266,
            0.3507753405972223,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "D\nSecured Financing on Assets",
          "box": [
            0.3507753405972223,
            0.29117880259259266,
            0.5783580189722222,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "277",
          "box": [
            0.5783580189722222,
            0.29117880259259266,
            0.6291930194444446,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% First Mortgage",
          "box": [
            0.07235022888888902,
            0.3103437411111111,
            0.2541637002638889,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99.9%",
          "box": [
            0.2541637002638889,
            0.3103437411111111,
            0.3507753405972223,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.3507753405972223,
            0.3103437411111111,
            0.5783580189722222,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "319",
          "box": [
            0.5783580189722222,
            0.3103437411111111,
            0.6291930194444446,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% Other (Mezzanine / Subordinate)",
          "box": [
            0.07235022888888902,
            0.32950787666666664,
            0.2541637002638889,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.1%",
          "box": [
            0.2541637002638889,
            0.32950787666666664,
            0.3507753405972223,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Total Square Feet",
          "box": [
            0.3507753405972223,
            0.32950787666666664,
            0.5783580189722222,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3,437,369",
          "box": [
            0.5783580189722222,
            0.32950787666666664,
            0.6291930194444446,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Average Yield",
          "box": [
            0.07235022888888902,
            0.3486720429629629,
            0.2541637002638889,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.0%",
          "box": [
            0.2541637002638889,
            0.3486720429629629,
            0.3507753405972223,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Weighted-Average % Leased",
          "box": [
            0.3507753405972223,
            0.3486720429629629,
            0.5783580189722222,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.5783580189722222,
            0.3486720429629629,
            0.6291930194444446,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Origination Volume  (LTM)",
          "box": [
            0.07235022888888902,
            0.36783648740740743,
            0.2541637002638889,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,724",
          "box": [
            0.2541637002638889,
            0.36783648740740743,
            0.3507753405972223,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "In-Place Annual Net Operating Income  (NOI)",
          "box": [
            0.3507753405972223,
            0.36783648740740743,
            0.5783580189722222,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
            0.5783580189722222,
            0.36783648740740743,
            0.6291930194444446,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Funding Volume  (LTM)",
          "box": [
            0.07235022888888902,
            0.3867525803703704,
            0.2541637002638889,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,620",
          "box": [
            0.2541637002638889,
            0.3867525803703704,
            0.3507753405972223,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.3867525803703704,
            0.5783580189722222,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Accounting method:  carried at depreciated book value",
          "box": [
            0.5783580189722222,
            0.3867525803703704,
            0.6291930194444446,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accounting method:  carried at amortized cost",
          "box": [
            0.07235022888888902,
            0.4059172099999999,
            0.2541637002638889,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.4059172099999999,
            0.3507753405972223,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.4059172099999999,
            0.5783580189722222,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.4059172099999999,
            0.6291930194444446,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.07235022888888902,
            0.43393031527777787,
            0.2541637002638889,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.43393031527777787,
            0.3507753405972223,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,\n2",
          "box": [
            0.3507753405972223,
            0.43393031527777787,
            0.5783580189722222,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.43393031527777787,
            0.6291930194444446,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Conduit Loans",
          "box": [
            0.07235022888888902,
            0.4507317924074075,
            0.2541637002638889,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.4507317924074075,
            0.3507753405972223,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Diversified Commercial Real Estate",
          "box": [
            0.3507753405972223,
            0.4507317924074075,
            0.5783580189722222,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.4507317924074075,
            0.6291930194444446,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.07235022888888902,
            0.4641016948148149,
            0.2541637002638889,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28",
          "box": [
            0.2541637002638889,
            0.4641016948148149,
            0.3507753405972223,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.3507753405972223,
            0.4641016948148149,
            0.5783580189722222,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$378",
          "box": [
            0.5783580189722222,
            0.4641016948148149,
            0.6291930194444446,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "B\nSecured Financing on Assets",
          "box": [
            0.07235022888888902,
            0.48282423444444433,
            0.2541637002638889,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.2541637002638889,
            0.48282423444444433,
            0.3507753405972223,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated Book Value of Assets",
          "box": [
            0.3507753405972223,
            0.48282423444444433,
            0.5783580189722222,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "451",
          "box": [
            0.5783580189722222,
            0.48282423444444433,
            0.6291930194444446,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.07235022888888902,
            0.5019888640740741,
            0.2541637002638889,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "28",
          "box": [
            0.2541637002638889,
            0.5019888640740741,
            0.3507753405972223,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "E\nSecured Financing on Assets",
          "box": [
            0.3507753405972223,
            0.5019888640740741,
            0.5783580189722222,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "107",
          "box": [
            0.5783580189722222,
            0.5019888640740741,
            0.6291930194444446,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": [
            0.07235022888888902,
            0.2110512044444445,
            0.2541637002638889,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Snapshot of Business Lines",
          "box": [
            0.2541637002638889,
            0.2110512044444445,
            0.3507753405972223,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.2110512044444445,
            0.5783580189722222,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.2110512044444445,
            0.6291930194444446,
            0.2317339160185186
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Balance Sheet Loans",
          "box": [
            0.07235022888888902,
            0.2317339160185186,
            0.2541637002638889,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.2317339160185186,
            0.3507753405972223,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net Leased Commercial Real Estate  (100% Owned)",
          "box": [
            0.3507753405972223,
            0.2317339160185186,
            0.5783580189722222,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.2317339160185186,
            0.6291930194444446,
            0.2532921130555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.07235022888888902,
            0.2532921130555556,
            0.2541637002638889,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,606",
          "box": [
            0.2541637002638889,
            0.2532921130555556,
            0.3507753405972223,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.3507753405972223,
            0.2532921130555556,
            0.5783580189722222,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$397",
          "box": [
            0.5783580189722222,
            0.2532921130555556,
            0.6291930194444446,
            0.2720138640740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "A\nSecured Financing on Assets",
          "box": [
            0.07235022888888902,
            0.2720138640740741,
            0.2541637002638889,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.2541637002638889,
            0.2720138640740741,
            0.3507753405972223,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated Book Value of Assets",
          "box": [
            0.3507753405972223,
            0.2720138640740741,
            0.5783580189722222,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "596",
          "box": [
            0.5783580189722222,
            0.2720138640740741,
            0.6291930194444446,
            0.29117880259259266
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.07235022888888902,
            0.29117880259259266,
            0.2541637002638889,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,606",
          "box": [
            0.2541637002638889,
            0.29117880259259266,
            0.3507753405972223,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "D\nSecured Financing on Assets",
          "box": [
            0.3507753405972223,
            0.29117880259259266,
            0.5783580189722222,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "277",
          "box": [
            0.5783580189722222,
            0.29117880259259266,
            0.6291930194444446,
            0.3103437411111111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% First Mortgage",
          "box": [
            0.07235022888888902,
            0.3103437411111111,
            0.2541637002638889,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99.9%",
          "box": [
            0.2541637002638889,
            0.3103437411111111,
            0.3507753405972223,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.3507753405972223,
            0.3103437411111111,
            0.5783580189722222,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        },
        {
          "text": "319",
          "box": [
            0.5783580189722222,
            0.3103437411111111,
            0.6291930194444446,
            0.32950787666666664
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% Other (Mezzanine / Subordinate)",
          "box": [
            0.07235022888888902,
            0.32950787666666664,
            0.2541637002638889,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.1%",
          "box": [
            0.2541637002638889,
            0.32950787666666664,
            0.3507753405972223,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Total Square Feet",
          "box": [
            0.3507753405972223,
            0.32950787666666664,
            0.5783580189722222,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3,437,369",
          "box": [
            0.5783580189722222,
            0.32950787666666664,
            0.6291930194444446,
            0.3486720429629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Average Yield",
          "box": [
            0.07235022888888902,
            0.3486720429629629,
            0.2541637002638889,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.0%",
          "box": [
            0.2541637002638889,
            0.3486720429629629,
            0.3507753405972223,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Weighted-Average % Leased",
          "box": [
            0.3507753405972223,
            0.3486720429629629,
            0.5783580189722222,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.5783580189722222,
            0.3486720429629629,
            0.6291930194444446,
            0.36783648740740743
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Origination Volume  (LTM)",
          "box": [
            0.07235022888888902,
            0.36783648740740743,
            0.2541637002638889,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,724",
          "box": [
            0.2541637002638889,
            0.36783648740740743,
            0.3507753405972223,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "In-Place Annual Net Operating Income  (NOI)",
          "box": [
            0.3507753405972223,
            0.36783648740740743,
            0.5783580189722222,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
            0.5783580189722222,
            0.36783648740740743,
            0.6291930194444446,
            0.3867525803703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Funding Volume  (LTM)",
          "box": [
            0.07235022888888902,
            0.3867525803703704,
            0.2541637002638889,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,620",
          "box": [
            0.2541637002638889,
            0.3867525803703704,
            0.3507753405972223,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.3867525803703704,
            0.5783580189722222,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Accounting method:  carried at depreciated book value",
          "box": [
            0.5783580189722222,
            0.3867525803703704,
            0.6291930194444446,
            0.4059172099999999
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accounting method:  carried at amortized cost",
          "box": [
            0.07235022888888902,
            0.4059172099999999,
            0.2541637002638889,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.4059172099999999,
            0.3507753405972223,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3507753405972223,
            0.4059172099999999,
            0.5783580189722222,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.4059172099999999,
            0.6291930194444446,
            0.43393031527777787
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.07235022888888902,
            0.43393031527777787,
            0.2541637002638889,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.43393031527777787,
            0.3507753405972223,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,\n2",
          "box": [
            0.3507753405972223,
            0.43393031527777787,
            0.5783580189722222,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.43393031527777787,
            0.6291930194444446,
            0.4507317924074075
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Conduit Loans",
          "box": [
            0.07235022888888902,
            0.4507317924074075,
            0.2541637002638889,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2541637002638889,
            0.4507317924074075,
            0.3507753405972223,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Diversified Commercial Real Estate",
          "box": [
            0.3507753405972223,
            0.4507317924074075,
            0.5783580189722222,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5783580189722222,
            0.4507317924074075,
            0.6291930194444446,
            0.4641016948148149
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.07235022888888902,
            0.4641016948148149,
            0.2541637002638889,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28",
          "box": [
            0.2541637002638889,
            0.4641016948148149,
            0.3507753405972223,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Carrying Value of Assets",
          "box": [
            0.3507753405972223,
            0.4641016948148149,
            0.5783580189722222,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$378",
          "box": [
            0.5783580189722222,
            0.4641016948148149,
            0.6291930194444446,
            0.48282423444444433
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "B\nSecured Financing on Assets",
          "box": [
            0.07235022888888902,
            0.48282423444444433,
            0.2541637002638889,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.2541637002638889,
            0.48282423444444433,
            0.3507753405972223,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Undepreciated Book Value of Assets",
          "box": [
            0.3507753405972223,
            0.48282423444444433,
            0.5783580189722222,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "451",
          "box": [
            0.5783580189722222,
            0.48282423444444433,
            0.6291930194444446,
            0.5019888640740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested (excl. Corporate Debt)",
          "box": [
            0.07235022888888902,
            0.5019888640740741,
            0.2541637002638889,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "28",
          "box": [
            0.2541637002638889,
            0.5019888640740741,
            0.3507753405972223,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "E\nSecured Financing on Assets",
          "box": [
            0.3507753405972223,
            0.5019888640740741,
            0.5783580189722222,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "107",
          "box": [
            0.5783580189722222,
            0.5019888640740741,
            0.6291930194444446,
            0.5184748207407407
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "merged_cells": [],
    "dropped_text": [],
    "flavor": "stream",
    "kind": "text_table",
    "source": ".cache/s3/qubera-docs/rj-docs/Ladder-Capital-Investor-Presentation-2026-05-04.pdf",
    "camelot_accuracy": 96.98,
    "classifier_decision": null,
    "llm_corrected": false,
    "extraction_record": null
  },
  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p29-t2",
    "content_fingerprint": "3e230583",
    "title": "Total Assets & Liabilities, Book Equity, Leverage and ROE",
    "subtitle": "",
    "markdown": "| Book Equity Value |  |\n| --- | --- |\n| GAAP Book Equity Value (excl. NCI) | $1,447 |\n| Total Shares Outstanding (mm) | 127.7 |\n| GAAP Book Value per Share 6 | $11.33 |\n| Undepreciated Book Value per Share 6 | $13.42 |\n| Leverage |  |\n| Adjusted Debt (for Adjusted Leverage Ratio) | $4,028 |\n| Total Adjusted Equity | 1,745 |\n| Adjusted Leverage Ratio | 2.3x |\n| Return on Average Equity 6 |  |\n| Distributable Earnings (LTM) | $112 |\n| Average Shareholders' Equity Value (LTM) | 1,491 |\n| After-Tax Distributable ROAE (LTM) | 7.3% |",
    "footnotes": [],
    "footnote_refs": [
      "6"
    ],
    "units": "",
    "header_rows": 1,
    "page": 29,
    "bbox": [
      518.4,
      88.4,
      707.3,
      259.8
    ],
    "som_region": [
      0.7200549655490451,
      0.5188199643735533,
      0.9823668585883246,
      0.8362192789713542
    ],
    "content_region": [
      0.7200549655490451,
      0.5188199643735533,
      0.9823668585883246,
      0.8251081678602431
    ],
    "cell_grid": [
      [
        {
          "text": "Book Equity Value",
          "box": [
            0.7047284677777778,
            0.5436588814814814,
            0.9113887867222221,
            0.5598136103703705
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.5436588814814814,
            0.9607484861944444,
            0.5598136103703705
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "GAAP Book Equity Value  (excl. NCI)",
          "box": [
            0.7047284677777778,
            0.5598136103703705,
            0.9113887867222221,
            0.5786469503703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,447",
          "box": [
            0.9113887867222221,
            0.5598136103703705,
            0.9607484861944444,
            0.5786469503703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Shares Outstanding (mm)",
          "box": [
            0.7047284677777778,
            0.5786469503703704,
            0.9113887867222221,
            0.5969689540740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.7",
          "box": [
            0.9113887867222221,
            0.5786469503703704,
            0.9607484861944444,
            0.5969689540740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "6",
          "box": [
            0.7047284677777778,
            0.5969689540740741,
            0.9113887867222221,
            0.6036085837037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.5969689540740741,
            0.9607484861944444,
            0.6036085837037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "GAAP Book Value per Share",
          "box": [
            0.7047284677777778,
            0.6036085837037037,
            0.9113887867222221,
            0.6162467318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.33",
          "box": [
            0.9113887867222221,
            0.6036085837037037,
            0.9607484861944444,
            0.6162467318518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "6",
          "box": [
            0.7047284677777778,
            0.6162467318518519,
            0.9113887867222221,
            0.6227732133333332
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.6162467318518519,
            0.9607484861944444,
            0.6227732133333332
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Book Value per Share",
          "box": [
            0.7047284677777778,
            0.6227732133333332,
            0.9113887867222221,
            0.6451024630555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.42",
          "box": [
            0.9113887867222221,
            0.6227732133333332,
            0.9607484861944444,
            0.6451024630555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "6",
          "box": [
            0.7047284677777778,
            0.6451024630555556,
            0.9113887867222221,
            0.6615421627777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.6451024630555556,
            0.9607484861944444,
            0.6615421627777778
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Leverage",
          "box": [
            0.7047284677777778,
            0.6615421627777778,
            0.9113887867222221,
            0.6748008167592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.6615421627777778,
            0.9607484861944444,
            0.6748008167592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted Debt  (for Adjusted Leverage Ratio)",
          "box": [
            0.7047284677777778,
            0.6748008167592593,
            0.9113887867222221,
            0.6936344503703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,028",
          "box": [
            0.9113887867222221,
            0.6748008167592593,
            0.9607484861944444,
            0.6936344503703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Adjusted Equity",
          "box": [
            0.7047284677777778,
            0.6936344503703704,
            0.9113887867222221,
            0.7127992344444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,745",
          "box": [
            0.9113887867222221,
            0.6936344503703704,
            0.9607484861944444,
            0.7127992344444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted Leverage Ratio",
          "box": [
            0.7047284677777778,
            0.7127992344444445,
            0.9113887867222221,
            0.7408123397222223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.3x",
          "box": [
            0.9113887867222221,
            0.7127992344444445,
            0.9607484861944444,
            0.7408123397222223
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "6",
          "box": [
            0.7047284677777778,
            0.7408123397222223,
            0.9113887867222221,
            0.7573650331481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.7408123397222223,
            0.9607484861944444,
            0.7573650331481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Return on Average Equity",
          "box": [
            0.7047284677777778,
            0.7573650331481482,
            0.9113887867222221,
            0.7706236871296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9113887867222221,
            0.7573650331481482,
            0.9607484861944444,
            0.7706236871296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable Earnings  (LTM)",
          "box": [
            0.7047284677777778,
            0.7706236871296296,
            0.9113887867222221,
            0.7894574133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$112",
          "box": [
            0.9113887867222221,
            0.7706236871296296,
            0.9607484861944444,
            0.7894574133333333
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Average Shareholders' Equity Value  (LTM)",
          "box": [
            0.7047284677777778,
            0.7894574133333333,
            0.9113887867222221,
            0.808622042962963
          ],
          "status": null,
          "note": null
        },
        {
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  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p30-t1",
    "content_fingerprint": "67c07f34",
    "title": "LOAN PORTFOLIO KEY METRICS",
    "subtitle": "",
    "markdown": "| Type of Loan | Loan Balance 1 | % of Loan Portfolio | % of Total Assets | Business Plan | Rate | W.A. Coupon | W.A. LTV |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Balance Sheet First Mortgage Loans | $2,604 | 98.9% | 46.4% | Held for investment | Generally floating-rate | 7.0% | 67.8% |\n| Conduit First Mortgage Loans | $28 | 1.0% | 0.5% | Held for sale | Generally fixed-rate | 4.6% | 58.9% |\n| Mezzanine and Other CRE-Related Loans | $3 | 0.1% | 0.1% | Held for investment | Fixed or floating-rate | 11.5% | 58.6% |\n| Total | $2,634 | 100.0% | 47.0% |  |  | 7.0% (coupon) 8.0% (yield) 2 | 67.7% |",
    "footnotes": [
      "Amounts are shown before $47.1 million CECL allowance",
      "Excludes impact of non-accrual loans. For additional details on non-accrual loans, refer to Company's 10-Q and 10-K filings. Including impact of non-accrual loans, weighted-average yield was 7.7%"
    ],
    "footnote_refs": [
      "1",
      "2"
    ],
    "units": "(Dollars in millions)",
    "header_rows": 1,
    "page": 30,
    "bbox": [
      21.2,
      9.2,
      719.2,
      507.6
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    "som_region": [
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    "cell_grid": [
      [
        {
          "text": "L O A N   P O R T F O L I O   K E Y   M E T R I C S",
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          "box": [
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      [
        {
          "text": "W.A. \nType of\n Loan \n% of Loan \n% of Total \nBusiness",
          "box": [
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        {
          "text": "W.A.",
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            0.26723092592592596
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          "status": null,
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        },
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          "text": "",
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      ],
      [
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          "text": "1",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "text": "Loan\nBalance \nPortfolio\nAssets\nPlan\nRate\nCoupon",
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          "text": "Balance Sheet",
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        },
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        },
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      [
        {
          "text": "$2,604\n98.9%\n46.4%\n7.0%\nFirst Mortgage",
          "box": [
            0.037842027777777766,
            0.35383614814814807,
            0.8862320694444444,
            0.36566025925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67.8%",
          "box": [
            0.8862320694444444,
            0.35383614814814807,
            0.9505309611111111,
            0.36566025925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.35383614814814807,
            0.9905364444444444,
            0.36566025925925927
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "investment\nfloating-rate",
          "box": [
            0.037842027777777766,
            0.36566025925925927,
            0.8862320694444444,
            0.37621759259259263
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.36566025925925927,
            0.9505309611111111,
            0.37621759259259263
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.36566025925925927,
            0.9905364444444444,
            0.37621759259259263
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loans",
          "box": [
            0.037842027777777766,
            0.37621759259259263,
            0.8862320694444444,
            0.4227690370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.37621759259259263,
            0.9505309611111111,
            0.4227690370370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.37621759259259263,
            0.9905364444444444,
            0.4227690370370371
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Generally \nConduit First",
          "box": [
            0.037842027777777766,
            0.4227690370370371,
            0.8862320694444444,
            0.46995770370370366
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.4227690370370371,
            0.9505309611111111,
            0.46995770370370366
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.4227690370370371,
            0.9905364444444444,
            0.46995770370370366
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "$28\n1.0%\n0.5%\nHeld for sale\n4.6%",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "58.9%",
          "box": [
            0.8862320694444444,
            0.46995770370370366,
            0.9505309611111111,
            0.4790712592592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.46995770370370366,
            0.9905364444444444,
            0.4790712592592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "fixed-rate\nMortgage Loans",
          "box": [
            0.037842027777777766,
            0.4790712592592593,
            0.8862320694444444,
            0.5287777037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.4790712592592593,
            0.9505309611111111,
            0.5287777037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.4790712592592593,
            0.9905364444444444,
            0.5287777037037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Mezzanine and",
          "box": [
            0.037842027777777766,
            0.5287777037037037,
            0.8862320694444444,
            0.5742100370370369
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.5287777037037037,
            0.9505309611111111,
            0.5742100370370369
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.5287777037037037,
            0.9905364444444444,
            0.5742100370370369
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Held for \nFixed or",
          "box": [
            0.037842027777777766,
            0.5742100370370369,
            0.8862320694444444,
            0.5831694814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.5742100370370369,
            0.9505309611111111,
            0.5831694814814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.5742100370370369,
            0.9905364444444444,
            0.5831694814814815
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "$3\n0.1%\n0.1%\n11.5%\nOther CRE-Related",
          "box": [
            0.037842027777777766,
            0.5831694814814815,
            0.8862320694444444,
            0.5949935925925924
          ],
          "status": null,
          "note": null
        },
        {
          "text": "58.6%",
          "box": [
            0.8862320694444444,
            0.5831694814814815,
            0.9505309611111111,
            0.5949935925925924
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.5831694814814815,
            0.9905364444444444,
            0.5949935925925924
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "investment\nfloating-rate",
          "box": [
            0.037842027777777766,
            0.5949935925925924,
            0.8862320694444444,
            0.605550925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.5949935925925924,
            0.9505309611111111,
            0.605550925925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.5949935925925924,
            0.9905364444444444,
            0.605550925925926
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loans",
          "box": [
            0.037842027777777766,
            0.605550925925926,
            0.8862320694444444,
            0.6474357037037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.605550925925926,
            0.9505309611111111,
            0.6474357037037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.605550925925926,
            0.9905364444444444,
            0.6474357037037036
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "7.0% (coupon)",
          "box": [
            0.037842027777777766,
            0.6474357037037036,
            0.8862320694444444,
            0.6891523703703705
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.6474357037037036,
            0.9505309611111111,
            0.6891523703703705
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.6474357037037036,
            0.9905364444444444,
            0.6891523703703705
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2\n$2,634\n100.0%\n47.0%\nTotal",
          "box": [
            0.037842027777777766,
            0.6891523703703705,
            0.8862320694444444,
            0.7003808148148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67.7%",
          "box": [
            0.8862320694444444,
            0.6891523703703705,
            0.9505309611111111,
            0.7003808148148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.6891523703703705,
            0.9905364444444444,
            0.7003808148148148
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "8.0% (yield)",
          "box": [
            0.037842027777777766,
            0.7003808148148148,
            0.8862320694444444,
            0.82092
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.7003808148148148,
            0.9505309611111111,
            0.82092
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.7003808148148148,
            0.9905364444444444,
            0.82092
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Note:  As of 03/31/2026.  Dollars in millions.",
          "box": [
            0.037842027777777766,
            0.82092,
            0.8862320694444444,
            0.942506962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.82092,
            0.9505309611111111,
            0.942506962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.82092,
            0.9905364444444444,
            0.942506962962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1.  Amounts are shown before $47.1 million CECL allowance",
          "box": [
            0.037842027777777766,
            0.942506962962963,
            0.8862320694444444,
            0.9562510740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.942506962962963,
            0.9505309611111111,
            0.9562510740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9505309611111111,
            0.942506962962963,
            0.9905364444444444,
            0.9562510740740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2.  Excludes impact of non-accrual loans.  For additional details on non-accrual loans, refer to Company\u2019s 10-Q and 10-K filings.  Including impact of non-accrual loans, weighted-average yield was 7.7%",
          "box": [
            0.037842027777777766,
            0.9562510740740741,
            0.8862320694444444,
            0.9718437407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8862320694444444,
            0.9562510740740741,
            0.9505309611111111,
            0.9718437407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "30",
          "box": [
            0.9505309611111111,
            0.9562510740740741,
            0.9905364444444444,
            0.9718437407407408
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Type of Loan",
          "box": [
            0.037842027777777766,
            0.19498159259259268,
            0.8862320694444444,
            0.26723092592592596
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Loan Balance 1",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The header row shows 'Loan Balance \u00b9' printed in the second column."
        },
        {
          "text": "% of Loan Portfolio",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The header row shows '% of Loan Portfolio' printed in the third column."
        },
        {
          "text": "% of Total Assets",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The header row shows '% of Total Assets' printed in the fourth column."
        },
        {
          "text": "Business Plan",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The header row shows 'Business Plan' printed in the fifth column."
        },
        {
          "text": "Rate",
          "box": [
            0.037842027777777766,
            0.27445737037037043,
            0.8862320694444444,
            0.31083492592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "W.A. Coupon",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The header row shows 'W.A. Coupon' printed in the seventh column."
        },
        {
          "text": "W.A. LTV",
          "box": [
            0.8862320694444444,
            0.19498159259259268,
            0.9505309611111111,
            0.31083492592592593
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Balance Sheet First Mortgage Loans",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The first data row shows 'Balance Sheet First Mortgage Loans' printed as a row label, wrapped across two lines."
        },
        {
          "text": "$2,604",
          "box": [
            0.037842027777777766,
            0.35383614814814807,
            0.8862320694444444,
            0.36566025925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "98.9%",
          "box": [
            0.037842027777777766,
            0.35383614814814807,
            0.8862320694444444,
            0.36566025925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "46.4%",
          "box": [
            0.037842027777777766,
            0.35383614814814807,
            0.8862320694444444,
            0.36566025925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Held for investment",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The first data row shows 'Held for investment' printed in the Business Plan column."
        },
        {
          "text": "Generally floating-rate",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The first data row shows 'Generally floating-rate' printed in the Rate column."
        },
        {
          "text": "7.0%",
          "box": [
            0.037842027777777766,
            0.35383614814814807,
            0.8862320694444444,
            0.36566025925925927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "67.8%",
          "box": [
            0.8862320694444444,
            0.35383614814814807,
            0.9505309611111111,
            0.36566025925925927
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Conduit First Mortgage Loans",
          "box": [
            0.037842027777777766,
            0.4227690370370371,
            0.8862320694444444,
            0.5287777037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.0%",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.5%",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Held for sale",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Generally fixed-rate",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The second data row shows 'Generally fixed-rate' printed in the Rate column."
        },
        {
          "text": "4.6%",
          "box": [
            0.037842027777777766,
            0.46995770370370366,
            0.8862320694444444,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "58.9%",
          "box": [
            0.8862320694444444,
            0.46995770370370366,
            0.9505309611111111,
            0.4790712592592593
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Mezzanine and Other CRE-Related Loans",
          "box": [
            0.037842027777777766,
            0.5287777037037037,
            0.8862320694444444,
            0.6474357037037036
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3",
          "box": [
            0.037842027777777766,
            0.5831694814814815,
            0.8862320694444444,
            0.5949935925925924
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.1%",
          "box": [
            0.037842027777777766,
            0.5831694814814815,
            0.8862320694444444,
            0.5949935925925924
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.1%",
          "box": [
            0.037842027777777766,
            0.5831694814814815,
            0.8862320694444444,
            0.5949935925925924
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Held for investment",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The third data row shows 'Held for investment' printed in the Business Plan column."
        },
        {
          "text": "Fixed or floating-rate",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The third data row shows 'Fixed or floating-rate' printed in the Rate column."
        },
        {
          "text": "11.5%",
          "box": [
            0.037842027777777766,
            0.5831694814814815,
            0.8862320694444444,
            0.5949935925925924
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "58.6%",
          "box": [
            0.8862320694444444,
            0.5831694814814815,
            0.9505309611111111,
            0.5949935925925924
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total",
          "box": [
            0.037842027777777766,
            0.6891523703703705,
            0.8862320694444444,
            0.7003808148148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,634",
          "box": [
            0.037842027777777766,
            0.6891523703703705,
            0.8862320694444444,
            0.7003808148148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "100.0%",
          "box": [
            0.037842027777777766,
            0.6891523703703705,
            0.8862320694444444,
            0.7003808148148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
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    "title": "CRE EQUITY PORTFOLIO KEY METRICS",
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    "markdown": "| Type of Real Estate | Undepreciated Asset Value | Asset Carrying Value (Depreciated) | % of CRE Equity Portfolio (Undepreciated) | Non-Recourse Mortgage Financing | Net Equity Invested (Undepreciated) | ~Total Square Feet | In-Place Annual Net Operating Income |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Net Leased Commercial Real Estate (149 properties) | $596 | $397 | 56.9% | $277 | $319 | 3,437,369 | $39.4 |\n| Diversified Commercial Real Estate 1 (16 properties; 61 buildings) | $451 | $378 | 43.1% | $107 | $344 | 2,248,504 | $27.4 |\n| Total / W.A. (165 properties) | $1,047 | $776 | 100.0% | $384 | $663 | 5,685,873 | $66.8 |",
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          "text": "C R E   E Q U I T Y   P O R T F O L I O   K E Y   M E T R I C S",
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        {
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        {
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        {
          "text": "$319",
          "box": [
            0.6373892944444445,
            0.32103903703703707,
            0.7691669833333334,
            0.3505217037037037
          ],
          "status": null,
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        },
        {
          "text": "3,437,369",
          "box": [
            0.7691669833333334,
            0.32103903703703707,
            0.8755887472222222,
            0.3505217037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
            0.8755887472222222,
            0.32103903703703707,
            0.9735318388888886,
            0.3505217037037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real Estate",
          "box": [
            0.04470305555555554,
            0.3505217037037037,
            0.20335000555555555,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.3505217037037037,
            0.2977854916666667,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.3505217037037037,
            0.4169896444444445,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.3505217037037037,
            0.5429129194444445,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.3505217037037037,
            0.6373892944444445,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.3505217037037037,
            0.7691669833333334,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.3505217037037037,
            0.8755887472222222,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.3505217037037037,
            0.9735318388888886,
            0.37234692592592605
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "(149 properties)",
          "box": [
            0.04470305555555554,
            0.37234692592592605,
            0.20335000555555555,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.37234692592592605,
            0.2977854916666667,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.37234692592592605,
            0.4169896444444445,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.37234692592592605,
            0.5429129194444445,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.37234692592592605,
            0.6373892944444445,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.37234692592592605,
            0.7691669833333334,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.37234692592592605,
            0.8755887472222222,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.37234692592592605,
            0.9735318388888886,
            0.4203651481481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Diversified Commercial",
          "box": [
            0.04470305555555554,
            0.4203651481481482,
            0.20335000555555555,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$451",
          "box": [
            0.20335000555555555,
            0.4203651481481482,
            0.2977854916666667,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$378",
          "box": [
            0.2977854916666667,
            0.4203651481481482,
            0.4169896444444445,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "43.1%",
          "box": [
            0.4169896444444445,
            0.4203651481481482,
            0.5429129194444445,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$107",
          "box": [
            0.5429129194444445,
            0.4203651481481482,
            0.6373892944444445,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$344",
          "box": [
            0.6373892944444445,
            0.4203651481481482,
            0.7691669833333334,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,248,504",
          "box": [
            0.7691669833333334,
            0.4203651481481482,
            0.8755887472222222,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$27.4",
          "box": [
            0.8755887472222222,
            0.4203651481481482,
            0.9735318388888886,
            0.4671857037037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real Estate 1",
          "box": [
            0.04470305555555554,
            0.4671857037037037,
            0.20335000555555555,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.4671857037037037,
            0.2977854916666667,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.4671857037037037,
            0.4169896444444445,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.4671857037037037,
            0.5429129194444445,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.4671857037037037,
            0.6373892944444445,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.4671857037037037,
            0.7691669833333334,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.4671857037037037,
            0.8755887472222222,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.4671857037037037,
            0.9735318388888886,
            0.4896822592592594
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "(16 properties;",
          "box": [
            0.04470305555555554,
            0.4896822592592594,
            0.20335000555555555,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.4896822592592594,
            0.2977854916666667,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.4896822592592594,
            0.4169896444444445,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.4896822592592594,
            0.5429129194444445,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.4896822592592594,
            0.6373892944444445,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.4896822592592594,
            0.7691669833333334,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.4896822592592594,
            0.8755887472222222,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.4896822592592594,
            0.9735318388888886,
            0.5113835925925927
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "61 buildings)",
          "box": [
            0.04470305555555554,
            0.5113835925925927,
            0.20335000555555555,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.5113835925925927,
            0.2977854916666667,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.5113835925925927,
            0.4169896444444445,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.5113835925925927,
            0.5429129194444445,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.5113835925925927,
            0.6373892944444445,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.5113835925925927,
            0.7691669833333334,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.5113835925925927,
            0.8755887472222222,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.5113835925925927,
            0.9735318388888886,
            0.5482323703703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total / W.A.",
          "box": [
            0.04470305555555554,
            0.5482323703703704,
            0.20335000555555555,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,047",
          "box": [
            0.20335000555555555,
            0.5482323703703704,
            0.2977854916666667,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$776",
          "box": [
            0.2977854916666667,
            0.5482323703703704,
            0.4169896444444445,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100.0%",
          "box": [
            0.4169896444444445,
            0.5482323703703704,
            0.5429129194444445,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$384",
          "box": [
            0.5429129194444445,
            0.5482323703703704,
            0.6373892944444445,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$663",
          "box": [
            0.6373892944444445,
            0.5482323703703704,
            0.7691669833333334,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5,685,873",
          "box": [
            0.7691669833333334,
            0.5482323703703704,
            0.8755887472222222,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$66.8",
          "box": [
            0.8755887472222222,
            0.5482323703703704,
            0.9735318388888886,
            0.5863473703703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "(165 properties)",
          "box": [
            0.04470305555555554,
            0.5863473703703704,
            0.20335000555555555,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.20335000555555555,
            0.5863473703703704,
            0.2977854916666667,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.2977854916666667,
            0.5863473703703704,
            0.4169896444444445,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4169896444444445,
            0.5863473703703704,
            0.5429129194444445,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5429129194444445,
            0.5863473703703704,
            0.6373892944444445,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6373892944444445,
            0.5863473703703704,
            0.7691669833333334,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7691669833333334,
            0.5863473703703704,
            0.8755887472222222,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8755887472222222,
            0.5863473703703704,
            0.9735318388888886,
            0.6063930370370372
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Type of Real Estate",
          "box": [
            0.04470305555555554,
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            0.2977854916666667,
            0.29084059259259226
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Undepreciated Asset Value",
          "box": [
            0.20335000555555555,
            0.25675759259259245,
            0.2977854916666667,
            0.29084059259259226
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Asset Carrying Value (Depreciated)",
          "box": [
            0.2977854916666667,
            0.19249564814814807,
            0.4169896444444445,
            0.32103903703703707
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "% of CRE Equity Portfolio (Undepreciated)",
          "box": [
            0.4169896444444445,
            0.19249564814814807,
            0.5429129194444445,
            0.32103903703703707
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Non-Recourse Mortgage Financing",
          "box": [
            0.5429129194444445,
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            0.6373892944444445,
            0.32103903703703707
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Net Equity Invested (Undepreciated)",
          "box": [
            0.6373892944444445,
            0.19249564814814807,
            0.7691669833333334,
            0.32103903703703707
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "~Total Square Feet",
          "box": [
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            0.25675759259259245,
            0.8755887472222222,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "In-Place Annual Net Operating Income",
          "box": [
            0.8755887472222222,
            0.25675759259259245,
            0.9735318388888886,
            0.29084059259259226
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net Leased Commercial Real Estate (149 properties)",
          "box": [
            0.04470305555555554,
            0.32103903703703707,
            0.20335000555555555,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$596",
          "box": [
            0.20335000555555555,
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            0.2977854916666667,
            0.3505217037037037
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$397",
          "box": [
            0.2977854916666667,
            0.32103903703703707,
            0.4169896444444445,
            0.3505217037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "56.9%",
          "box": [
            0.4169896444444445,
            0.32103903703703707,
            0.5429129194444445,
            0.3505217037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$277",
          "box": [
            0.5429129194444445,
            0.32103903703703707,
            0.6373892944444445,
            0.3505217037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$319",
          "box": [
            0.6373892944444445,
            0.32103903703703707,
            0.7691669833333334,
            0.3505217037037037
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "3,437,369",
          "box": [
            0.7691669833333334,
            0.32103903703703707,
            0.8755887472222222,
            0.3505217037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
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            0.32103903703703707,
            0.9735318388888886,
            0.3505217037037037
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Diversified Commercial Real Estate 1 (16 properties; 61 buildings)",
          "box": [
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            0.4203651481481482,
            0.20335000555555555,
            0.5482323703703704
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$451",
          "box": [
            0.20335000555555555,
            0.4203651481481482,
            0.2977854916666667,
            0.4671857037037037
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$378",
          "box": [
            0.2977854916666667,
            0.4203651481481482,
            0.4169896444444445,
            0.4671857037037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "43.1%",
          "box": [
            0.4169896444444445,
            0.4203651481481482,
            0.5429129194444445,
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  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p32-t1",
    "content_fingerprint": "a400555c",
    "title": "NET LEASE PORTFOLIO KEY METRICS",
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    "markdown": "| Metric | Bank of America Office Campus (1 Property) | Dollar General Corp (102 Properties) | Walgreens Co (21 Properties) | BJ's Wholesale Club Inc. (4 Properties) | Hy-Vee Inc. Supermarkets (6 Properties) | Additional Net Leased Properties (15 Properties) | Total Net Leased / Weighted-Avg. (149 Properties) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Undepreciated Asset Value | $158.1\u00b9 | $130.0 | $119.0 | $73.0 | $57.0 | $59.0 | $596.1 |\n| Asset Carrying Value (Depreciated) | $113.3 | $97.0 | $78.9 | $34.3 | $36.1 | $37.8 | $397.3 |\n| Non-Recourse Mortgage Debt Financing | $82.4 | $66.1 | $64.3 | $55.5 | \u2013 | $9.0 | $277.3 |\n| Weighted-Average Interest Rate on Debt | 5.0% | 5.2% | 4.9% | 6.8% | \u2013 | 5.4% | 5.4% |\n| Net Equity Invested | $75.7\u00b9 | $63.9 | $54.8 | $17.5 | $57.0 | $49.9 | $318.8 |\n| In-Place Annual Net Operating Income (NOI) | $9.5 | $8.8 | $7.9 | $6.0 | $3.3 | $3.8 | $39.4 |\n| Weighted-Avg. Remaining Lease Term (years) | 5.5 | 6.6 | 7.5 | 5.6 | 8.6 | 5.9 | 6.5 |\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 (by Undepreciated Asset Value) | 15% | 12% | 11% | 7% | 5% | 6% | 57% |\n| % of Net Leased CRE Portfolio (by Undepreciated Asset Value) | 27% | 22% | 20% | 12% | 10% | 10% | 100% |",
    "footnotes": [
      "Excludes impact of $25.6 million below-market lease liability"
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    "footnote_refs": [
      "1"
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    "units": "(in millions)",
    "header_rows": 1,
    "page": 32,
    "bbox": [
      21.2,
      8.8,
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          "text": "N E T   L E A S E   P O R T F O L I O   K E Y   M E T R I C S",
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        },
        {
          "text": "Club Inc.",
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          "status": null,
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        {
          "text": "Supermarkets",
          "box": [
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          "status": null,
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        },
        {
          "text": "Leased Properties",
          "box": [
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          "status": null,
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        },
        {
          "text": "Weighted-Avg.",
          "box": [
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          "status": null,
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        {
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          "box": [
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "(1 Property)",
          "box": [
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            0.4153833333333334,
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          "status": null,
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        },
        {
          "text": "(102 Properties)",
          "box": [
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            0.281217326388889,
            0.4976301527777777,
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          "status": null,
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        },
        {
          "text": "(21 Properties)",
          "box": [
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          "status": null,
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        },
        {
          "text": "(4 Properties)",
          "box": [
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          "status": null,
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        },
        {
          "text": "(6 Properties)",
          "box": [
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          "status": null,
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        },
        {
          "text": "(15 Properties)",
          "box": [
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          "status": null,
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        },
        {
          "text": "(149 Properties)",
          "box": [
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            0.306809732962963
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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            0.306809732962963
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.037842027777777766,
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          "status": null,
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        },
        {
          "text": "1",
          "box": [
            0.33916537187500023,
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            0.32204948592592597
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
            0.306809732962963,
            0.4976301527777777,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4976301527777777,
            0.306809732962963,
            0.5798769722222222,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.306809732962963,
            0.6621237916666667,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.306809732962963,
            0.7452023472222222,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.306809732962963,
            0.8315603194444444,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.306809732962963,
            0.9408291979166667,
            0.32204948592592597
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.306809732962963,
            0.9905364444444444,
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          ],
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          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Asset Value",
          "box": [
            0.037842027777777766,
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            0.33916537187500023,
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          "status": null,
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        },
        {
          "text": "$158.1",
          "box": [
            0.33916537187500023,
            0.32204948592592597,
            0.4153833333333334,
            0.3503469274074074
          ],
          "status": null,
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        },
        {
          "text": "$130.0",
          "box": [
            0.4153833333333334,
            0.32204948592592597,
            0.4976301527777777,
            0.3503469274074074
          ],
          "status": null,
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        },
        {
          "text": "$119.0",
          "box": [
            0.4976301527777777,
            0.32204948592592597,
            0.5798769722222222,
            0.3503469274074074
          ],
          "status": null,
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        },
        {
          "text": "$73.0",
          "box": [
            0.5798769722222222,
            0.32204948592592597,
            0.6621237916666667,
            0.3503469274074074
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          "status": null,
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        },
        {
          "text": "$57.0",
          "box": [
            0.6621237916666667,
            0.32204948592592597,
            0.7452023472222222,
            0.3503469274074074
          ],
          "status": null,
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        },
        {
          "text": "$59.0",
          "box": [
            0.7452023472222222,
            0.32204948592592597,
            0.8315603194444444,
            0.3503469274074074
          ],
          "status": null,
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        },
        {
          "text": "$596.1",
          "box": [
            0.8315603194444444,
            0.32204948592592597,
            0.9408291979166667,
            0.3503469274074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.32204948592592597,
            0.9905364444444444,
            0.3503469274074074
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "Asset Carrying Value (Depreciated)",
          "box": [
            0.037842027777777766,
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            0.33916537187500023,
            0.3983273407407408
          ],
          "status": null,
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        },
        {
          "text": "$113.3",
          "box": [
            0.33916537187500023,
            0.3503469274074074,
            0.4153833333333334,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$97.0",
          "box": [
            0.4153833333333334,
            0.3503469274074074,
            0.4976301527777777,
            0.3983273407407408
          ],
          "status": null,
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        },
        {
          "text": "$78.9",
          "box": [
            0.4976301527777777,
            0.3503469274074074,
            0.5798769722222222,
            0.3983273407407408
          ],
          "status": null,
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        },
        {
          "text": "$34.3",
          "box": [
            0.5798769722222222,
            0.3503469274074074,
            0.6621237916666667,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$36.1",
          "box": [
            0.6621237916666667,
            0.3503469274074074,
            0.7452023472222222,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$37.8",
          "box": [
            0.7452023472222222,
            0.3503469274074074,
            0.8315603194444444,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$397.3",
          "box": [
            0.8315603194444444,
            0.3503469274074074,
            0.9408291979166667,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.3503469274074074,
            0.9905364444444444,
            0.3983273407407408
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Non-Recourse Mortgage Debt Financing",
          "box": [
            0.037842027777777766,
            0.3983273407407408,
            0.33916537187500023,
            0.4463156755555555
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          "status": null,
          "note": null
        },
        {
          "text": "$82.4",
          "box": [
            0.33916537187500023,
            0.3983273407407408,
            0.4153833333333334,
            0.4463156755555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$66.1",
          "box": [
            0.4153833333333334,
            0.3983273407407408,
            0.4976301527777777,
            0.4463156755555555
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          "status": null,
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        },
        {
          "text": "$64.3",
          "box": [
            0.4976301527777777,
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            0.5798769722222222,
            0.4463156755555555
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          "status": null,
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        },
        {
          "text": "$55.5",
          "box": [
            0.5798769722222222,
            0.3983273407407408,
            0.6621237916666667,
            0.4463156755555555
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          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6621237916666667,
            0.3983273407407408,
            0.7452023472222222,
            0.4463156755555555
          ],
          "status": null,
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        },
        {
          "text": "$9.0",
          "box": [
            0.7452023472222222,
            0.3983273407407408,
            0.8315603194444444,
            0.4463156755555555
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          "status": null,
          "note": null
        },
        {
          "text": "$277.3",
          "box": [
            0.8315603194444444,
            0.3983273407407408,
            0.9408291979166667,
            0.4463156755555555
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.3983273407407408,
            0.9905364444444444,
            0.4463156755555555
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          "status": null,
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      ],
      [
        {
          "text": "Weighted-Average Interest Rate on Debt",
          "box": [
            0.037842027777777766,
            0.4463156755555555,
            0.33916537187500023,
            0.4925098503703703
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          "status": null,
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        },
        {
          "text": "5.0%",
          "box": [
            0.33916537187500023,
            0.4463156755555555,
            0.4153833333333334,
            0.4925098503703703
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          "status": null,
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        },
        {
          "text": "5.2%",
          "box": [
            0.4153833333333334,
            0.4463156755555555,
            0.4976301527777777,
            0.4925098503703703
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          "status": null,
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        },
        {
          "text": "4.9%",
          "box": [
            0.4976301527777777,
            0.4463156755555555,
            0.5798769722222222,
            0.4925098503703703
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          "status": null,
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        },
        {
          "text": "6.8%",
          "box": [
            0.5798769722222222,
            0.4463156755555555,
            0.6621237916666667,
            0.4925098503703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6621237916666667,
            0.4463156755555555,
            0.7452023472222222,
            0.4925098503703703
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.4%",
          "box": [
            0.7452023472222222,
            0.4463156755555555,
            0.8315603194444444,
            0.4925098503703703
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          "status": null,
          "note": null
        },
        {
          "text": "5.4%",
          "box": [
            0.8315603194444444,
            0.4463156755555555,
            0.9408291979166667,
            0.4925098503703703
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.4463156755555555,
            0.9905364444444444,
            0.4925098503703703
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.037842027777777766,
            0.4925098503703703,
            0.33916537187500023,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1",
          "box": [
            0.33916537187500023,
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            0.4153833333333334,
            0.5141214074074073
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
            0.4925098503703703,
            0.4976301527777777,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4976301527777777,
            0.4925098503703703,
            0.5798769722222222,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.4925098503703703,
            0.6621237916666667,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.4925098503703703,
            0.7452023472222222,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.4925098503703703,
            0.8315603194444444,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.4925098503703703,
            0.9408291979166667,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.4925098503703703,
            0.9905364444444444,
            0.5141214074074073
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested",
          "box": [
            0.037842027777777766,
            0.5141214074074073,
            0.33916537187500023,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$75.7",
          "box": [
            0.33916537187500023,
            0.5141214074074073,
            0.4153833333333334,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$63.9",
          "box": [
            0.4153833333333334,
            0.5141214074074073,
            0.4976301527777777,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$54.8",
          "box": [
            0.4976301527777777,
            0.5141214074074073,
            0.5798769722222222,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$17.5",
          "box": [
            0.5798769722222222,
            0.5141214074074073,
            0.6621237916666667,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$57.0",
          "box": [
            0.6621237916666667,
            0.5141214074074073,
            0.7452023472222222,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$49.9",
          "box": [
            0.7452023472222222,
            0.5141214074074073,
            0.8315603194444444,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$318.8",
          "box": [
            0.8315603194444444,
            0.5141214074074073,
            0.9408291979166667,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.5141214074074073,
            0.9905364444444444,
            0.5434409599999999
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "In-Place Annual Net Operating Income (NOI)",
          "box": [
            0.037842027777777766,
            0.5434409599999999,
            0.33916537187500023,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$9.5",
          "box": [
            0.33916537187500023,
            0.5434409599999999,
            0.4153833333333334,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$8.8",
          "box": [
            0.4153833333333334,
            0.5434409599999999,
            0.4976301527777777,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$7.9",
          "box": [
            0.4976301527777777,
            0.5434409599999999,
            0.5798769722222222,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$6.0",
          "box": [
            0.5798769722222222,
            0.5434409599999999,
            0.6621237916666667,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3.3",
          "box": [
            0.6621237916666667,
            0.5434409599999999,
            0.7452023472222222,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3.8",
          "box": [
            0.7452023472222222,
            0.5434409599999999,
            0.8315603194444444,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
            0.8315603194444444,
            0.5434409599999999,
            0.9408291979166667,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.5434409599999999,
            0.9905364444444444,
            0.5920075629629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Avg. Remaining Lease Term (years)",
          "box": [
            0.037842027777777766,
            0.5920075629629629,
            0.33916537187500023,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.5",
          "box": [
            0.33916537187500023,
            0.5920075629629629,
            0.4153833333333334,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6.6",
          "box": [
            0.4153833333333334,
            0.5920075629629629,
            0.4976301527777777,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7.5",
          "box": [
            0.4976301527777777,
            0.5920075629629629,
            0.5798769722222222,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.6",
          "box": [
            0.5798769722222222,
            0.5920075629629629,
            0.6621237916666667,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.6",
          "box": [
            0.6621237916666667,
            0.5920075629629629,
            0.7452023472222222,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.9",
          "box": [
            0.7452023472222222,
            0.5920075629629629,
            0.8315603194444444,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6.5",
          "box": [
            0.8315603194444444,
            0.5920075629629629,
            0.9408291979166667,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.5920075629629629,
            0.9905364444444444,
            0.6399802348148148
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "~ Total Square Feet",
          "box": [
            0.037842027777777766,
            0.6399802348148148,
            0.33916537187500023,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "822,540",
          "box": [
            0.33916537187500023,
            0.6399802348148148,
            0.4153833333333334,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "929,285",
          "box": [
            0.4153833333333334,
            0.6399802348148148,
            0.4976301527777777,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "307,664",
          "box": [
            0.4976301527777777,
            0.6399802348148148,
            0.5798769722222222,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "456,176",
          "box": [
            0.5798769722222222,
            0.6399802348148148,
            0.6621237916666667,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "421,890",
          "box": [
            0.6621237916666667,
            0.6399802348148148,
            0.7452023472222222,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "499,814",
          "box": [
            0.7452023472222222,
            0.6399802348148148,
            0.8315603194444444,
            0.6879042718518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3,437,369",
          "box": [
            0.8315603194444444,
            0.6399802348148148,
            0.9408291979166667,
            0.6879042718518519
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.6399802348148148,
            0.9905364444444444,
            0.6879042718518519
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "Weighted-Average % Leased",
          "box": [
            0.037842027777777766,
            0.6879042718518519,
            0.33916537187500023,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.33916537187500023,
            0.6879042718518519,
            0.4153833333333334,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.4153833333333334,
            0.6879042718518519,
            0.4976301527777777,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.4976301527777777,
            0.6879042718518519,
            0.5798769722222222,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.5798769722222222,
            0.6879042718518519,
            0.6621237916666667,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.6621237916666667,
            0.6879042718518519,
            0.7452023472222222,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.7452023472222222,
            0.6879042718518519,
            0.8315603194444444,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.8315603194444444,
            0.6879042718518519,
            0.9408291979166667,
            0.7322597466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.6879042718518519,
            0.9905364444444444,
            0.7322597466666667
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "% of Total CRE Equity Portfolio",
          "box": [
            0.037842027777777766,
            0.7322597466666667,
            0.33916537187500023,
            0.7576842318518519
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.33916537187500023,
            0.7322597466666667,
            0.4153833333333334,
            0.7576842318518519
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
            0.7322597466666667,
            0.4976301527777777,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4976301527777777,
            0.7322597466666667,
            0.5798769722222222,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.7322597466666667,
            0.6621237916666667,
            0.7576842318518519
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.7322597466666667,
            0.7452023472222222,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.7322597466666667,
            0.8315603194444444,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.7322597466666667,
            0.9408291979166667,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.7322597466666667,
            0.9905364444444444,
            0.7576842318518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.037842027777777766,
            0.7576842318518519,
            0.33916537187500023,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15%",
          "box": [
            0.33916537187500023,
            0.7576842318518519,
            0.4153833333333334,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "12%",
          "box": [
            0.4153833333333334,
            0.7576842318518519,
            0.4976301527777777,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11%",
          "box": [
            0.4976301527777777,
            0.7576842318518519,
            0.5798769722222222,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7%",
          "box": [
            0.5798769722222222,
            0.7576842318518519,
            0.6621237916666667,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5%",
          "box": [
            0.6621237916666667,
            0.7576842318518519,
            0.7452023472222222,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6%",
          "box": [
            0.7452023472222222,
            0.7576842318518519,
            0.8315603194444444,
            0.7680397874074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "57%",
          "box": [
            0.8315603194444444,
            0.7576842318518519,
            0.9408291979166667,
            0.7680397874074074
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.7576842318518519,
            0.9905364444444444,
            0.7680397874074074
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          "note": null
        }
      ],
      [
        {
          "text": "(by Undepreciated Asset Value)",
          "box": [
            0.037842027777777766,
            0.7680397874074074,
            0.33916537187500023,
            0.7901125651851851
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        },
        {
          "text": "",
          "box": [
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            0.4153833333333334,
            0.7901125651851851
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        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.7680397874074074,
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            0.7901125651851851
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        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.7680397874074074,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.7680397874074074,
            0.8315603194444444,
            0.7901125651851851
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.7680397874074074,
            0.9408291979166667,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
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      ],
      [
        {
          "text": "% of Net Leased CRE Portfolio",
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            0.8121440466666667
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        },
        {
          "text": "",
          "box": [
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            0.7901125651851851,
            0.4153833333333334,
            0.8121440466666667
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
            0.7901125651851851,
            0.4976301527777777,
            0.8121440466666667
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.4976301527777777,
            0.7901125651851851,
            0.5798769722222222,
            0.8121440466666667
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.7901125651851851,
            0.6621237916666667,
            0.8121440466666667
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.7901125651851851,
            0.7452023472222222,
            0.8121440466666667
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.7901125651851851,
            0.8315603194444444,
            0.8121440466666667
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.7901125651851851,
            0.9408291979166667,
            0.8121440466666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.7901125651851851,
            0.9905364444444444,
            0.8121440466666667
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          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.037842027777777766,
            0.8121440466666667,
            0.33916537187500023,
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        },
        {
          "text": "27%",
          "box": [
            0.33916537187500023,
            0.8121440466666667,
            0.4153833333333334,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "22%",
          "box": [
            0.4153833333333334,
            0.8121440466666667,
            0.4976301527777777,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "20%",
          "box": [
            0.4976301527777777,
            0.8121440466666667,
            0.5798769722222222,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "12%",
          "box": [
            0.5798769722222222,
            0.8121440466666667,
            0.6621237916666667,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "10%",
          "box": [
            0.6621237916666667,
            0.8121440466666667,
            0.7452023472222222,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "10%",
          "box": [
            0.7452023472222222,
            0.8121440466666667,
            0.8315603194444444,
            0.8224996948148148
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          "status": null,
          "note": null
        },
        {
          "text": "100%",
          "box": [
            0.8315603194444444,
            0.8121440466666667,
            0.9408291979166667,
            0.8224996948148148
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
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        }
      ],
      [
        {
          "text": "(by Undepreciated Asset Value)",
          "box": [
            0.037842027777777766,
            0.8224996948148148,
            0.33916537187500023,
            0.8896553288888889
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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            0.8224996948148148,
            0.4153833333333334,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        }
      ],
      [
        {
          "text": "Note:  As of 03/31/2026.  Dollars in millions.",
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            0.9566191296296297
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9408291979166667,
            0.8896553288888889,
            0.9905364444444444,
            0.9566191296296297
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1.  Excludes impact of $25.6 million below-market lease liability",
          "box": [
            0.037842027777777766,
            0.9566191296296297,
            0.33916537187500023,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.33916537187500023,
            0.9566191296296297,
            0.4153833333333334,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4153833333333334,
            0.9566191296296297,
            0.4976301527777777,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.4976301527777777,
            0.9566191296296297,
            0.5798769722222222,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5798769722222222,
            0.9566191296296297,
            0.6621237916666667,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6621237916666667,
            0.9566191296296297,
            0.7452023472222222,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7452023472222222,
            0.9566191296296297,
            0.8315603194444444,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8315603194444444,
            0.9566191296296297,
            0.9408291979166667,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "32",
          "box": [
            0.9408291979166667,
            0.9566191296296297,
            0.9905364444444444,
            0.9725798518518519
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Metric",
          "box": null,
          "status": "unverified",
          "note": "The image shows no printed text in the leftmost column header position; the first column contains row labels but no header label is visible."
        },
        {
          "text": "Bank of America Office Campus (1 Property)",
          "box": [
            0.33916537187500023,
            0.19266096379629635,
            0.4153833333333334,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Dollar General Corp (102 Properties)",
          "box": [
            0.4153833333333334,
            0.19266096379629635,
            0.4976301527777777,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Walgreens Co (21 Properties)",
          "box": [
            0.4976301527777777,
            0.19266096379629635,
            0.5798769722222222,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "BJ's Wholesale Club Inc. (4 Properties)",
          "box": [
            0.5798769722222222,
            0.19266096379629635,
            0.6621237916666667,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Hy-Vee Inc. Supermarkets (6 Properties)",
          "box": [
            0.6621237916666667,
            0.19266096379629635,
            0.7452023472222222,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Additional Net Leased Properties (15 Properties)",
          "box": [
            0.7452023472222222,
            0.19266096379629635,
            0.8315603194444444,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Total Net Leased / Weighted-Avg. (149 Properties)",
          "box": [
            0.8315603194444444,
            0.19266096379629635,
            0.9408291979166667,
            0.306809732962963
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Asset Value",
          "box": [
            0.037842027777777766,
            0.32204948592592597,
            0.33916537187500023,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$158.1\u00b9",
          "box": null,
          "status": "unverified",
          "note": "The image shows '$158.1\u00b9' printed in the Bank of America Office Campus column for Undepreciated Asset Value, with a superscript 1 visible."
        },
        {
          "text": "$130.0",
          "box": [
            0.4153833333333334,
            0.32204948592592597,
            0.4976301527777777,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$119.0",
          "box": [
            0.4976301527777777,
            0.32204948592592597,
            0.5798769722222222,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$73.0",
          "box": [
            0.5798769722222222,
            0.32204948592592597,
            0.6621237916666667,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$57.0",
          "box": [
            0.6621237916666667,
            0.32204948592592597,
            0.7452023472222222,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$59.0",
          "box": [
            0.7452023472222222,
            0.32204948592592597,
            0.8315603194444444,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$596.1",
          "box": [
            0.8315603194444444,
            0.32204948592592597,
            0.9408291979166667,
            0.3503469274074074
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Asset Carrying Value (Depreciated)",
          "box": [
            0.037842027777777766,
            0.3503469274074074,
            0.33916537187500023,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$113.3",
          "box": [
            0.33916537187500023,
            0.3503469274074074,
            0.4153833333333334,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$97.0",
          "box": [
            0.4153833333333334,
            0.3503469274074074,
            0.4976301527777777,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$78.9",
          "box": [
            0.4976301527777777,
            0.3503469274074074,
            0.5798769722222222,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$34.3",
          "box": [
            0.5798769722222222,
            0.3503469274074074,
            0.6621237916666667,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$36.1",
          "box": [
            0.6621237916666667,
            0.3503469274074074,
            0.7452023472222222,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$37.8",
          "box": [
            0.7452023472222222,
            0.3503469274074074,
            0.8315603194444444,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$397.3",
          "box": [
            0.8315603194444444,
            0.3503469274074074,
            0.9408291979166667,
            0.3983273407407408
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Non-Recourse Mortgage Debt Financing",
          "box": [
            0.037842027777777766,
            0.3983273407407408,
            0.33916537187500023,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$82.4",
          "box": [
            0.33916537187500023,
            0.3983273407407408,
            0.4153833333333334,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$66.1",
          "box": [
            0.4153833333333334,
            0.3983273407407408,
            0.4976301527777777,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$64.3",
          "box": [
            0.4976301527777777,
            0.3983273407407408,
            0.5798769722222222,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$55.5",
          "box": [
            0.5798769722222222,
            0.3983273407407408,
            0.6621237916666667,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6621237916666667,
            0.3983273407407408,
            0.7452023472222222,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$9.0",
          "box": [
            0.7452023472222222,
            0.3983273407407408,
            0.8315603194444444,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$277.3",
          "box": [
            0.8315603194444444,
            0.3983273407407408,
            0.9408291979166667,
            0.4463156755555555
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Average Interest Rate on Debt",
          "box": [
            0.037842027777777766,
            0.4463156755555555,
            0.33916537187500023,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.0%",
          "box": [
            0.33916537187500023,
            0.4463156755555555,
            0.4153833333333334,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.2%",
          "box": [
            0.4153833333333334,
            0.4463156755555555,
            0.4976301527777777,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.9%",
          "box": [
            0.4976301527777777,
            0.4463156755555555,
            0.5798769722222222,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "6.8%",
          "box": [
            0.5798769722222222,
            0.4463156755555555,
            0.6621237916666667,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6621237916666667,
            0.4463156755555555,
            0.7452023472222222,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.4%",
          "box": [
            0.7452023472222222,
            0.4463156755555555,
            0.8315603194444444,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.4%",
          "box": [
            0.8315603194444444,
            0.4463156755555555,
            0.9408291979166667,
            0.4925098503703703
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net Equity Invested",
          "box": [
            0.037842027777777766,
            0.5141214074074073,
            0.33916537187500023,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$75.7\u00b9",
          "box": null,
          "status": "unverified",
          "note": "The image shows '$75.7\u00b9' printed in the Bank of America Office Campus column for Net Equity Invested, with a superscript 1 visible."
        },
        {
          "text": "$63.9",
          "box": [
            0.4153833333333334,
            0.5141214074074073,
            0.4976301527777777,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$54.8",
          "box": [
            0.4976301527777777,
            0.5141214074074073,
            0.5798769722222222,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$17.5",
          "box": [
            0.5798769722222222,
            0.5141214074074073,
            0.6621237916666667,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$57.0",
          "box": [
            0.6621237916666667,
            0.5141214074074073,
            0.7452023472222222,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$49.9",
          "box": [
            0.7452023472222222,
            0.5141214074074073,
            0.8315603194444444,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$318.8",
          "box": [
            0.8315603194444444,
            0.5141214074074073,
            0.9408291979166667,
            0.5434409599999999
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "In-Place Annual Net Operating Income (NOI)",
          "box": [
            0.037842027777777766,
            0.5434409599999999,
            0.33916537187500023,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$9.5",
          "box": [
            0.33916537187500023,
            0.5434409599999999,
            0.4153833333333334,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$8.8",
          "box": [
            0.4153833333333334,
            0.5434409599999999,
            0.4976301527777777,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$7.9",
          "box": [
            0.4976301527777777,
            0.5434409599999999,
            0.5798769722222222,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$6.0",
          "box": [
            0.5798769722222222,
            0.5434409599999999,
            0.6621237916666667,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3.3",
          "box": [
            0.6621237916666667,
            0.5434409599999999,
            0.7452023472222222,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3.8",
          "box": [
            0.7452023472222222,
            0.5434409599999999,
            0.8315603194444444,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$39.4",
          "box": [
            0.8315603194444444,
            0.5434409599999999,
            0.9408291979166667,
            0.5920075629629629
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Avg. Remaining Lease Term (years)",
          "box": [
            0.037842027777777766,
            0.5920075629629629,
            0.33916537187500023,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.5",
          "box": [
            0.33916537187500023,
            0.5920075629629629,
            0.4153833333333334,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "6.6",
          "box": [
            0.4153833333333334,
            0.5920075629629629,
            0.4976301527777777,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.5",
          "box": [
            0.4976301527777777,
            0.5920075629629629,
            0.5798769722222222,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.6",
          "box": [
            0.5798769722222222,
            0.5920075629629629,
            0.6621237916666667,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.6",
          "box": [
            0.6621237916666667,
            0.5920075629629629,
            0.7452023472222222,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.9",
          "box": [
            0.7452023472222222,
            0.5920075629629629,
            0.8315603194444444,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "6.5",
          "box": [
            0.8315603194444444,
            0.5920075629629629,
            0.9408291979166667,
            0.6399802348148148
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "~ Total Square Feet",
          "box": [
            0.037842027777777766,
            0.6399802348148148,
            0.33916537187500023,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "822,540",
          "box": [
            0.33916537187500023,
            0.6399802348148148,
            0.4153833333333334,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "929,285",
          "box": [
            0.4153833333333334,
            0.6399802348148148,
            0.4976301527777777,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "307,664",
          "box": [
            0.4976301527777777,
            0.6399802348148148,
            0.5798769722222222,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "456,176",
          "box": [
            0.5798769722222222,
            0.6399802348148148,
            0.6621237916666667,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "421,890",
          "box": [
            0.6621237916666667,
            0.6399802348148148,
            0.7452023472222222,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "499,814",
          "box": [
            0.7452023472222222,
            0.6399802348148148,
            0.8315603194444444,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3,437,369",
          "box": [
            0.8315603194444444,
            0.6399802348148148,
            0.9408291979166667,
            0.6879042718518519
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Weighted-Average % Leased",
          "box": [
            0.037842027777777766,
            0.6879042718518519,
            0.33916537187500023,
            0.7322597466666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "100%",
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    "markdown": "| Name | Title | Industry Experience | Previous Experience / Bios |\n| --- | --- | --- | --- |\n| Brian Harris | Founder & Chief Executive Officer | 41 years | Prior to forming Ladder in 2008, Mr. Harris served as a Senior Partner and Head of Global Commercial Real Estate at Dillon Read Capital Management, a wholly owned subsidiary of UBS, and previously as Head of Global Commercial Real Estate at UBS and a member of the Board of UBS Investment Bank, as well as Head of Commercial Mortgage Trading at Credit Suisse. Mr. Harris received a B.S. and an M.B.A. from The State University of New York at Albany. |\n| Pamela McCormack | Founder & President | 30 years | Prior to forming Ladder in 2008, Ms. McCormack served as Head of Transaction Management \u2013 Global Commercial Real Estate at UBS/Dillon Read Capital Management. Ms. McCormack received a B.A., cum laude, from the State University of New York at Stony Brook and a J.D. from St. John's University School of Law. |\n| Paul Miceli | Chief Financial Officer | 22 years | Prior to joining Ladder in 2019, Mr. Miceli served as a Managing Director in the accounting and finance group of Colony Capital, Inc., and previously as Deputy Chief Financial Officer of NorthStar Asset Management Group. Mr. Miceli is a Certified Public Accountant (inactive) and received a B.S. from the University of Delaware. |\n| Robert Perelman | Founder & Head of Asset Management | 38 years | Prior to forming Ladder in 2008, Mr. Perelman served as a Director and Head of Asset Management at UBS/Dillon Read Capital Management. Mr. Perelman received a B.S. from Syracuse University and a J.D. from Fordham University School of Law. |\n| Kelly Porcella | Chief Administrative Officer & General Counsel | 19 years | Prior to joining Ladder in 2009, Ms. Porcella served as a member of the Global Commercial Real Estate group at UBS/Dillon Read Capital Management. Ms. Porcella received a B.S., summa cum laude, from The Peter J. Tobin College of Business at St. John's University and a J.D., magna cum laude, from St. John's University School of Law. |",
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        {
          "text": "Commercial Real Estate at Dillon Read Capital Management, a wholly owned subsidiary of UBS,",
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        {
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          "box": [
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        {
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        {
          "text": "and previously as Head of Global Commercial Real Estate at UBS and a member of the Board of",
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        {
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        {
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        {
          "text": "UBS Investment Bank, as well as Head of Commercial Mortgage Trading at Credit Suisse. Mr.",
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      [
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "",
          "box": [
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        {
          "text": "Harris received a B.S. and an M.B.A. from The State University of New York at Albany.",
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      ],
      [
        {
          "text": "Pamela McCormack",
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        {
          "text": "Founder &",
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        },
        {
          "text": "30 years",
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        {
          "text": "Prior to forming Ladder in 2008, Ms. McCormack served as Head of Transaction Management \u2013",
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      ],
      [
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          "box": [
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        {
          "text": "President",
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        {
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        {
          "text": "Global  Commercial  Real  Estate  at  UBS/Dillon  Read  Capital  Management.  Ms.  McCormack",
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      ],
      [
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          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "received a B.A., cum laude, from the State University of New York at Stony Brook and a J.D.",
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      ],
      [
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          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "from St. John\u2019s University School of Law.",
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      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Chief Financial Officer",
          "box": [
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        {
          "text": "22 years",
          "box": [
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        {
          "text": "Prior to joining Ladder in 2019, Mr. Miceli served as a Managing Director in the accounting and",
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      ],
      [
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          "text": "Paul Miceli",
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        }
      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "finance  group  of  Colony  Capital,  Inc.,  and  previously  as  Deputy  Chief  Financial  Officer  of",
          "box": [
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "NorthStar  Asset  Management  Group.  Mr.  Miceli  is  a  Certified  Public  Accountant  (inactive)  and",
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      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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            0.58836,
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "received a B.S. from the University of Delaware.",
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        }
      ],
      [
        {
          "text": "",
          "box": [
            0.045442222222222224,
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          "status": null,
          "note": null
        },
        {
          "text": "Founder &",
          "box": [
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          "status": null,
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        },
        {
          "text": "38 years",
          "box": [
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          "status": null,
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        },
        {
          "text": "Prior  to  forming  Ladder  in  2008,  Mr.  Perelman  served  as  a  Director  and  Head  of  Asset",
          "box": [
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        }
      ],
      [
        {
          "text": "Robert Perelman",
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        }
      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Head of Asset Management",
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Management  at  UBS/Dillon  Read  Capital  Management.  Mr.  Perelman  received  a  B.S.  from",
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      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Syracuse University and a J.D. from Fordham University School of Law.",
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "Chief Administrative Officer &",
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        },
        {
          "text": "19 years",
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          "status": null,
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        },
        {
          "text": "Prior to joining Ladder in 2009, Ms. Porcella served as a member of the Global Commercial Real",
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      ],
      [
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          "text": "Kelly Porcella",
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        },
        {
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          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        }
      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "General Counsel",
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Estate  group  at  UBS/Dillon  Read  Capital  Management.  Ms.  Porcella  received  a  B.S., summa",
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      ],
      [
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        {
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          "box": [
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        },
        {
          "text": "cum laude,  from  The  Peter  J.  Tobin  College  of  Business  at  St.  John\u2019s  University  and  a  J.D.,",
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    "markdown": "| Name | Title | Industry Experience | Previous Experience / Bios |\n| --- | --- | --- | --- |\n| Michael Scarola | Chief Credit Officer | 28 years | Prior to joining Ladder in 2008, Mr. Scarola served as Co-Head of Underwriting at UBS/Dillon Read Capital Management. Mr. Scarola received a B.S. from the Leonard N. Stern School of Business at New York University. |\n| Craig Robertson | Head of Underwriting & Loan Portfolio Manager | 19 years | Prior to joining Ladder in 2012, Mr. Robertson served as Manager and Real Estate Consultant at Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from the College of Arts and Sciences at the University of Virginia. |\n| Adam Siper | Head of Origination | 20 years | Prior to joining Ladder in 2012, Mr. Siper served as a Vice President in the Commercial Real Estate Finance Group at RBS. Mr. Siper received a B.A. from Emory University and an M.S. in Real Estate Finance and Investment from New York University. |\n| Ed Peterson | Head of CMBS Trading & Co-Head of Securitization | 40 years | Prior to joining Ladder in 2008, Mr. Peterson served as a Managing Director and Co-Head of CMBS Capital Markets at Eurohypo, and previously as an Executive Director at UBS/Dillon Read Capital Management. Mr. Peterson received a B.S. and a Ph.D. in Computer Science from the City University of New York. |\n| David Traitel | Head of Legal Structuring | 30 years | Prior to joining Ladder in 2010, Mr. Traitel served as a Partner at Winston & Strawn LLP. Mr. Traitel received a B.A. from the University of Michigan and a J.D. from the University of Michigan Law School. |\n| Mark Ableman | Head of Transaction Management | 24 years | Prior to joining Ladder in 2011, Mr. Ableman served as an Associate at Cadwalader, Wickersham & Taft LLP. Mr. Ableman received a B.S. from Indiana University and a J.D. from Queen's University, Faculty of Law. |",
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        {
          "text": "Loan Portfolio Manager",
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        {
          "text": "",
          "box": [
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          "status": null,
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        {
          "text": "Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from the College of Arts and",
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.3556499972222222,
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          "status": null,
          "note": null
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        {
          "text": "Sciences at the University of Virginia.",
          "box": [
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          "status": null,
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      ],
      [
        {
          "text": "Adam Siper",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "Head of Origination",
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        {
          "text": "20 years",
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          "status": null,
          "note": null
        },
        {
          "text": "Prior  to  joining  Ladder  in  2012,  Mr.  Siper  served  as  a  Vice  President  in  the  Commercial  Real",
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      ],
      [
        {
          "text": "",
          "box": [
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            0.17172343055555556,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.5091635555555555,
            0.3556499972222222,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "Estate Finance Group at RBS. Mr. Siper received a B.A. from Emory University and an M.S. in",
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      ],
      [
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          "text": "",
          "box": [
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          "status": null,
          "note": null
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        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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        {
          "text": "Real Estate Finance and Investment from New York University.",
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "Head of CMBS Trading &",
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        },
        {
          "text": "40 years",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "Prior  to  joining  Ladder  in  2008,  Mr.  Peterson  served  as  a  Managing  Director  and  Co-Head  of",
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      ],
      [
        {
          "text": "Ed Peterson",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
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          "status": null,
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      ],
      [
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          "text": "",
          "box": [
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        {
          "text": "Co-Head of Securitization",
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        {
          "text": "",
          "box": [
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        {
          "text": "CMBS Capital Markets at Eurohypo, and previously as an Executive Director at UBS/Dillon Read",
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      [
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          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "Capital Management. Mr. Peterson received a B.S. and a Ph.D. in Computer Science from the",
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      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "City University of New York.",
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          "status": null,
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      ],
      [
        {
          "text": "David Traitel",
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          "status": null,
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        },
        {
          "text": "Head of Legal Structuring",
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        {
          "text": "30 years",
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          "text": "Prior to joining Ladder in 2010, Mr. Traitel served as a Partner at Winston & Strawn LLP. Mr.",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
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        {
          "text": "Traitel  received  a  B.A.  from  the  University  of  Michigan  and  a  J.D.  from  the  University  of",
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      ],
      [
        {
          "text": "",
          "box": [
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        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        {
          "text": "Michigan Law School.",
          "box": [
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      ],
      [
        {
          "text": "Mark Ableman",
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        {
          "text": "Head of Transaction",
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        {
          "text": "24 years",
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          "status": null,
          "note": null
        },
        {
          "text": "Prior \nto \njoining  Ladder \nin  2011,  Mr.  Ableman  served  as  an  Associate  at  Cadwalader,",
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      ],
      [
        {
          "text": "",
          "box": [
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        },
        {
          "text": "Management",
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        {
          "text": "",
          "box": [
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        {
          "text": "Wickersham & Taft LLP. Mr. Ableman received a B.S. from Indiana University and a J.D. from",
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        {
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        {
          "text": "Queen\u2019s University, Faculty of Law.",
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          "text": "Michael Scarola",
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          "text": "Chief Credit Officer",
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          "text": "28 years",
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        {
          "text": "Prior to joining Ladder in 2008, Mr. Scarola served as Co-Head of Underwriting at UBS/Dillon Read Capital Management. Mr. Scarola received a B.S. from the Leonard N. Stern School of Business at New York University.",
          "box": null,
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      ],
      [
        {
          "text": "Craig Robertson",
          "box": null,
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          "note": "The image shows 'Craig Robertson' printed in bold in the leftmost column of the second data row."
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        {
          "text": "Head of Underwriting & Loan Portfolio Manager",
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          "text": "19 years",
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        {
          "text": "Prior to joining Ladder in 2012, Mr. Robertson served as Manager and Real Estate Consultant at Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from the College of Arts and Sciences at the University of Virginia.",
          "box": null,
          "status": "header_printed_unlocated",
          "note": "The image shows the full biography text for Craig Robertson printed in the rightmost column, spanning multiple lines: 'Prior to joining Ladder in 2012, Mr. Robertson served as Manager and Real Estate Consultant at Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from the College of Arts and Sciences at the University of Virginia.'"
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      ],
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          "text": "Adam Siper",
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          "text": "20 years",
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          "status": "reconciled",
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        },
        {
          "text": "Prior to joining Ladder in 2012, Mr. Siper served as a Vice President in the Commercial Real Estate Finance Group at RBS. Mr. Siper received a B.A. from Emory University and an M.S. in Real Estate Finance and Investment from New York University.",
          "box": null,
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          "text": "Head of CMBS Trading & Co-Head of Securitization",
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    "markdown": "| Name | Title | Industry Experience | Previous Experience / Bios |\n| --- | --- | --- | --- |\n| Michelle Wallach | Chief Compliance Officer & Senior Regulatory Counsel | 34 years | Prior to joining Ladder in 2012, Ms. Wallach served as the Deputy Chief Compliance Officer and Director of Operational Risk Management at Reservoir Capital Group, L.L.C., and previously as an Executive Director at Morgan Stanley & Co. Incorporated. Ms. Wallach received a B.A. with Honors, magna cum laude, from Brown University, and a J.D. from New York University Law School. |\n| Michael Cafaro | Chief Technology Officer | 15 years | Prior to joining Ladder, Mr. Cafaro served as Founder and Chief Customer Officer at Alphaserve Technologies. Mr. Cafaro received a B.S., cum laude, from Montclair State University and is an alumnus of Harvard Business School. |\n| David Merkur | Managing Director \u2013 Capital Markets | 15 years | Prior to joining Ladder in 2011, Mr. Merkur served as an Associate at Tri-Artisan Capital Partners, and previously as an Investment Banking Analyst at Merrill Lynch & Co. Mr. Merkur received a B.S., magna cum laude, from Cornell University. |\n| Anthony Esposito | Chief Accounting Officer | 24 years | Prior to joining Ladder in 2022, Mr. Esposito served as Senior Vice President, Corporate Controller for both iStar Inc. and Safehold Inc. Mr. Esposito is a Certified Public Accountant and received a B.S. in Accounting from the State University of New York at Albany and a M.S. in Real Estate from the Schack Institute of Real Estate at New York University. |\n| Matthew FitzGerald | Treasurer | 13 years | Prior to joining Ladder in 2013, Mr. FitzGerald served as a co-founder and iOS developer for Emergency Networking LLC, and previously as Vice President at Bear, Stearns & Co. Inc. Mr. FitzGerald received a B.S.E. from Princeton University. |\n| Tara Tannure | Executive Director & Controller | 12 years | Prior to joining Ladder in 2013, Ms. Tannure served as an Audit Manager at Deloitte & Touche, LLP. Ms. Tannure received a B.B.A., cum laude, from Siena College and is a Certified Public Accountant licensed in New York and Connecticut. |",
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          "text": "Technologies. Mr. Cafaro received a B.S., cum laude, from Montclair State University and is an",
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        {
          "text": "alumnus of Harvard Business School.",
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        {
          "text": "Managing Director \u2013",
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          "text": "15 years",
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        {
          "text": "Prior  to  joining  Ladder  in  2011,  Mr.  Merkur  served  as  an  Associate  at  Tri-Artisan  Capital",
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          "text": "David Merkur",
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        {
          "text": "Partners, \nand \npreviously \nas \nan \nInvestment  Banking  Analyst \nat  Merrill \nLynch  &  Co.",
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        {
          "text": "Capital Markets",
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        {
          "text": "Mr. Merkur received a B.S., magna cum laude, from Cornell University.",
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      [
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          "text": "",
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        },
        {
          "text": "Chief Accounting Officer",
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          "status": null,
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        {
          "text": "24 years",
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          "status": null,
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        },
        {
          "text": "Prior  to  joining  Ladder  in  2022,  Mr.  Esposito  served  as  Senior  Vice  President,  Corporate",
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      ],
      [
        {
          "text": "Anthony Esposito",
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        {
          "text": "",
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        {
          "text": "",
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      ],
      [
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "",
          "box": [
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        {
          "text": "Controller for both iStar Inc. and Safehold Inc. Mr. Esposito is a Certified Public Accountant and",
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      ],
      [
        {
          "text": "",
          "box": [
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        {
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        {
          "text": "",
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        {
          "text": "received  a  B.S.  in  Accounting  from  the  State  University  of  New  York  at  Albany  and  a  M.S.  in",
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        {
          "text": "",
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        {
          "text": "Real Estate from the Schack Institute of Real Estate at New York University.",
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      [
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        {
          "text": "Treasurer",
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        {
          "text": "13 years",
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        {
          "text": "Prior  to  joining  Ladder  in  2013,  Mr.  FitzGerald  served  as  a  co-founder  and  iOS  developer  for",
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      ],
      [
        {
          "text": "Matthew FitzGerald",
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        {
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        {
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        {
          "text": "Emergency  Networking  LLC,  and  previously  as Vice  President  at  Bear,  Stearns  &  Co.  Inc. Mr.",
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          "text": "FitzGerald received a B.S.E. from Princeton University.",
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          "text": "12 years",
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          "text": "Prior to joining Ladder in 2013, Ms. Tannure served as an Audit Manager at Deloitte & Touche,",
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          "text": "Tara Tannure",
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        {
          "text": "LLP.  Ms.  Tannure  received  a  B.B.A., cum laude,  from  Siena  College  and  is  a  Certified  Public",
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    "title": "INCOME STATEMENT BY QUARTER",
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    "markdown": "| Item | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |\n| --- | --- | --- | --- | --- | --- |\n| Net interest income |  |  |  |  |  |\n| Interest income | $74.2 | $68.1 | $71.8 | $62.7 | $64.3 |\n| Interest expense | 51.2 | 45.7 | 44.0 | 41.2 | 44.0 |\n| Net interest income | $23.0 | $22.3 | $27.8 | $21.5 | $20.3 |\n| Provision for (release of) loan loss reserves | (0.0) | (0.0) | (0.0) | (0.0) | (0.1) |\n| Net interest income after provision for (release of) loan losses | $23.0 | $22.3 | $27.8 | $21.6 | $20.4 |\n| Other income |  |  |  |  |  |\n| Real estate operating income | 27.3 | 25.1 | 26.7 | 25.8 | 21.8 |\n| Net result from mortgage loan receivables held for sale | 0.1 | 0.0 | (0.4) | 4.9 | 0.2 |\n| Gain (loss) on real estate, net | \u2013 | \u2013 | \u2013 | \u2013 | 3.8 |\n| Fee and other income | 1.4 | 3.0 | 3.9 | 2.8 | 5.3 |\n| Net result from derivative transactions | 0.3 | (0.0) | 0.0 | 1.5 | 0.3 |\n| Earnings (loss) from investment in unconsolidated ventures | (0.3) | 0.0 | (0.4) | (0.3) | (0.7) |\n| Gain on extinguishment of debt | \u2013 | \u2013 | (0.1) | 0.0 | 0.3 |\n| Total other income | $28.9 | $28.1 | $29.7 | $34.7 | $30.9 |\n| Costs and expenses |  |  |  |  |  |\n| Compensation and employee benefits | 22.3 | 10.9 | 11.6 | 11.6 | 18.8 |\n| Operating expenses | 5.1 | 4.9 | 5.3 | 4.8 | 4.5 |\n| Real estate operating expenses | 11.3 | 10.0 | 11.4 | 10.3 | 8.8 |\n| Investment related expenses | 1.2 | 0.8 | 0.9 | 0.8 | 1.2 |\n| Depreciation and amortization | 8.9 | 8.4 | 8.2 | 8.0 | 7.3 |\n| Total costs and expenses | $48.7 | $34.9 | $37.3 | $35.5 | $40.6 |\n| Income (loss) before taxes | $3.2 | $15.5 | $20.1 | $20.8 | $10.7 |\n| Income tax expense (benefit) | 0.6 | (0.3) | 1.0 | 3.7 | (0.8) |\n| Net income (loss) | $2.6 | $15.9 | $19.2 | $17.1 | $11.6 |\n| Net (income) loss attributable to noncontrolling interest in consolidated ventures | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 |\n| Net income (loss) attributable to Class A common shareholders | $2.6 | $15.9 | $19.2 | $17.3 | $11.8 |\n| Earnings per share: |  |  |  |  |  |\n| Basic | $0.02 | $0.13 | $0.15 | $0.14 | $0.09 |\n| Diluted | 0.02 | 0.13 | 0.15 | 0.14 | 0.09 |\n| Weighted average shares outstanding (mm): |  |  |  |  |  |\n| Basic | 125.4 | 125.2 | 125.3 | 125.8 | 125.6 |\n| Diluted | 126.0 | 126.2 | 126.1 | 126.2 | 126.3 |\n| Distributable Earnings (pre-tax) 1 | $28.0 | $21.4 | $32.1 | $30.9 | $25.5 |\n| Distributable EPS (after-tax) 1 | $0.22 | $0.17 | $0.25 | $0.23 | $0.20 |\n| Distributable EPS prior to charge-off of allowance for credit losses 2 | $0.22 | $0.21 | $0.25 | $0.23 | $0.20 |",
    "footnotes": [
      "1. For a description of these non-GAAP financial measures, see Selected Definitions on page 40",
      "2. For a reconciliation of this metric, see page 37"
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        {
          "text": "I N C O M E   S T A T E M E N T   B Y   Q U A R T E R",
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            0.26062840768518525,
            0.5011904756944443,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$23.0",
          "box": [
            0.5011904756944443,
            0.26062840768518525,
            0.5736515234375,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$22.3",
          "box": [
            0.5736515234375,
            0.26062840768518525,
            0.6537132595486111,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$27.8",
          "box": [
            0.6537132595486111,
            0.26062840768518525,
            0.7337782682291667,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.5",
          "box": [
            0.7337782682291667,
            0.26062840768518525,
            0.8138422178819444,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$20.3",
          "box": [
            0.8138422178819444,
            0.26062840768518525,
            0.9256465234375,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.26062840768518525,
            0.9905364444444444,
            0.2814655373148149
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Provision for (release of) loan loss reserves",
          "box": [
            0.033834305555555555,
            0.2814655373148149,
            0.5011904756944443,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5011904756944443,
            0.2814655373148149,
            0.5736515234375,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5736515234375,
            0.2814655373148149,
            0.6537132595486111,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.6537132595486111,
            0.2814655373148149,
            0.7337782682291667,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.7337782682291667,
            0.2814655373148149,
            0.8138422178819444,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.8138422178819444,
            0.2814655373148149,
            0.9256465234375,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.2814655373148149,
            0.9905364444444444,
            0.3023026669444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net interest income after provision for (release of) loan losses",
          "box": [
            0.033834305555555555,
            0.3023026669444445,
            0.5011904756944443,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$23.0",
          "box": [
            0.5011904756944443,
            0.3023026669444445,
            0.5736515234375,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$22.3",
          "box": [
            0.5736515234375,
            0.3023026669444445,
            0.6537132595486111,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$27.8",
          "box": [
            0.6537132595486111,
            0.3023026669444445,
            0.7337782682291667,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.6",
          "box": [
            0.7337782682291667,
            0.3023026669444445,
            0.8138422178819444,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$20.4",
          "box": [
            0.8138422178819444,
            0.3023026669444445,
            0.9256465234375,
            0.323412579074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.3023026669444445,
            0.9905364444444444,
            0.323412579074074
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other income",
          "box": [
            0.033834305555555555,
            0.323412579074074,
            0.5011904756944443,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5011904756944443,
            0.323412579074074,
            0.5736515234375,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
            0.323412579074074,
            0.6537132595486111,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6537132595486111,
            0.323412579074074,
            0.7337782682291667,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7337782682291667,
            0.323412579074074,
            0.8138422178819444,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8138422178819444,
            0.323412579074074,
            0.9256465234375,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.323412579074074,
            0.9905364444444444,
            0.3439769262037036
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate operating income",
          "box": [
            0.033834305555555555,
            0.3439769262037036,
            0.5011904756944443,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "27.3",
          "box": [
            0.5011904756944443,
            0.3439769262037036,
            0.5736515234375,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "25.1",
          "box": [
            0.5736515234375,
            0.3439769262037036,
            0.6537132595486111,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "26.7",
          "box": [
            0.6537132595486111,
            0.3439769262037036,
            0.7337782682291667,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "25.8",
          "box": [
            0.7337782682291667,
            0.3439769262037036,
            0.8138422178819444,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "21.8",
          "box": [
            0.8138422178819444,
            0.3439769262037036,
            0.9256465234375,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.3439769262037036,
            0.9905364444444444,
            0.3634819214814814
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net result from mortgage loan receivables held for sale",
          "box": [
            0.033834305555555555,
            0.3634819214814814,
            0.5011904756944443,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.1",
          "box": [
            0.5011904756944443,
            0.3634819214814814,
            0.5736515234375,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.3634819214814814,
            0.6537132595486111,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.4)",
          "box": [
            0.6537132595486111,
            0.3634819214814814,
            0.7337782682291667,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "4.9",
          "box": [
            0.7337782682291667,
            0.3634819214814814,
            0.8138422178819444,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.8138422178819444,
            0.3634819214814814,
            0.9256465234375,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.3634819214814814,
            0.9905364444444444,
            0.38325951407407405
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Gain (loss) on real estate, net",
          "box": [
            0.033834305555555555,
            0.38325951407407405,
            0.5011904756944443,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5011904756944443,
            0.38325951407407405,
            0.5736515234375,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5736515234375,
            0.38325951407407405,
            0.6537132595486111,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6537132595486111,
            0.38325951407407405,
            0.7337782682291667,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7337782682291667,
            0.38325951407407405,
            0.8138422178819444,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.8",
          "box": [
            0.8138422178819444,
            0.38325951407407405,
            0.9256465234375,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.38325951407407405,
            0.9905364444444444,
            0.4030371992592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Fee and other income",
          "box": [
            0.033834305555555555,
            0.4030371992592593,
            0.5011904756944443,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.4",
          "box": [
            0.5011904756944443,
            0.4030371992592593,
            0.5736515234375,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.5736515234375,
            0.4030371992592593,
            0.6537132595486111,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.9",
          "box": [
            0.6537132595486111,
            0.4030371992592593,
            0.7337782682291667,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.8",
          "box": [
            0.7337782682291667,
            0.4030371992592593,
            0.8138422178819444,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.3",
          "box": [
            0.8138422178819444,
            0.4030371992592593,
            0.9256465234375,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.4030371992592593,
            0.9905364444444444,
            0.4228148844444444
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net result from derivative transactions",
          "box": [
            0.033834305555555555,
            0.4228148844444444,
            0.5011904756944443,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.5011904756944443,
            0.4228148844444444,
            0.5736515234375,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5736515234375,
            0.4228148844444444,
            0.6537132595486111,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.6537132595486111,
            0.4228148844444444,
            0.7337782682291667,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.5",
          "box": [
            0.7337782682291667,
            0.4228148844444444,
            0.8138422178819444,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.8138422178819444,
            0.4228148844444444,
            0.9256465234375,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.4228148844444444,
            0.9905364444444444,
            0.44259247703703697
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Earnings (loss) from investment in unconsolidated ventures",
          "box": [
            0.033834305555555555,
            0.44259247703703697,
            0.5011904756944443,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.5011904756944443,
            0.44259247703703697,
            0.5736515234375,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.44259247703703697,
            0.6537132595486111,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.4)",
          "box": [
            0.6537132595486111,
            0.44259247703703697,
            0.7337782682291667,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.7337782682291667,
            0.44259247703703697,
            0.8138422178819444,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
            0.8138422178819444,
            0.44259247703703697,
            0.9256465234375,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.44259247703703697,
            0.9905364444444444,
            0.46237025481481486
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Gain on extinguishment of debt",
          "box": [
            0.033834305555555555,
            0.46237025481481486,
            0.5011904756944443,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5011904756944443,
            0.46237025481481486,
            0.5736515234375,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5736515234375,
            0.46237025481481486,
            0.6537132595486111,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.6537132595486111,
            0.46237025481481486,
            0.7337782682291667,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.7337782682291667,
            0.46237025481481486,
            0.8138422178819444,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.8138422178819444,
            0.46237025481481486,
            0.9256465234375,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.46237025481481486,
            0.9905364444444444,
            0.4824206299074075
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total other income",
          "box": [
            0.033834305555555555,
            0.4824206299074075,
            0.5011904756944443,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.5011904756944443,
            0.4824206299074075,
            0.5736515234375,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.1",
          "box": [
            0.5736515234375,
            0.4824206299074075,
            0.6537132595486111,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$29.7",
          "box": [
            0.6537132595486111,
            0.4824206299074075,
            0.7337782682291667,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$34.7",
          "box": [
            0.7337782682291667,
            0.4824206299074075,
            0.8138422178819444,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.8138422178819444,
            0.4824206299074075,
            0.9256465234375,
            0.502471005
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.4824206299074075,
            0.9905364444444444,
            0.502471005
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Costs and expenses",
          "box": [
            0.033834305555555555,
            0.502471005,
            0.5011904756944443,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5011904756944443,
            0.502471005,
            0.5736515234375,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
            0.502471005,
            0.6537132595486111,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6537132595486111,
            0.502471005,
            0.7337782682291667,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7337782682291667,
            0.502471005,
            0.8138422178819444,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8138422178819444,
            0.502471005,
            0.9256465234375,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.502471005,
            0.9905364444444444,
            0.5219759076851852
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Compensation and employee benefits",
          "box": [
            0.033834305555555555,
            0.5219759076851852,
            0.5011904756944443,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "22.3",
          "box": [
            0.5011904756944443,
            0.5219759076851852,
            0.5736515234375,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "10.9",
          "box": [
            0.5736515234375,
            0.5219759076851852,
            0.6537132595486111,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.6",
          "box": [
            0.6537132595486111,
            0.5219759076851852,
            0.7337782682291667,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.6",
          "box": [
            0.7337782682291667,
            0.5219759076851852,
            0.8138422178819444,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "18.8",
          "box": [
            0.8138422178819444,
            0.5219759076851852,
            0.9256465234375,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.5219759076851852,
            0.9905364444444444,
            0.5414808103703704
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Operating expenses",
          "box": [
            0.033834305555555555,
            0.5414808103703704,
            0.5011904756944443,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.1",
          "box": [
            0.5011904756944443,
            0.5414808103703704,
            0.5736515234375,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "4.9",
          "box": [
            0.5736515234375,
            0.5414808103703704,
            0.6537132595486111,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.3",
          "box": [
            0.6537132595486111,
            0.5414808103703704,
            0.7337782682291667,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "4.8",
          "box": [
            0.7337782682291667,
            0.5414808103703704,
            0.8138422178819444,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "4.5",
          "box": [
            0.8138422178819444,
            0.5414808103703704,
            0.9256465234375,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.5414808103703704,
            0.9905364444444444,
            0.5612585881481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate operating expenses",
          "box": [
            0.033834305555555555,
            0.5612585881481482,
            0.5011904756944443,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.3",
          "box": [
            0.5011904756944443,
            0.5612585881481482,
            0.5736515234375,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "10.0",
          "box": [
            0.5736515234375,
            0.5612585881481482,
            0.6537132595486111,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.4",
          "box": [
            0.6537132595486111,
            0.5612585881481482,
            0.7337782682291667,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "10.3",
          "box": [
            0.7337782682291667,
            0.5612585881481482,
            0.8138422178819444,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.8",
          "box": [
            0.8138422178819444,
            0.5612585881481482,
            0.9256465234375,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.5612585881481482,
            0.9905364444444444,
            0.5810361807407407
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Investment related expenses",
          "box": [
            0.033834305555555555,
            0.5810361807407407,
            0.5011904756944443,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.2",
          "box": [
            0.5011904756944443,
            0.5810361807407407,
            0.5736515234375,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.8",
          "box": [
            0.5736515234375,
            0.5810361807407407,
            0.6537132595486111,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.9",
          "box": [
            0.6537132595486111,
            0.5810361807407407,
            0.7337782682291667,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.8",
          "box": [
            0.7337782682291667,
            0.5810361807407407,
            0.8138422178819444,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.2",
          "box": [
            0.8138422178819444,
            0.5810361807407407,
            0.9256465234375,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.5810361807407407,
            0.9905364444444444,
            0.6008138659259259
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Depreciation and amortization",
          "box": [
            0.033834305555555555,
            0.6008138659259259,
            0.5011904756944443,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.9",
          "box": [
            0.5011904756944443,
            0.6008138659259259,
            0.5736515234375,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.4",
          "box": [
            0.5736515234375,
            0.6008138659259259,
            0.6537132595486111,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.2",
          "box": [
            0.6537132595486111,
            0.6008138659259259,
            0.7337782682291667,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.0",
          "box": [
            0.7337782682291667,
            0.6008138659259259,
            0.8138422178819444,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7.3",
          "box": [
            0.8138422178819444,
            0.6008138659259259,
            0.9256465234375,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.6008138659259259,
            0.9905364444444444,
            0.6208643336111112
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total costs and expenses",
          "box": [
            0.033834305555555555,
            0.6208643336111112,
            0.5011904756944443,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$48.7",
          "box": [
            0.5011904756944443,
            0.6208643336111112,
            0.5736515234375,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$34.9",
          "box": [
            0.5736515234375,
            0.6208643336111112,
            0.6537132595486111,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$37.3",
          "box": [
            0.6537132595486111,
            0.6208643336111112,
            0.7337782682291667,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$35.5",
          "box": [
            0.7337782682291667,
            0.6208643336111112,
            0.8138422178819444,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$40.6",
          "box": [
            0.8138422178819444,
            0.6208643336111112,
            0.9256465234375,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.6208643336111112,
            0.9905364444444444,
            0.6415327642592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Income (loss) before taxes",
          "box": [
            0.033834305555555555,
            0.6415327642592593,
            0.5011904756944443,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3.2",
          "box": [
            0.5011904756944443,
            0.6415327642592593,
            0.5736515234375,
            0.6613024817592593
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          "status": null,
          "note": null
        },
        {
          "text": "$15.5",
          "box": [
            0.5736515234375,
            0.6415327642592593,
            0.6537132595486111,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$20.1",
          "box": [
            0.6537132595486111,
            0.6415327642592593,
            0.7337782682291667,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$20.8",
          "box": [
            0.7337782682291667,
            0.6415327642592593,
            0.8138422178819444,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$10.7",
          "box": [
            0.8138422178819444,
            0.6415327642592593,
            0.9256465234375,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.6415327642592593,
            0.9905364444444444,
            0.6613024817592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Income tax expense (benefit)",
          "box": [
            0.033834305555555555,
            0.6613024817592593,
            0.5011904756944443,
            0.6807270187962963
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          "status": null,
          "note": null
        },
        {
          "text": "0.6",
          "box": [
            0.5011904756944443,
            0.6613024817592593,
            0.5736515234375,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.5736515234375,
            0.6613024817592593,
            0.6537132595486111,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.0",
          "box": [
            0.6537132595486111,
            0.6613024817592593,
            0.7337782682291667,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.7",
          "box": [
            0.7337782682291667,
            0.6613024817592593,
            0.8138422178819444,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.8)",
          "box": [
            0.8138422178819444,
            0.6613024817592593,
            0.9256465234375,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.6613024817592593,
            0.9905364444444444,
            0.6807270187962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss)",
          "box": [
            0.033834305555555555,
            0.6807270187962963,
            0.5011904756944443,
            0.7005929447222223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2.6",
          "box": [
            0.5011904756944443,
            0.6807270187962963,
            0.5736515234375,
            0.7005929447222223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$15.9",
          "box": [
            0.5736515234375,
            0.6807270187962963,
            0.6537132595486111,
            0.7005929447222223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$19.2",
          "box": [
            0.6537132595486111,
            0.6807270187962963,
            0.7337782682291667,
            0.7005929447222223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$17.1",
          "box": [
            0.7337782682291667,
            0.6807270187962963,
            0.8138422178819444,
            0.7005929447222223
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          "status": null,
          "note": null
        },
        {
          "text": "$11.6",
          "box": [
            0.8138422178819444,
            0.6807270187962963,
            0.9256465234375,
            0.7005929447222223
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.6807270187962963,
            0.9905364444444444,
            0.7005929447222223
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (income) loss attributable to noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.7005929447222223,
            0.5011904756944443,
            0.7201058150925926
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          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5011904756944443,
            0.7005929447222223,
            0.5736515234375,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.7005929447222223,
            0.6537132595486111,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.6537132595486111,
            0.7005929447222223,
            0.7337782682291667,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.7337782682291667,
            0.7005929447222223,
            0.8138422178819444,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.8138422178819444,
            0.7005929447222223,
            0.9256465234375,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.7005929447222223,
            0.9905364444444444,
            0.7201058150925926
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss) attributable to Class A common shareholders",
          "box": [
            0.033834305555555555,
            0.7201058150925926,
            0.5011904756944443,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2.6",
          "box": [
            0.5011904756944443,
            0.7201058150925926,
            0.5736515234375,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$15.9",
          "box": [
            0.5736515234375,
            0.7201058150925926,
            0.6537132595486111,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$19.2",
          "box": [
            0.6537132595486111,
            0.7201058150925926,
            0.7337782682291667,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$17.3",
          "box": [
            0.7337782682291667,
            0.7201058150925926,
            0.8138422178819444,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.8",
          "box": [
            0.8138422178819444,
            0.7201058150925926,
            0.9256465234375,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.7201058150925926,
            0.9905364444444444,
            0.7405976716666667
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Earnings per share:",
          "box": [
            0.033834305555555555,
            0.7405976716666667,
            0.5011904756944443,
            0.7608972039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5011904756944443,
            0.7405976716666667,
            0.5736515234375,
            0.7608972039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
            0.7405976716666667,
            0.6537132595486111,
            0.7608972039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6537132595486111,
            0.7405976716666667,
            0.7337782682291667,
            0.7608972039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7337782682291667,
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          "note": null
        },
        {
          "text": "",
          "box": [
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            0.9256465234375,
            0.7608972039814815
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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      ],
      [
        {
          "text": "Basic",
          "box": [
            0.033834305555555555,
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            0.5011904756944443,
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          "status": null,
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        {
          "text": "$0.02",
          "box": [
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          "status": null,
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        {
          "text": "$0.13",
          "box": [
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        {
          "text": "$0.15",
          "box": [
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          "status": null,
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        {
          "text": "$0.14",
          "box": [
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        {
          "text": "$0.09",
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        },
        {
          "text": "",
          "box": [
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      ],
      [
        {
          "text": "Diluted",
          "box": [
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        {
          "text": "0.02",
          "box": [
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        {
          "text": "0.13",
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        {
          "text": "0.15",
          "box": [
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        {
          "text": "0.14",
          "box": [
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        {
          "text": "0.09",
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            0.8012471113888889
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          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
            0.7804021066666667,
            0.9905364444444444,
            0.8012471113888889
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          "note": null
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      ],
      [
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          "text": "Weighted average shares outstanding (mm):",
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5011904756944443,
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            0.5736515234375,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8138422178819444,
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            0.9256465234375,
            0.8218194262037037
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Basic",
          "box": [
            0.033834305555555555,
            0.8218194262037037,
            0.5011904756944443,
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          "status": null,
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        },
        {
          "text": "125.4",
          "box": [
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        {
          "text": "125.2",
          "box": [
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            0.8413243288888889
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          "status": null,
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        },
        {
          "text": "125.3",
          "box": [
            0.6537132595486111,
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            0.8413243288888889
          ],
          "status": null,
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        },
        {
          "text": "125.8",
          "box": [
            0.7337782682291667,
            0.8218194262037037,
            0.8138422178819444,
            0.8413243288888889
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          "status": null,
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        },
        {
          "text": "125.6",
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            0.9256465234375,
            0.8413243288888889
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
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            0.9905364444444444,
            0.8413243288888889
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          "status": null,
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      ],
      [
        {
          "text": "Diluted",
          "box": [
            0.033834305555555555,
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            0.5011904756944443,
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        },
        {
          "text": "126.0",
          "box": [
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        },
        {
          "text": "126.2",
          "box": [
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          "status": null,
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        },
        {
          "text": "126.1",
          "box": [
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        {
          "text": "126.2",
          "box": [
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        {
          "text": "126.3",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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      ],
      [
        {
          "text": "1",
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.5736515234375,
            0.8706139889814815
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "note": null
        },
        {
          "text": "",
          "box": [
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            0.8706139889814815
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9256465234375,
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            0.9905364444444444,
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      ],
      [
        {
          "text": "Distributable Earnings (pre-tax)",
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        {
          "text": "$28.0",
          "box": [
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        {
          "text": "$21.4",
          "box": [
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        {
          "text": "$32.1",
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        {
          "text": "$30.9",
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        {
          "text": "$25.5",
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          "status": null,
          "note": null
        },
        {
          "text": "",
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      ],
      [
        {
          "text": "1",
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.5736515234375,
            0.8919810260185185
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
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            0.8919810260185185
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.8840346371296296,
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            0.8919810260185185
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.8840346371296296,
            0.9256465234375,
            0.8919810260185185
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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      ],
      [
        {
          "text": "Distributable EPS (after-tax)",
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        {
          "text": "$0.22",
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        {
          "text": "$0.17",
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        {
          "text": "$0.25",
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          "status": null,
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        {
          "text": "$0.23",
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        {
          "text": "$0.20",
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          "status": null,
          "note": null
        },
        {
          "text": "",
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      ],
      [
        {
          "text": "2",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
          "box": [
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        },
        {
          "text": "",
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      ],
      [
        {
          "text": "Distributable EPS prior to charge-off of allowance for credit losses",
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        {
          "text": "$0.22",
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        {
          "text": "$0.21",
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        {
          "text": "$0.25",
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        {
          "text": "$0.23",
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        {
          "text": "$0.20",
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        {
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      ],
      [
        {
          "text": "1.  For a description of these non-GAAP financial measures, see Selected Definitions on page 40",
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2.  For a reconciliation of this metric, see page 37",
          "box": [
            0.033834305555555555,
            0.9565965370370371,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5011904756944443,
            0.9565965370370371,
            0.5736515234375,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5736515234375,
            0.9565965370370371,
            0.6537132595486111,
            0.9725344814814816
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6537132595486111,
            0.9565965370370371,
            0.7337782682291667,
            0.9725344814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7337782682291667,
            0.9565965370370371,
            0.8138422178819444,
            0.9725344814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8138422178819444,
            0.9565965370370371,
            0.9256465234375,
            0.9725344814814816
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          "status": null,
          "note": null
        },
        {
          "text": "36",
          "box": [
            0.9256465234375,
            0.9565965370370371,
            0.9905364444444444,
            0.9725344814814816
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "Item",
          "box": null,
          "status": "header_label_added",
          "note": "The page prints no header text above the leftmost column; the table begins directly with row labels like 'Net interest income'."
        },
        {
          "text": "Q1 2026",
          "box": [
            0.5011904756944443,
            0.1594113177777777,
            0.5736515234375,
            0.19869850499999997
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q4 2025",
          "box": [
            0.5736515234375,
            0.1594113177777777,
            0.6537132595486111,
            0.19869850499999997
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q3 2025",
          "box": [
            0.6537132595486111,
            0.1594113177777777,
            0.7337782682291667,
            0.19869850499999997
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q2 2025",
          "box": [
            0.7337782682291667,
            0.1594113177777777,
            0.8138422178819444,
            0.19869850499999997
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q1 2025",
          "box": [
            0.8138422178819444,
            0.1594113177777777,
            0.9256465234375,
            0.19869850499999997
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net interest income",
          "box": [
            0.033834305555555555,
            0.19869850499999997,
            0.5011904756944443,
            0.22107294472222222
          ],
          "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": "Interest income",
          "box": [
            0.033834305555555555,
            0.22107294472222222,
            0.5011904756944443,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$74.2",
          "box": [
            0.5011904756944443,
            0.22107294472222222,
            0.5736515234375,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$68.1",
          "box": [
            0.5736515234375,
            0.22107294472222222,
            0.6537132595486111,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$71.8",
          "box": [
            0.6537132595486111,
            0.22107294472222222,
            0.7337782682291667,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$62.7",
          "box": [
            0.7337782682291667,
            0.22107294472222222,
            0.8138422178819444,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$64.3",
          "box": [
            0.8138422178819444,
            0.22107294472222222,
            0.9256465234375,
            0.24057794000000002
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Interest expense",
          "box": [
            0.033834305555555555,
            0.24057794000000002,
            0.5011904756944443,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "51.2",
          "box": [
            0.5011904756944443,
            0.24057794000000002,
            0.5736515234375,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "45.7",
          "box": [
            0.5736515234375,
            0.24057794000000002,
            0.6537132595486111,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "44.0",
          "box": [
            0.6537132595486111,
            0.24057794000000002,
            0.7337782682291667,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "41.2",
          "box": [
            0.7337782682291667,
            0.24057794000000002,
            0.8138422178819444,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "44.0",
          "box": [
            0.8138422178819444,
            0.24057794000000002,
            0.9256465234375,
            0.26062840768518525
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net interest income",
          "box": [
            0.033834305555555555,
            0.26062840768518525,
            0.5011904756944443,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$23.0",
          "box": [
            0.5011904756944443,
            0.26062840768518525,
            0.5736515234375,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$22.3",
          "box": [
            0.5736515234375,
            0.26062840768518525,
            0.6537132595486111,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$27.8",
          "box": [
            0.6537132595486111,
            0.26062840768518525,
            0.7337782682291667,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.5",
          "box": [
            0.7337782682291667,
            0.26062840768518525,
            0.8138422178819444,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.3",
          "box": [
            0.8138422178819444,
            0.26062840768518525,
            0.9256465234375,
            0.2814655373148149
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Provision for (release of) loan loss reserves",
          "box": [
            0.033834305555555555,
            0.2814655373148149,
            0.5011904756944443,
            0.3023026669444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5011904756944443,
            0.2814655373148149,
            0.5736515234375,
            0.3023026669444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5736515234375,
            0.2814655373148149,
            0.6537132595486111,
            0.3023026669444445
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.6537132595486111,
            0.2814655373148149,
            0.7337782682291667,
            0.3023026669444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.7337782682291667,
            0.2814655373148149,
            0.8138422178819444,
            0.3023026669444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.8138422178819444,
            0.2814655373148149,
            0.9256465234375,
            0.3023026669444445
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net interest income after provision for (release of) loan losses",
          "box": [
            0.033834305555555555,
            0.3023026669444445,
            0.5011904756944443,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$23.0",
          "box": [
            0.5011904756944443,
            0.3023026669444445,
            0.5736515234375,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$22.3",
          "box": [
            0.5736515234375,
            0.3023026669444445,
            0.6537132595486111,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$27.8",
          "box": [
            0.6537132595486111,
            0.3023026669444445,
            0.7337782682291667,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.6",
          "box": [
            0.7337782682291667,
            0.3023026669444445,
            0.8138422178819444,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.4",
          "box": [
            0.8138422178819444,
            0.3023026669444445,
            0.9256465234375,
            0.323412579074074
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other income",
          "box": [
            0.033834305555555555,
            0.323412579074074,
            0.5011904756944443,
            0.3439769262037036
          ],
          "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": [
            0.033834305555555555,
            0.3439769262037036,
            0.5011904756944443,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "27.3",
          "box": [
            0.5011904756944443,
            0.3439769262037036,
            0.5736515234375,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "25.1",
          "box": [
            0.5736515234375,
            0.3439769262037036,
            0.6537132595486111,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "26.7",
          "box": [
            0.6537132595486111,
            0.3439769262037036,
            0.7337782682291667,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "25.8",
          "box": [
            0.7337782682291667,
            0.3439769262037036,
            0.8138422178819444,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "21.8",
          "box": [
            0.8138422178819444,
            0.3439769262037036,
            0.9256465234375,
            0.3634819214814814
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net result from mortgage loan receivables held for sale",
          "box": [
            0.033834305555555555,
            0.3634819214814814,
            0.5011904756944443,
            0.38325951407407405
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.1",
          "box": [
            0.5011904756944443,
            0.3634819214814814,
            0.5736515234375,
            0.38325951407407405
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.3634819214814814,
            0.6537132595486111,
            0.38325951407407405
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.4)",
          "box": [
            0.6537132595486111,
            0.3634819214814814,
            0.7337782682291667,
            0.38325951407407405
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.9",
          "box": [
            0.7337782682291667,
            0.3634819214814814,
            0.8138422178819444,
            0.38325951407407405
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.8138422178819444,
            0.3634819214814814,
            0.9256465234375,
            0.38325951407407405
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Gain (loss) on real estate, net",
          "box": [
            0.033834305555555555,
            0.38325951407407405,
            0.5011904756944443,
            0.4030371992592593
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5011904756944443,
            0.38325951407407405,
            0.5736515234375,
            0.4030371992592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5736515234375,
            0.38325951407407405,
            0.6537132595486111,
            0.4030371992592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6537132595486111,
            0.38325951407407405,
            0.7337782682291667,
            0.4030371992592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7337782682291667,
            0.38325951407407405,
            0.8138422178819444,
            0.4030371992592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.8",
          "box": [
            0.8138422178819444,
            0.38325951407407405,
            0.9256465234375,
            0.4030371992592593
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Fee and other income",
          "box": [
            0.033834305555555555,
            0.4030371992592593,
            0.5011904756944443,
            0.4228148844444444
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.4",
          "box": [
            0.5011904756944443,
            0.4030371992592593,
            0.5736515234375,
            0.4228148844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.5736515234375,
            0.4030371992592593,
            0.6537132595486111,
            0.4228148844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.9",
          "box": [
            0.6537132595486111,
            0.4030371992592593,
            0.7337782682291667,
            0.4228148844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.8",
          "box": [
            0.7337782682291667,
            0.4030371992592593,
            0.8138422178819444,
            0.4228148844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.3",
          "box": [
            0.8138422178819444,
            0.4030371992592593,
            0.9256465234375,
            0.4228148844444444
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net result from derivative transactions",
          "box": [
            0.033834305555555555,
            0.4228148844444444,
            0.5011904756944443,
            0.44259247703703697
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.5011904756944443,
            0.4228148844444444,
            0.5736515234375,
            0.44259247703703697
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5736515234375,
            0.4228148844444444,
            0.6537132595486111,
            0.44259247703703697
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.6537132595486111,
            0.4228148844444444,
            0.7337782682291667,
            0.44259247703703697
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.5",
          "box": [
            0.7337782682291667,
            0.4228148844444444,
            0.8138422178819444,
            0.44259247703703697
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.8138422178819444,
            0.4228148844444444,
            0.9256465234375,
            0.44259247703703697
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Earnings (loss) from investment in unconsolidated ventures",
          "box": [
            0.033834305555555555,
            0.44259247703703697,
            0.5011904756944443,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.5011904756944443,
            0.44259247703703697,
            0.5736515234375,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.44259247703703697,
            0.6537132595486111,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.4)",
          "box": [
            0.6537132595486111,
            0.44259247703703697,
            0.7337782682291667,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.7337782682291667,
            0.44259247703703697,
            0.8138422178819444,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
            0.8138422178819444,
            0.44259247703703697,
            0.9256465234375,
            0.46237025481481486
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Gain on extinguishment of debt",
          "box": [
            0.033834305555555555,
            0.46237025481481486,
            0.5011904756944443,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5011904756944443,
            0.46237025481481486,
            0.5736515234375,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5736515234375,
            0.46237025481481486,
            0.6537132595486111,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.6537132595486111,
            0.46237025481481486,
            0.7337782682291667,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.7337782682291667,
            0.46237025481481486,
            0.8138422178819444,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.8138422178819444,
            0.46237025481481486,
            0.9256465234375,
            0.4824206299074075
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total other income",
          "box": [
            0.033834305555555555,
            0.4824206299074075,
            0.5011904756944443,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.5011904756944443,
            0.4824206299074075,
            0.5736515234375,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.1",
          "box": [
            0.5736515234375,
            0.4824206299074075,
            0.6537132595486111,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$29.7",
          "box": [
            0.6537132595486111,
            0.4824206299074075,
            0.7337782682291667,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$34.7",
          "box": [
            0.7337782682291667,
            0.4824206299074075,
            0.8138422178819444,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.8138422178819444,
            0.4824206299074075,
            0.9256465234375,
            0.502471005
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Costs and expenses",
          "box": [
            0.033834305555555555,
            0.502471005,
            0.5011904756944443,
            0.5219759076851852
          ],
          "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": "Compensation and employee benefits",
          "box": [
            0.033834305555555555,
            0.5219759076851852,
            0.5011904756944443,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "22.3",
          "box": [
            0.5011904756944443,
            0.5219759076851852,
            0.5736515234375,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "10.9",
          "box": [
            0.5736515234375,
            0.5219759076851852,
            0.6537132595486111,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.6",
          "box": [
            0.6537132595486111,
            0.5219759076851852,
            0.7337782682291667,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.6",
          "box": [
            0.7337782682291667,
            0.5219759076851852,
            0.8138422178819444,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "18.8",
          "box": [
            0.8138422178819444,
            0.5219759076851852,
            0.9256465234375,
            0.5414808103703704
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Operating expenses",
          "box": [
            0.033834305555555555,
            0.5414808103703704,
            0.5011904756944443,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.1",
          "box": [
            0.5011904756944443,
            0.5414808103703704,
            0.5736515234375,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.9",
          "box": [
            0.5736515234375,
            0.5414808103703704,
            0.6537132595486111,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.3",
          "box": [
            0.6537132595486111,
            0.5414808103703704,
            0.7337782682291667,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.8",
          "box": [
            0.7337782682291667,
            0.5414808103703704,
            0.8138422178819444,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.5",
          "box": [
            0.8138422178819444,
            0.5414808103703704,
            0.9256465234375,
            0.5612585881481482
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Real estate operating expenses",
          "box": [
            0.033834305555555555,
            0.5612585881481482,
            0.5011904756944443,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.3",
          "box": [
            0.5011904756944443,
            0.5612585881481482,
            0.5736515234375,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "10.0",
          "box": [
            0.5736515234375,
            0.5612585881481482,
            0.6537132595486111,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.4",
          "box": [
            0.6537132595486111,
            0.5612585881481482,
            0.7337782682291667,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "10.3",
          "box": [
            0.7337782682291667,
            0.5612585881481482,
            0.8138422178819444,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.8",
          "box": [
            0.8138422178819444,
            0.5612585881481482,
            0.9256465234375,
            0.5810361807407407
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Investment related expenses",
          "box": [
            0.033834305555555555,
            0.5810361807407407,
            0.5011904756944443,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.2",
          "box": [
            0.5011904756944443,
            0.5810361807407407,
            0.5736515234375,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.8",
          "box": [
            0.5736515234375,
            0.5810361807407407,
            0.6537132595486111,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.9",
          "box": [
            0.6537132595486111,
            0.5810361807407407,
            0.7337782682291667,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.8",
          "box": [
            0.7337782682291667,
            0.5810361807407407,
            0.8138422178819444,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.2",
          "box": [
            0.8138422178819444,
            0.5810361807407407,
            0.9256465234375,
            0.6008138659259259
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Depreciation and amortization",
          "box": [
            0.033834305555555555,
            0.6008138659259259,
            0.5011904756944443,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.9",
          "box": [
            0.5011904756944443,
            0.6008138659259259,
            0.5736515234375,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.4",
          "box": [
            0.5736515234375,
            0.6008138659259259,
            0.6537132595486111,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.2",
          "box": [
            0.6537132595486111,
            0.6008138659259259,
            0.7337782682291667,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.0",
          "box": [
            0.7337782682291667,
            0.6008138659259259,
            0.8138422178819444,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.3",
          "box": [
            0.8138422178819444,
            0.6008138659259259,
            0.9256465234375,
            0.6208643336111112
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total costs and expenses",
          "box": [
            0.033834305555555555,
            0.6208643336111112,
            0.5011904756944443,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$48.7",
          "box": [
            0.5011904756944443,
            0.6208643336111112,
            0.5736515234375,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$34.9",
          "box": [
            0.5736515234375,
            0.6208643336111112,
            0.6537132595486111,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$37.3",
          "box": [
            0.6537132595486111,
            0.6208643336111112,
            0.7337782682291667,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$35.5",
          "box": [
            0.7337782682291667,
            0.6208643336111112,
            0.8138422178819444,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$40.6",
          "box": [
            0.8138422178819444,
            0.6208643336111112,
            0.9256465234375,
            0.6415327642592593
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Income (loss) before taxes",
          "box": [
            0.033834305555555555,
            0.6415327642592593,
            0.5011904756944443,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3.2",
          "box": [
            0.5011904756944443,
            0.6415327642592593,
            0.5736515234375,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$15.5",
          "box": [
            0.5736515234375,
            0.6415327642592593,
            0.6537132595486111,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.1",
          "box": [
            0.6537132595486111,
            0.6415327642592593,
            0.7337782682291667,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.8",
          "box": [
            0.7337782682291667,
            0.6415327642592593,
            0.8138422178819444,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$10.7",
          "box": [
            0.8138422178819444,
            0.6415327642592593,
            0.9256465234375,
            0.6613024817592593
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Income tax expense (benefit)",
          "box": [
            0.033834305555555555,
            0.6613024817592593,
            0.5011904756944443,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.6",
          "box": [
            0.5011904756944443,
            0.6613024817592593,
            0.5736515234375,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.5736515234375,
            0.6613024817592593,
            0.6537132595486111,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.0",
          "box": [
            0.6537132595486111,
            0.6613024817592593,
            0.7337782682291667,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.7",
          "box": [
            0.7337782682291667,
            0.6613024817592593,
            0.8138422178819444,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.8)",
          "box": [
            0.8138422178819444,
            0.6613024817592593,
            0.9256465234375,
            0.6807270187962963
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss)",
          "box": [
            0.033834305555555555,
            0.6807270187962963,
            0.5011904756944443,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2.6",
          "box": [
            0.5011904756944443,
            0.6807270187962963,
            0.5736515234375,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$15.9",
          "box": [
            0.5736515234375,
            0.6807270187962963,
            0.6537132595486111,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$19.2",
          "box": [
            0.6537132595486111,
            0.6807270187962963,
            0.7337782682291667,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$17.1",
          "box": [
            0.7337782682291667,
            0.6807270187962963,
            0.8138422178819444,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.6",
          "box": [
            0.8138422178819444,
            0.6807270187962963,
            0.9256465234375,
            0.7005929447222223
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net (income) loss attributable to noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.7005929447222223,
            0.5011904756944443,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5011904756944443,
            0.7005929447222223,
            0.5736515234375,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5736515234375,
            0.7005929447222223,
            0.6537132595486111,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.6537132595486111,
            0.7005929447222223,
            0.7337782682291667,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.7337782682291667,
            0.7005929447222223,
            0.8138422178819444,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.8138422178819444,
            0.7005929447222223,
            0.9256465234375,
            0.7201058150925926
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss) attributable to Class A common shareholders",
          "box": [
            0.033834305555555555,
            0.7201058150925926,
            0.5011904756944443,
            0.7405976716666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2.6",
          "box": [
            0.5011904756944443,
            0.7201058150925926,
            0.5736515234375,
            0.7405976716666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$15.9",
          "box": [
            0.5736515234375,
            0.7201058150925926,
            0.6537132595486111,
            0.7405976716666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$19.2",
          "box": [
            0.6537132595486111,
            0.7201058150925926,
            0.7337782682291667,
            0.7405976716666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$17.3",
          "box": [
            0.7337782682291667,
            0.7201058150925926,
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          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
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          "text": "$0.02",
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        {
          "text": "0.13",
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        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
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        {
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          "box": null,
          "status": null,
          "note": null
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        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
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          "text": "Basic",
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    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p37-t1",
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    "title": "DISTRIBUTABLE EARNINGS, EPS AND ROAE BY QUARTER",
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    "markdown": "| | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |\n| --- | --- | --- | --- | --- | --- |\n| Net income (loss) | $2.6 | $15.9 | $19.2 | $17.1 | $11.6 |\n| Income tax expense (benefit) | 0.6 | (0.3) | 1.0 | 3.7 | (0.8) |\n| Income (loss) before taxes | $3.2 | $15.5 | $20.1 | $20.8 | $10.7 |\n| Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP) | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 |\n| Our share of real estate depreciation, amortization and gain adjustments | 8.7 | 7.9 | 8.1 | 7.8 | 4.5 |\n| Adjustments for derivative results and loan sale activity | 0.1 | 0.0 | 0.6 | (0.7) | (0.4) |\n| Unrealized (gain) loss on securities | 1.9 | (0.1) | 0.2 | (0.1) | (0.7) |\n| Adjustment for impairment | (0.0) | (0.0) | (0.0) | (0.0) | (0.1) |\n| Non-cash stock-based compensation | 14.2 | 3.1 | 3.0 | 3.0 | 11.2 |\n| Distributable earnings prior to charge-off of allowance for credit losses | $28.0 | $26.4 | $32.1 | $30.9 | $25.5 |\n| Charge-off of allowance for credit losses | \u2013 | (5.0) | \u2013 | \u2013 | \u2013 |\n| Distributable earnings 1 | $28.0 | $21.4 | $32.1 | $30.9 | $25.5 |\n| Estimated corporate tax (expense) benefit | (0.7) | (0.5) | (0.9) | (2.0) | (0.2) |\n| After-tax distributable earnings | $27.3 | $21.0 | $31.2 | $28.9 | $25.2 |\n| Weighted average diluted shares outstanding (mm) | 126.0 | 126.2 | 126.1 | 126.2 | 126.3 |\n| Distributable EPS 1 | $0.22 | $0.17 | $0.25 | $0.23 | $0.20 |\n| Per share impact of charge-off of allowance for credit losses | \u2013 | 0.04 | \u2013 | \u2013 | \u2013 |\n| Distributable EPS prior to charge-off of allowance for credit losses | $0.22 | $0.21 | $0.25 | $0.23 | $0.20 |\n| 12 Months Ended 03/31/2026 | | | | | |\n| Distributable earnings | $112.4 | $28.0 | $21.4 | $32.1 | $30.9 | $25.5 |\n| Average shareholders' equity | 1,491.1 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 | 1,525.9 |\n| Pre-tax Distributable ROAE 1 | 7.5% | 7.6% | 5.7% | 8.6% | 8.2% | 6.7% |\n| After-tax distributable earnings | $108.4 | $27.3 | $21.0 | $31.2 | $28.9 | $25.2 |\n| Average shareholders' equity | 1,491.1 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 | 1,525.9 |\n| After-tax Distributable ROAE 1 | 7.3% | 7.5% | 5.6% | 8.3% | 7.7% | 6.6% |",
    "footnotes": [
      "1. For a description of these non-GAAP financial measures, see Selected Definitions on page 40"
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      "1"
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    "units": "($ in millions, except per share values)",
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    "page": 37,
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        {
          "text": "D I S T R I B U T A B L E   E A R N I N G S ,   E P S   A N D",
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          "text": "R O A E   B Y   Q U A R T E R",
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          "text": "",
          "box": [
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            0.17122638777777782
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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        }
      ],
      [
        {
          "text": "($ in millions, except per share values)",
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        },
        {
          "text": "",
          "box": [
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            0.17122638777777782,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.17122638777777782,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.17122638777777782,
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            0.20314542583333328
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.17122638777777782,
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          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.17122638777777782,
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          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
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          ],
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          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
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            0.22107150444444446
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          "status": null,
          "note": null
        },
        {
          "text": "Q1 2026",
          "box": [
            0.48431908745833285,
            0.20314542583333328,
            0.5635356395138885,
            0.22107150444444446
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          "status": null,
          "note": null
        },
        {
          "text": "Q4 2025",
          "box": [
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            0.20314542583333328,
            0.6498803221527771,
            0.22107150444444446
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          "status": null,
          "note": null
        },
        {
          "text": "Q3 2025",
          "box": [
            0.6498803221527771,
            0.20314542583333328,
            0.736165395069444,
            0.22107150444444446
          ],
          "status": null,
          "note": null
        },
        {
          "text": "Q2 2025",
          "box": [
            0.736165395069444,
            0.20314542583333328,
            0.8224802728472217,
            0.22107150444444446
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          "status": null,
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        },
        {
          "text": "Q1 2025",
          "box": [
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            0.20314542583333328,
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            0.22107150444444446
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.20314542583333328,
            0.9905364444444444,
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          "status": null,
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        }
      ],
      [
        {
          "text": "Net income (loss)",
          "box": [
            0.033834305555555555,
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            0.48431908745833285,
            0.2495734262962963
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          "status": null,
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        },
        {
          "text": "$2.6",
          "box": [
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          "status": null,
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        },
        {
          "text": "$15.9",
          "box": [
            0.5635356395138885,
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            0.6498803221527771,
            0.2495734262962963
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          "status": null,
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        },
        {
          "text": "$19.2",
          "box": [
            0.6498803221527771,
            0.22107150444444446,
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          "status": null,
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        },
        {
          "text": "$17.1",
          "box": [
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            0.2495734262962963
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        {
          "text": "$11.6",
          "box": [
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            0.22107150444444446,
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            0.2495734262962963
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.22107150444444446,
            0.9905364444444444,
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        }
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      [
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          "text": "Income tax expense (benefit)",
          "box": [
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        },
        {
          "text": "0.6",
          "box": [
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            0.2495734262962963,
            0.5635356395138885,
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          "status": null,
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        },
        {
          "text": "(0.3)",
          "box": [
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          "status": null,
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        },
        {
          "text": "1.0",
          "box": [
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          "status": null,
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        {
          "text": "3.7",
          "box": [
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            0.2732665799074074
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          "status": null,
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        },
        {
          "text": "(0.8)",
          "box": [
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            0.2732665799074074
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.2495734262962963,
            0.9905364444444444,
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      ],
      [
        {
          "text": "Income (loss) before taxes",
          "box": [
            0.033834305555555555,
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            0.3002031146296296
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          "status": null,
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        },
        {
          "text": "$3.2",
          "box": [
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          "status": null,
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        },
        {
          "text": "$15.5",
          "box": [
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            0.2732665799074074,
            0.6498803221527771,
            0.3002031146296296
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          "status": null,
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        {
          "text": "$20.1",
          "box": [
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          "status": null,
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        {
          "text": "$20.8",
          "box": [
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        {
          "text": "$10.7",
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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            0.2732665799074074,
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      ],
      [
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          "text": "Net (income) loss attributable to noncontrolling interest in consolidated",
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        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.3212416176851851
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
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      ],
      [
        {
          "text": "",
          "box": [
            0.033834305555555555,
            0.3212416176851851,
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          "status": null,
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        },
        {
          "text": "0.0",
          "box": [
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          "status": null,
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        },
        {
          "text": "0.0",
          "box": [
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          "status": null,
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        },
        {
          "text": "0.0",
          "box": [
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        {
          "text": "0.2",
          "box": [
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          "status": null,
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        },
        {
          "text": "0.2",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.3212416176851851,
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      ],
      [
        {
          "text": "ventures (GAAP)",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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            0.3317120806481481,
            0.5635356395138885,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.3317120806481481,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.3317120806481481,
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.3317120806481481,
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        }
      ],
      [
        {
          "text": "Our share of real estate depreciation, amortization and gain adjustments",
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        {
          "text": "8.7",
          "box": [
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          "status": null,
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        },
        {
          "text": "7.9",
          "box": [
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          "status": null,
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        },
        {
          "text": "8.1",
          "box": [
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          "status": null,
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        },
        {
          "text": "7.8",
          "box": [
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          "status": null,
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        },
        {
          "text": "4.5",
          "box": [
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
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          "status": null,
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        }
      ],
      [
        {
          "text": "Adjustments for derivative results and loan sale activity",
          "box": [
            0.033834305555555555,
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            0.48431908745833285,
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          "status": null,
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        {
          "text": "0.1",
          "box": [
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          "status": null,
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        },
        {
          "text": "0.0",
          "box": [
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          "status": null,
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        {
          "text": "0.6",
          "box": [
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          "status": null,
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        {
          "text": "(0.7)",
          "box": [
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        {
          "text": "(0.4)",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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      ],
      [
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          "text": "Unrealized (gain) loss on securities",
          "box": [
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        {
          "text": "1.9",
          "box": [
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          "status": null,
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        },
        {
          "text": "(0.1)",
          "box": [
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        {
          "text": "0.2",
          "box": [
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          "status": null,
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        {
          "text": "(0.1)",
          "box": [
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          "status": null,
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        {
          "text": "(0.7)",
          "box": [
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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          "status": null,
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        }
      ],
      [
        {
          "text": "Adjustment for impairment",
          "box": [
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        {
          "text": "(0.0)",
          "box": [
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          "status": null,
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        },
        {
          "text": "(0.0)",
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          "status": null,
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        {
          "text": "(0.0)",
          "box": [
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          "status": null,
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        {
          "text": "(0.0)",
          "box": [
            0.736165395069444,
            0.4139471632407406,
            0.8224802728472217,
            0.43583610824074054
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.8224802728472217,
            0.4139471632407406,
            0.9292578172916661,
            0.43583610824074054
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.4139471632407406,
            0.9905364444444444,
            0.43583610824074054
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Non-cash stock-based compensation",
          "box": [
            0.033834305555555555,
            0.43583610824074054,
            0.48431908745833285,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "14.2",
          "box": [
            0.48431908745833285,
            0.43583610824074054,
            0.5635356395138885,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.1",
          "box": [
            0.5635356395138885,
            0.43583610824074054,
            0.6498803221527771,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.6498803221527771,
            0.43583610824074054,
            0.736165395069444,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.736165395069444,
            0.43583610824074054,
            0.8224802728472217,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.2",
          "box": [
            0.8224802728472217,
            0.43583610824074054,
            0.9292578172916661,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.43583610824074054,
            0.9905364444444444,
            0.45772505324074053
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings prior to charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.45772505324074053,
            0.48431908745833285,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.0",
          "box": [
            0.48431908745833285,
            0.45772505324074053,
            0.5635356395138885,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$26.4",
          "box": [
            0.5635356395138885,
            0.45772505324074053,
            0.6498803221527771,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.45772505324074053,
            0.736165395069444,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.45772505324074053,
            0.8224802728472217,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.45772505324074053,
            0.9292578172916661,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.45772505324074053,
            0.9905364444444444,
            0.4852809618518517
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.4852809618518517,
            0.48431908745833285,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.48431908745833285,
            0.4852809618518517,
            0.5635356395138885,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(5.0)",
          "box": [
            0.5635356395138885,
            0.4852809618518517,
            0.6498803221527771,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6498803221527771,
            0.4852809618518517,
            0.736165395069444,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.736165395069444,
            0.4852809618518517,
            0.8224802728472217,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8224802728472217,
            0.4852809618518517,
            0.9292578172916661,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.4852809618518517,
            0.9905364444444444,
            0.5127017266666666
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.5127017266666666,
            0.48431908745833285,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.5127017266666666,
            0.5635356395138885,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.5127017266666666,
            0.6498803221527771,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.5127017266666666,
            0.736165395069444,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.5127017266666666,
            0.8224802728472217,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.5127017266666666,
            0.9292578172916661,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.5127017266666666,
            0.9905364444444444,
            0.5198535484259259
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings",
          "box": [
            0.033834305555555555,
            0.5198535484259259,
            0.48431908745833285,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.0",
          "box": [
            0.48431908745833285,
            0.5198535484259259,
            0.5635356395138885,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.4",
          "box": [
            0.5635356395138885,
            0.5198535484259259,
            0.6498803221527771,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.5198535484259259,
            0.736165395069444,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.5198535484259259,
            0.8224802728472217,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.5198535484259259,
            0.9292578172916661,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.5198535484259259,
            0.9905364444444444,
            0.5406991276851851
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Estimated corporate tax (expense) benefit",
          "box": [
            0.033834305555555555,
            0.5406991276851851,
            0.48431908745833285,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
            0.48431908745833285,
            0.5406991276851851,
            0.5635356395138885,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.5)",
          "box": [
            0.5635356395138885,
            0.5406991276851851,
            0.6498803221527771,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.9)",
          "box": [
            0.6498803221527771,
            0.5406991276851851,
            0.736165395069444,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.0)",
          "box": [
            0.736165395069444,
            0.5406991276851851,
            0.8224802728472217,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.2)",
          "box": [
            0.8224802728472217,
            0.5406991276851851,
            0.9292578172916661,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.5406991276851851,
            0.9905364444444444,
            0.5679595221296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "After-tax distributable earnings",
          "box": [
            0.033834305555555555,
            0.5679595221296296,
            0.48431908745833285,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$27.3",
          "box": [
            0.48431908745833285,
            0.5679595221296296,
            0.5635356395138885,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.0",
          "box": [
            0.5635356395138885,
            0.5679595221296296,
            0.6498803221527771,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$31.2",
          "box": [
            0.6498803221527771,
            0.5679595221296296,
            0.736165395069444,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.736165395069444,
            0.5679595221296296,
            0.8224802728472217,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$25.2",
          "box": [
            0.8224802728472217,
            0.5679595221296296,
            0.9292578172916661,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.5679595221296296,
            0.9905364444444444,
            0.5949218663888889
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted average diluted shares outstanding  (mm)",
          "box": [
            0.033834305555555555,
            0.5949218663888889,
            0.48431908745833285,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "126.0",
          "box": [
            0.48431908745833285,
            0.5949218663888889,
            0.5635356395138885,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "126.2",
          "box": [
            0.5635356395138885,
            0.5949218663888889,
            0.6498803221527771,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "126.1",
          "box": [
            0.6498803221527771,
            0.5949218663888889,
            0.736165395069444,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "126.2",
          "box": [
            0.736165395069444,
            0.5949218663888889,
            0.8224802728472217,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "126.3",
          "box": [
            0.8224802728472217,
            0.5949218663888889,
            0.9292578172916661,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.5949218663888889,
            0.9905364444444444,
            0.6224081740740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.6224081740740741,
            0.48431908745833285,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.6224081740740741,
            0.5635356395138885,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.6224081740740741,
            0.6498803221527771,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.6224081740740741,
            0.736165395069444,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.6224081740740741,
            0.8224802728472217,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.6224081740740741,
            0.9292578172916661,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.6224081740740741,
            0.9905364444444444,
            0.6300791039814815
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable EPS",
          "box": [
            0.033834305555555555,
            0.6300791039814815,
            0.48431908745833285,
            0.6509246832407406
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.22",
          "box": [
            0.48431908745833285,
            0.6300791039814815,
            0.5635356395138885,
            0.6509246832407406
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.17",
          "box": [
            0.5635356395138885,
            0.6300791039814815,
            0.6498803221527771,
            0.6509246832407406
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.25",
          "box": [
            0.6498803221527771,
            0.6300791039814815,
            0.736165395069444,
            0.6509246832407406
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
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            0.6300791039814815,
            0.8224802728472217,
            0.6509246832407406
          ],
          "status": null,
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        },
        {
          "text": "$0.20",
          "box": [
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            0.6300791039814815,
            0.9292578172916661,
            0.6509246832407406
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.6300791039814815,
            0.9905364444444444,
            0.6509246832407406
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Per share impact of charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.6509246832407406,
            0.48431908745833285,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.48431908745833285,
            0.6509246832407406,
            0.5635356395138885,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.04",
          "box": [
            0.5635356395138885,
            0.6509246832407406,
            0.6498803221527771,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6498803221527771,
            0.6509246832407406,
            0.736165395069444,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.736165395069444,
            0.6509246832407406,
            0.8224802728472217,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8224802728472217,
            0.6509246832407406,
            0.9292578172916661,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.6509246832407406,
            0.9905364444444444,
            0.6781850776851852
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable EPS prior to charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.6781850776851852,
            0.48431908745833285,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.22",
          "box": [
            0.48431908745833285,
            0.6781850776851852,
            0.5635356395138885,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.21",
          "box": [
            0.5635356395138885,
            0.6781850776851852,
            0.6498803221527771,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.25",
          "box": [
            0.6498803221527771,
            0.6781850776851852,
            0.736165395069444,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.736165395069444,
            0.6781850776851852,
            0.8224802728472217,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.20",
          "box": [
            0.8224802728472217,
            0.6781850776851852,
            0.9292578172916661,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.6781850776851852,
            0.9905364444444444,
            0.7148889125925926
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "12 Months Ended",
          "box": [
            0.033834305555555555,
            0.7148889125925926,
            0.48431908745833285,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.7148889125925926,
            0.5635356395138885,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.7148889125925926,
            0.6498803221527771,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.7148889125925926,
            0.736165395069444,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.7148889125925926,
            0.8224802728472217,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.7148889125925926,
            0.9292578172916661,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.7148889125925926,
            0.9905364444444444,
            0.7512118168518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "03/31/2026",
          "box": [
            0.033834305555555555,
            0.7512118168518519,
            0.48431908745833285,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.7512118168518519,
            0.5635356395138885,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.7512118168518519,
            0.6498803221527771,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.7512118168518519,
            0.736165395069444,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.7512118168518519,
            0.8224802728472217,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.7512118168518519,
            0.9292578172916661,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.7512118168518519,
            0.9905364444444444,
            0.7765227387962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings\n$112.4",
          "box": [
            0.033834305555555555,
            0.7765227387962963,
            0.48431908745833285,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.0",
          "box": [
            0.48431908745833285,
            0.7765227387962963,
            0.5635356395138885,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.4",
          "box": [
            0.5635356395138885,
            0.7765227387962963,
            0.6498803221527771,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.7765227387962963,
            0.736165395069444,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.7765227387962963,
            0.8224802728472217,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.7765227387962963,
            0.9292578172916661,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.7765227387962963,
            0.9905364444444444,
            0.8016889665740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Average shareholders' equity\n1,491.1",
          "box": [
            0.033834305555555555,
            0.8016889665740741,
            0.48431908745833285,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,465.5",
          "box": [
            0.48431908745833285,
            0.8016889665740741,
            0.5635356395138885,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,490.0",
          "box": [
            0.5635356395138885,
            0.8016889665740741,
            0.6498803221527771,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,499.3",
          "box": [
            0.6498803221527771,
            0.8016889665740741,
            0.736165395069444,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,509.6",
          "box": [
            0.736165395069444,
            0.8016889665740741,
            0.8224802728472217,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,525.9",
          "box": [
            0.8224802728472217,
            0.8016889665740741,
            0.9292578172916661,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8016889665740741,
            0.9905364444444444,
            0.8229157021296295
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.8229157021296295,
            0.48431908745833285,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.8229157021296295,
            0.5635356395138885,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.8229157021296295,
            0.6498803221527771,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.8229157021296295,
            0.736165395069444,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.8229157021296295,
            0.8224802728472217,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.8229157021296295,
            0.9292578172916661,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8229157021296295,
            0.9905364444444444,
            0.8305885484259259
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Pre-tax Distributable ROAE \n7.5%",
          "box": [
            0.033834305555555555,
            0.8305885484259259,
            0.48431908745833285,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7.6%",
          "box": [
            0.48431908745833285,
            0.8305885484259259,
            0.5635356395138885,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.7%",
          "box": [
            0.5635356395138885,
            0.8305885484259259,
            0.6498803221527771,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.6%",
          "box": [
            0.6498803221527771,
            0.8305885484259259,
            0.736165395069444,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.2%",
          "box": [
            0.736165395069444,
            0.8305885484259259,
            0.8224802728472217,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6.7%",
          "box": [
            0.8224802728472217,
            0.8305885484259259,
            0.9292578172916661,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8305885484259259,
            0.9905364444444444,
            0.8498635721296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "After-tax distributable earnings\n$108.4",
          "box": [
            0.033834305555555555,
            0.8498635721296296,
            0.48431908745833285,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$27.3",
          "box": [
            0.48431908745833285,
            0.8498635721296296,
            0.5635356395138885,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$21.0",
          "box": [
            0.5635356395138885,
            0.8498635721296296,
            0.6498803221527771,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$31.2",
          "box": [
            0.6498803221527771,
            0.8498635721296296,
            0.736165395069444,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.736165395069444,
            0.8498635721296296,
            0.8224802728472217,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$25.2",
          "box": [
            0.8224802728472217,
            0.8498635721296296,
            0.9292578172916661,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8498635721296296,
            0.9905364444444444,
            0.8755534110185185
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Average shareholders' equity\n1,491.1",
          "box": [
            0.033834305555555555,
            0.8755534110185185,
            0.48431908745833285,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,465.5",
          "box": [
            0.48431908745833285,
            0.8755534110185185,
            0.5635356395138885,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,490.0",
          "box": [
            0.5635356395138885,
            0.8755534110185185,
            0.6498803221527771,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,499.3",
          "box": [
            0.6498803221527771,
            0.8755534110185185,
            0.736165395069444,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,509.6",
          "box": [
            0.736165395069444,
            0.8755534110185185,
            0.8224802728472217,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,525.9",
          "box": [
            0.8224802728472217,
            0.8755534110185185,
            0.9292578172916661,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8755534110185185,
            0.9905364444444444,
            0.8967801465740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.8967801465740741,
            0.48431908745833285,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.8967801465740741,
            0.5635356395138885,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.8967801465740741,
            0.6498803221527771,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.8967801465740741,
            0.736165395069444,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.8967801465740741,
            0.8224802728472217,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.8967801465740741,
            0.9292578172916661,
            0.904453085462963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.8967801465740741,
            0.9905364444444444,
            0.904453085462963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "After-tax Distributable ROAE \n7.3%",
          "box": [
            0.033834305555555555,
            0.904453085462963,
            0.48431908745833285,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7.5%",
          "box": [
            0.48431908745833285,
            0.904453085462963,
            0.5635356395138885,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5.6%",
          "box": [
            0.5635356395138885,
            0.904453085462963,
            0.6498803221527771,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "8.3%",
          "box": [
            0.6498803221527771,
            0.904453085462963,
            0.736165395069444,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "7.7%",
          "box": [
            0.736165395069444,
            0.904453085462963,
            0.8224802728472217,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "6.6%",
          "box": [
            0.8224802728472217,
            0.904453085462963,
            0.9292578172916661,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9292578172916661,
            0.904453085462963,
            0.9905364444444444,
            0.9362390936111111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1.  For a description of these non-GAAP financial measures, see Selected Definitions on page 40",
          "box": [
            0.033834305555555555,
            0.9362390936111111,
            0.48431908745833285,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.48431908745833285,
            0.9362390936111111,
            0.5635356395138885,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5635356395138885,
            0.9362390936111111,
            0.6498803221527771,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6498803221527771,
            0.9362390936111111,
            0.736165395069444,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.736165395069444,
            0.9362390936111111,
            0.8224802728472217,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8224802728472217,
            0.9362390936111111,
            0.9292578172916661,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        },
        {
          "text": "37",
          "box": [
            0.9292578172916661,
            0.9362390936111111,
            0.9905364444444444,
            0.9719144814814814
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "Q1 2026",
          "box": [
            0.48431908745833285,
            0.20314542583333328,
            0.5635356395138885,
            0.22107150444444446
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q4 2025",
          "box": [
            0.5635356395138885,
            0.20314542583333328,
            0.6498803221527771,
            0.22107150444444446
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q3 2025",
          "box": [
            0.6498803221527771,
            0.20314542583333328,
            0.736165395069444,
            0.22107150444444446
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q2 2025",
          "box": [
            0.736165395069444,
            0.20314542583333328,
            0.8224802728472217,
            0.22107150444444446
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Q1 2025",
          "box": [
            0.8224802728472217,
            0.20314542583333328,
            0.9292578172916661,
            0.22107150444444446
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss)",
          "box": [
            0.033834305555555555,
            0.22107150444444446,
            0.48431908745833285,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2.6",
          "box": [
            0.48431908745833285,
            0.22107150444444446,
            0.5635356395138885,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$15.9",
          "box": [
            0.5635356395138885,
            0.22107150444444446,
            0.6498803221527771,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$19.2",
          "box": [
            0.6498803221527771,
            0.22107150444444446,
            0.736165395069444,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$17.1",
          "box": [
            0.736165395069444,
            0.22107150444444446,
            0.8224802728472217,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.6",
          "box": [
            0.8224802728472217,
            0.22107150444444446,
            0.9292578172916661,
            0.2495734262962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Income tax expense (benefit)",
          "box": [
            0.033834305555555555,
            0.2495734262962963,
            0.48431908745833285,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.6",
          "box": [
            0.48431908745833285,
            0.2495734262962963,
            0.5635356395138885,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.3)",
          "box": [
            0.5635356395138885,
            0.2495734262962963,
            0.6498803221527771,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.0",
          "box": [
            0.6498803221527771,
            0.2495734262962963,
            0.736165395069444,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.7",
          "box": [
            0.736165395069444,
            0.2495734262962963,
            0.8224802728472217,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.8)",
          "box": [
            0.8224802728472217,
            0.2495734262962963,
            0.9292578172916661,
            0.2732665799074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Income (loss) before taxes",
          "box": [
            0.033834305555555555,
            0.2732665799074074,
            0.48431908745833285,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3.2",
          "box": [
            0.48431908745833285,
            0.2732665799074074,
            0.5635356395138885,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$15.5",
          "box": [
            0.5635356395138885,
            0.2732665799074074,
            0.6498803221527771,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.1",
          "box": [
            0.6498803221527771,
            0.2732665799074074,
            0.736165395069444,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$20.8",
          "box": [
            0.736165395069444,
            0.2732665799074074,
            0.8224802728472217,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$10.7",
          "box": [
            0.8224802728472217,
            0.2732665799074074,
            0.9292578172916661,
            0.3002031146296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP)",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows the printed text 'Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP)' as a row label on the left side of the table."
        },
        {
          "text": "0.0",
          "box": [
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            0.3212416176851851,
            0.5635356395138885,
            0.3317120806481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5635356395138885,
            0.3212416176851851,
            0.6498803221527771,
            0.3317120806481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.6498803221527771,
            0.3212416176851851,
            0.736165395069444,
            0.3317120806481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.736165395069444,
            0.3212416176851851,
            0.8224802728472217,
            0.3317120806481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.8224802728472217,
            0.3212416176851851,
            0.9292578172916661,
            0.3317120806481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Our share of real estate depreciation, amortization and gain adjustments",
          "box": [
            0.033834305555555555,
            0.34765588009259263,
            0.48431908745833285,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.7",
          "box": [
            0.48431908745833285,
            0.34765588009259263,
            0.5635356395138885,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.9",
          "box": [
            0.5635356395138885,
            0.34765588009259263,
            0.6498803221527771,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.1",
          "box": [
            0.6498803221527771,
            0.34765588009259263,
            0.736165395069444,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.8",
          "box": [
            0.736165395069444,
            0.34765588009259263,
            0.8224802728472217,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "4.5",
          "box": [
            0.8224802728472217,
            0.34765588009259263,
            0.9292578172916661,
            0.3701692732407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjustments for derivative results and loan sale activity",
          "box": [
            0.033834305555555555,
            0.3701692732407406,
            0.48431908745833285,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.1",
          "box": [
            0.48431908745833285,
            0.3701692732407406,
            0.5635356395138885,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.0",
          "box": [
            0.5635356395138885,
            0.3701692732407406,
            0.6498803221527771,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.6",
          "box": [
            0.6498803221527771,
            0.3701692732407406,
            0.736165395069444,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
            0.736165395069444,
            0.3701692732407406,
            0.8224802728472217,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.4)",
          "box": [
            0.8224802728472217,
            0.3701692732407406,
            0.9292578172916661,
            0.3920582182407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Unrealized (gain) loss on securities",
          "box": [
            0.033834305555555555,
            0.3920582182407406,
            0.48431908745833285,
            0.4139471632407406
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.9",
          "box": [
            0.48431908745833285,
            0.3920582182407406,
            0.5635356395138885,
            0.4139471632407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.5635356395138885,
            0.3920582182407406,
            0.6498803221527771,
            0.4139471632407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.6498803221527771,
            0.3920582182407406,
            0.736165395069444,
            0.4139471632407406
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.736165395069444,
            0.3920582182407406,
            0.8224802728472217,
            0.4139471632407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
            0.8224802728472217,
            0.3920582182407406,
            0.9292578172916661,
            0.4139471632407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjustment for impairment",
          "box": [
            0.033834305555555555,
            0.4139471632407406,
            0.48431908745833285,
            0.43583610824074054
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.48431908745833285,
            0.4139471632407406,
            0.5635356395138885,
            0.43583610824074054
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.5635356395138885,
            0.4139471632407406,
            0.6498803221527771,
            0.43583610824074054
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.6498803221527771,
            0.4139471632407406,
            0.736165395069444,
            0.43583610824074054
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.0)",
          "box": [
            0.736165395069444,
            0.4139471632407406,
            0.8224802728472217,
            0.43583610824074054
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.1)",
          "box": [
            0.8224802728472217,
            0.4139471632407406,
            0.9292578172916661,
            0.43583610824074054
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Non-cash stock-based compensation",
          "box": [
            0.033834305555555555,
            0.43583610824074054,
            0.48431908745833285,
            0.45772505324074053
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "14.2",
          "box": [
            0.48431908745833285,
            0.43583610824074054,
            0.5635356395138885,
            0.45772505324074053
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.1",
          "box": [
            0.5635356395138885,
            0.43583610824074054,
            0.6498803221527771,
            0.45772505324074053
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.6498803221527771,
            0.43583610824074054,
            0.736165395069444,
            0.45772505324074053
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3.0",
          "box": [
            0.736165395069444,
            0.43583610824074054,
            0.8224802728472217,
            0.45772505324074053
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.2",
          "box": [
            0.8224802728472217,
            0.43583610824074054,
            0.9292578172916661,
            0.45772505324074053
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings prior to charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.45772505324074053,
            0.48431908745833285,
            0.4852809618518517
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.0",
          "box": [
            0.48431908745833285,
            0.45772505324074053,
            0.5635356395138885,
            0.4852809618518517
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$26.4",
          "box": [
            0.5635356395138885,
            0.45772505324074053,
            0.6498803221527771,
            0.4852809618518517
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.45772505324074053,
            0.736165395069444,
            0.4852809618518517
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.45772505324074053,
            0.8224802728472217,
            0.4852809618518517
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.45772505324074053,
            0.9292578172916661,
            0.4852809618518517
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.4852809618518517,
            0.48431908745833285,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.48431908745833285,
            0.4852809618518517,
            0.5635356395138885,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(5.0)",
          "box": [
            0.5635356395138885,
            0.4852809618518517,
            0.6498803221527771,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6498803221527771,
            0.4852809618518517,
            0.736165395069444,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.736165395069444,
            0.4852809618518517,
            0.8224802728472217,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8224802728472217,
            0.4852809618518517,
            0.9292578172916661,
            0.5127017266666666
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings 1",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows the printed text 'Distributable earnings \u00b9' (with a superscript 1) as a row label, matching the extraction's text 'Distributable earnings 1'."
        },
        {
          "text": "$28.0",
          "box": [
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            0.5198535484259259,
            0.5635356395138885,
            0.5406991276851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.4",
          "box": [
            0.5635356395138885,
            0.5198535484259259,
            0.6498803221527771,
            0.5406991276851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.5198535484259259,
            0.736165395069444,
            0.5406991276851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.5198535484259259,
            0.8224802728472217,
            0.5406991276851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.5198535484259259,
            0.9292578172916661,
            0.5406991276851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Estimated corporate tax (expense) benefit",
          "box": [
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            0.5406991276851851,
            0.48431908745833285,
            0.5679595221296296
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.7)",
          "box": [
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            0.5406991276851851,
            0.5635356395138885,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.5)",
          "box": [
            0.5635356395138885,
            0.5406991276851851,
            0.6498803221527771,
            0.5679595221296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.9)",
          "box": [
            0.6498803221527771,
            0.5406991276851851,
            0.736165395069444,
            0.5679595221296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.0)",
          "box": [
            0.736165395069444,
            0.5406991276851851,
            0.8224802728472217,
            0.5679595221296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.2)",
          "box": [
            0.8224802728472217,
            0.5406991276851851,
            0.9292578172916661,
            0.5679595221296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "After-tax distributable earnings",
          "box": [
            0.033834305555555555,
            0.5679595221296296,
            0.48431908745833285,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$27.3",
          "box": [
            0.48431908745833285,
            0.5679595221296296,
            0.5635356395138885,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.0",
          "box": [
            0.5635356395138885,
            0.5679595221296296,
            0.6498803221527771,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$31.2",
          "box": [
            0.6498803221527771,
            0.5679595221296296,
            0.736165395069444,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.736165395069444,
            0.5679595221296296,
            0.8224802728472217,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$25.2",
          "box": [
            0.8224802728472217,
            0.5679595221296296,
            0.9292578172916661,
            0.5949218663888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted average diluted shares outstanding (mm)",
          "box": [
            0.033834305555555555,
            0.5949218663888889,
            0.48431908745833285,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "126.0",
          "box": [
            0.48431908745833285,
            0.5949218663888889,
            0.5635356395138885,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "126.2",
          "box": [
            0.5635356395138885,
            0.5949218663888889,
            0.6498803221527771,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "126.1",
          "box": [
            0.6498803221527771,
            0.5949218663888889,
            0.736165395069444,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "126.2",
          "box": [
            0.736165395069444,
            0.5949218663888889,
            0.8224802728472217,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "126.3",
          "box": [
            0.8224802728472217,
            0.5949218663888889,
            0.9292578172916661,
            0.6224081740740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable EPS 1",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows the printed text 'Distributable EPS \u00b9' (with a superscript 1) as a row label, matching the extraction's text 'Distributable EPS 1'."
        },
        {
          "text": "$0.22",
          "box": [
            0.48431908745833285,
            0.6300791039814815,
            0.5635356395138885,
            0.6509246832407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.17",
          "box": [
            0.5635356395138885,
            0.6300791039814815,
            0.6498803221527771,
            0.6509246832407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.25",
          "box": [
            0.6498803221527771,
            0.6300791039814815,
            0.736165395069444,
            0.6509246832407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.736165395069444,
            0.6300791039814815,
            0.8224802728472217,
            0.6509246832407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.20",
          "box": [
            0.8224802728472217,
            0.6300791039814815,
            0.9292578172916661,
            0.6509246832407406
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Per share impact of charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.6509246832407406,
            0.48431908745833285,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.48431908745833285,
            0.6509246832407406,
            0.5635356395138885,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.04",
          "box": [
            0.5635356395138885,
            0.6509246832407406,
            0.6498803221527771,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6498803221527771,
            0.6509246832407406,
            0.736165395069444,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.736165395069444,
            0.6509246832407406,
            0.8224802728472217,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8224802728472217,
            0.6509246832407406,
            0.9292578172916661,
            0.6781850776851852
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable EPS prior to charge-off of allowance for credit losses",
          "box": [
            0.033834305555555555,
            0.6781850776851852,
            0.48431908745833285,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.22",
          "box": [
            0.48431908745833285,
            0.6781850776851852,
            0.5635356395138885,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.21",
          "box": [
            0.5635356395138885,
            0.6781850776851852,
            0.6498803221527771,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.25",
          "box": [
            0.6498803221527771,
            0.6781850776851852,
            0.736165395069444,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.736165395069444,
            0.6781850776851852,
            0.8224802728472217,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$0.20",
          "box": [
            0.8224802728472217,
            0.6781850776851852,
            0.9292578172916661,
            0.7148889125925926
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "12 Months Ended 03/31/2026",
          "box": [
            0.033834305555555555,
            0.7148889125925926,
            0.48431908745833285,
            0.7765227387962963
          ],
          "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": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributable earnings",
          "box": [
            0.033834305555555555,
            0.7765227387962963,
            0.48431908745833285,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$112.4",
          "box": [
            0.033834305555555555,
            0.7765227387962963,
            0.48431908745833285,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.0",
          "box": [
            0.48431908745833285,
            0.7765227387962963,
            0.5635356395138885,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.4",
          "box": [
            0.5635356395138885,
            0.7765227387962963,
            0.6498803221527771,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$32.1",
          "box": [
            0.6498803221527771,
            0.7765227387962963,
            0.736165395069444,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$30.9",
          "box": [
            0.736165395069444,
            0.7765227387962963,
            0.8224802728472217,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$25.5",
          "box": [
            0.8224802728472217,
            0.7765227387962963,
            0.9292578172916661,
            0.8016889665740741
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Average shareholders' equity",
          "box": [
            0.033834305555555555,
            0.8016889665740741,
            0.48431908745833285,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,491.1",
          "box": [
            0.033834305555555555,
            0.8016889665740741,
            0.48431908745833285,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,465.5",
          "box": [
            0.48431908745833285,
            0.8016889665740741,
            0.5635356395138885,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,490.0",
          "box": [
            0.5635356395138885,
            0.8016889665740741,
            0.6498803221527771,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,499.3",
          "box": [
            0.6498803221527771,
            0.8016889665740741,
            0.736165395069444,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,509.6",
          "box": [
            0.736165395069444,
            0.8016889665740741,
            0.8224802728472217,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,525.9",
          "box": [
            0.8224802728472217,
            0.8016889665740741,
            0.9292578172916661,
            0.8229157021296295
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Pre-tax Distributable ROAE 1",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows the printed text 'Pre-tax Distributable ROAE \u00b9' (with a superscript 1) as a row label, matching the extraction's text 'Pre-tax Distributable ROAE 1'."
        },
        {
          "text": "7.5%",
          "box": [
            0.033834305555555555,
            0.8305885484259259,
            0.48431908745833285,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.6%",
          "box": [
            0.48431908745833285,
            0.8305885484259259,
            0.5635356395138885,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.7%",
          "box": [
            0.5635356395138885,
            0.8305885484259259,
            0.6498803221527771,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.6%",
          "box": [
            0.6498803221527771,
            0.8305885484259259,
            0.736165395069444,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.2%",
          "box": [
            0.736165395069444,
            0.8305885484259259,
            0.8224802728472217,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "6.7%",
          "box": [
            0.8224802728472217,
            0.8305885484259259,
            0.9292578172916661,
            0.8498635721296296
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "After-tax distributable earnings",
          "box": [
            0.033834305555555555,
            0.8498635721296296,
            0.48431908745833285,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$108.4",
          "box": [
            0.033834305555555555,
            0.8498635721296296,
            0.48431908745833285,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$27.3",
          "box": [
            0.48431908745833285,
            0.8498635721296296,
            0.5635356395138885,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$21.0",
          "box": [
            0.5635356395138885,
            0.8498635721296296,
            0.6498803221527771,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$31.2",
          "box": [
            0.6498803221527771,
            0.8498635721296296,
            0.736165395069444,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$28.9",
          "box": [
            0.736165395069444,
            0.8498635721296296,
            0.8224802728472217,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$25.2",
          "box": [
            0.8224802728472217,
            0.8498635721296296,
            0.9292578172916661,
            0.8755534110185185
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Average shareholders' equity",
          "box": [
            0.033834305555555555,
            0.8755534110185185,
            0.48431908745833285,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,491.1",
          "box": [
            0.033834305555555555,
            0.8755534110185185,
            0.48431908745833285,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,465.5",
          "box": [
            0.48431908745833285,
            0.8755534110185185,
            0.5635356395138885,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,490.0",
          "box": [
            0.5635356395138885,
            0.8755534110185185,
            0.6498803221527771,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,499.3",
          "box": [
            0.6498803221527771,
            0.8755534110185185,
            0.736165395069444,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,509.6",
          "box": [
            0.736165395069444,
            0.8755534110185185,
            0.8224802728472217,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,525.9",
          "box": [
            0.8224802728472217,
            0.8755534110185185,
            0.9292578172916661,
            0.8967801465740741
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "After-tax Distributable ROAE 1",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows the printed text 'After-tax Distributable ROAE \u00b9' (with a superscript 1) as a row label, matching the extraction's text 'After-tax Distributable ROAE 1'."
        },
        {
          "text": "7.3%",
          "box": [
            0.033834305555555555,
            0.904453085462963,
            0.48431908745833285,
            0.9362390936111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.5%",
          "box": [
            0.48431908745833285,
            0.904453085462963,
            0.5635356395138885,
            0.9362390936111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5.6%",
          "box": [
            0.5635356395138885,
            0.904453085462963,
            0.6498803221527771,
            0.9362390936111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "8.3%",
          "box": [
            0.6498803221527771,
            0.904453085462963,
            0.736165395069444,
            0.9362390936111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7.7%",
          "box": [
            0.736165395069444,
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    "markdown": "| | 03/31/2026 | 12/31/2025 | 09/30/2025 | 06/30/2025 | 03/31/2025 |\n| --- | --- | --- | --- | --- | --- |\n| Assets |  |  |  |  |  |\n| Cash and cash equivalents | $33.1 | $38.0 | $49.4 | $134.9 | $479.8 |\n| Restricted cash | 18.5 | 14.9 | 13.5 | 13.4 | 13.7 |\n| Mortgage loan receivables held for investment, net, at amortized cost | 2,559.3 | 2,170.2 | 1,868.5 | 1,541.5 | 1,613.0 |\n| Mortgage loan receivables held for sale | 27.6 | 28.0 | 28.0 | 28.3 | 90.4 |\n| Securities | 2,073.7 | 2,088.3 | 1,940.5 | 1,966.5 | 1,476.4 |\n| Real estate and related lease intangibles, net | 775.7 | 703.5 | 705.5 | 690.2 | 654.7 |\n| Investments in and advances to unconsolidated ventures | 44.2 | 44.5 | 18.5 | 18.9 | 19.2 |\n| Derivative instruments | 0.4 | 0.3 | 0.3 | 0.2 | 0.5 |\n| Accrued interest receivable | 17.8 | 15.9 | 14.5 | 13.3 | 15.3 |\n| Other assets | 56.5 | 49.0 | 47.9 | 50.2 | 107.0 |\n| Total assets | $5,606.7 | $5,152.5 | $4,686.5 | $4,457.5 | $4,470.0 |\n| Liabilities |  |  |  |  |  |\n| Debt obligations, net | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | $2,769.8 |\n| Dividends payable | 30.6 | 31.8 | 31.4 | 30.9 | 30.6 |\n| Accrued expenses | 45.1 | 76.4 | 55.4 | 55.3 | 45.4 |\n| Other liabilities | 58.9 | 52.5 | 109.1 | 88.0 | 109.9 |\n| Total liabilities | $4,162.2 | $3,671.2 | $3,193.1 | $2,957.4 | $2,955.6 |\n| Equity |  |  |  |  |  |\n| Total shareholders' equity | $1,447.1 | $1,483.9 | $1,496.0 | $1,502.6 | $1,516.7 |\n| Noncontrolling interest in consolidated ventures | (2.6) | (2.6) | (2.6) | (2.5) | (2.3) |\n| Total equity | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | $1,514.4 |\n| Total liabilities and equity | $5,606.7 | $5,152.5 | $4,686.5 | $4,457.5 | $4,470.0 |\n| Total Leverage Ratio | 2.8x | 2.4x | 2.0x | 1.9x | 1.8x |\n| Adjusted Leverage Ratio 1 | 2.3x | 2.0x | 1.7x | 1.6x | 1.4x |\n| Total Shares Outstanding (mm) | 127.7 | 127.2 | 127.3 | 127.5 | 128.1 |\n| GAAP Book Value per Share 2 | $11.33 | $11.66 | $11.75 | $11.79 | $11.84 |\n| Undepreciated Book Value per Share 1 | $13.42 | $13.69 | $13.71 | $13.68 | $13.66 |\n| Distributions per LADR Share | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 |",
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      "2. For a description of this financial measure, see Selected Definitions on page 40"
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            0.8236211038611111,
            0.31043988
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,613.0",
          "box": [
            0.8236211038611111,
            0.29112673185185195,
            0.93882499275,
            0.31043988
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.29112673185185195,
            0.9905364444444444,
            0.31043988
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage loan receivables held for sale",
          "box": [
            0.033834305555555555,
            0.31043988,
            0.44790269694444446,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "27.6",
          "box": [
            0.44790269694444446,
            0.31043988,
            0.5391263121944444,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "28.0",
          "box": [
            0.5391263121944444,
            0.31043988,
            0.6339578399722222,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "28.0",
          "box": [
            0.6339578399722222,
            0.31043988,
            0.7287895066388889,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "28.3",
          "box": [
            0.7287895066388889,
            0.31043988,
            0.8236211038611111,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "90.4",
          "box": [
            0.8236211038611111,
            0.31043988,
            0.93882499275,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.31043988,
            0.9905364444444444,
            0.32975293555555546
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities",
          "box": [
            0.033834305555555555,
            0.32975293555555546,
            0.44790269694444446,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,073.7",
          "box": [
            0.44790269694444446,
            0.32975293555555546,
            0.5391263121944444,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,088.3",
          "box": [
            0.5391263121944444,
            0.32975293555555546,
            0.6339578399722222,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,940.5",
          "box": [
            0.6339578399722222,
            0.32975293555555546,
            0.7287895066388889,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,966.5",
          "box": [
            0.7287895066388889,
            0.32975293555555546,
            0.8236211038611111,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,476.4",
          "box": [
            0.8236211038611111,
            0.32975293555555546,
            0.93882499275,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.32975293555555546,
            0.9905364444444444,
            0.34906626888888886
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate and related lease intangibles, net",
          "box": [
            0.033834305555555555,
            0.34906626888888886,
            0.44790269694444446,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "775.7",
          "box": [
            0.44790269694444446,
            0.34906626888888886,
            0.5391263121944444,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "703.5",
          "box": [
            0.5391263121944444,
            0.34906626888888886,
            0.6339578399722222,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "705.5",
          "box": [
            0.6339578399722222,
            0.34906626888888886,
            0.7287895066388889,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "690.2",
          "box": [
            0.7287895066388889,
            0.34906626888888886,
            0.8236211038611111,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "654.7",
          "box": [
            0.8236211038611111,
            0.34906626888888886,
            0.93882499275,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.34906626888888886,
            0.9905364444444444,
            0.3683793244444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Investments in and advances to unconsolidated ventures",
          "box": [
            0.033834305555555555,
            0.3683793244444445,
            0.44790269694444446,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "44.2",
          "box": [
            0.44790269694444446,
            0.3683793244444445,
            0.5391263121944444,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "44.5",
          "box": [
            0.5391263121944444,
            0.3683793244444445,
            0.6339578399722222,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "18.5",
          "box": [
            0.6339578399722222,
            0.3683793244444445,
            0.7287895066388889,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "18.9",
          "box": [
            0.7287895066388889,
            0.3683793244444445,
            0.8236211038611111,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "19.2",
          "box": [
            0.8236211038611111,
            0.3683793244444445,
            0.93882499275,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.3683793244444445,
            0.9905364444444444,
            0.38769238000000006
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Derivative instruments",
          "box": [
            0.033834305555555555,
            0.38769238000000006,
            0.44790269694444446,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.4",
          "box": [
            0.44790269694444446,
            0.38769238000000006,
            0.5391263121944444,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.5391263121944444,
            0.38769238000000006,
            0.6339578399722222,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.6339578399722222,
            0.38769238000000006,
            0.7287895066388889,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.7287895066388889,
            0.38769238000000006,
            0.8236211038611111,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "0.5",
          "box": [
            0.8236211038611111,
            0.38769238000000006,
            0.93882499275,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.38769238000000006,
            0.9905364444444444,
            0.4070055281481481
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest receivable",
          "box": [
            0.033834305555555555,
            0.4070055281481481,
            0.44790269694444446,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "17.8",
          "box": [
            0.44790269694444446,
            0.4070055281481481,
            0.5391263121944444,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15.9",
          "box": [
            0.5391263121944444,
            0.4070055281481481,
            0.6339578399722222,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "14.5",
          "box": [
            0.6339578399722222,
            0.4070055281481481,
            0.7287895066388889,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "13.3",
          "box": [
            0.7287895066388889,
            0.4070055281481481,
            0.8236211038611111,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15.3",
          "box": [
            0.8236211038611111,
            0.4070055281481481,
            0.93882499275,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.4070055281481481,
            0.9905364444444444,
            0.42641386148148147
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other assets",
          "box": [
            0.033834305555555555,
            0.42641386148148147,
            0.44790269694444446,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "56.5",
          "box": [
            0.44790269694444446,
            0.42641386148148147,
            0.5391263121944444,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "49.0",
          "box": [
            0.5391263121944444,
            0.42641386148148147,
            0.6339578399722222,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "47.9",
          "box": [
            0.6339578399722222,
            0.42641386148148147,
            0.7287895066388889,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "50.2",
          "box": [
            0.7287895066388889,
            0.42641386148148147,
            0.8236211038611111,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "107.0",
          "box": [
            0.8236211038611111,
            0.42641386148148147,
            0.93882499275,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.42641386148148147,
            0.9905364444444444,
            0.44545010703703714
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total assets",
          "box": [
            0.033834305555555555,
            0.44545010703703714,
            0.44790269694444446,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5,606.7",
          "box": [
            0.44790269694444446,
            0.44545010703703714,
            0.5391263121944444,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5,152.5",
          "box": [
            0.5391263121944444,
            0.44545010703703714,
            0.6339578399722222,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,686.5",
          "box": [
            0.6339578399722222,
            0.44545010703703714,
            0.7287895066388889,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,457.5",
          "box": [
            0.7287895066388889,
            0.44545010703703714,
            0.8236211038611111,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,470.0",
          "box": [
            0.8236211038611111,
            0.44545010703703714,
            0.93882499275,
            0.472715797037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.44545010703703714,
            0.9905364444444444,
            0.472715797037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Liabilities",
          "box": [
            0.033834305555555555,
            0.472715797037037,
            0.44790269694444446,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.472715797037037,
            0.5391263121944444,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.472715797037037,
            0.6339578399722222,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.472715797037037,
            0.7287895066388889,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.472715797037037,
            0.8236211038611111,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.472715797037037,
            0.93882499275,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.472715797037037,
            0.9905364444444444,
            0.49944121814814807
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Debt obligations, net",
          "box": [
            0.033834305555555555,
            0.49944121814814807,
            0.44790269694444446,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.44790269694444446,
            0.49944121814814807,
            0.5391263121944444,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.5391263121944444,
            0.49944121814814807,
            0.6339578399722222,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.6339578399722222,
            0.49944121814814807,
            0.7287895066388889,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7287895066388889,
            0.49944121814814807,
            0.8236211038611111,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,769.8",
          "box": [
            0.8236211038611111,
            0.49944121814814807,
            0.93882499275,
            0.519459417037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.49944121814814807,
            0.9905364444444444,
            0.519459417037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividends payable",
          "box": [
            0.033834305555555555,
            0.519459417037037,
            0.44790269694444446,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "30.6",
          "box": [
            0.44790269694444446,
            0.519459417037037,
            0.5391263121944444,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "31.8",
          "box": [
            0.5391263121944444,
            0.519459417037037,
            0.6339578399722222,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "31.4",
          "box": [
            0.6339578399722222,
            0.519459417037037,
            0.7287895066388889,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "30.9",
          "box": [
            0.7287895066388889,
            0.519459417037037,
            0.8236211038611111,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "30.6",
          "box": [
            0.8236211038611111,
            0.519459417037037,
            0.93882499275,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.519459417037037,
            0.9905364444444444,
            0.5387725651851851
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accrued expenses",
          "box": [
            0.033834305555555555,
            0.5387725651851851,
            0.44790269694444446,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "45.1",
          "box": [
            0.44790269694444446,
            0.5387725651851851,
            0.5391263121944444,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "76.4",
          "box": [
            0.5391263121944444,
            0.5387725651851851,
            0.6339578399722222,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "55.4",
          "box": [
            0.6339578399722222,
            0.5387725651851851,
            0.7287895066388889,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "55.3",
          "box": [
            0.7287895066388889,
            0.5387725651851851,
            0.8236211038611111,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "45.4",
          "box": [
            0.8236211038611111,
            0.5387725651851851,
            0.93882499275,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.5387725651851851,
            0.9905364444444444,
            0.5580857133333333
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other liabilities",
          "box": [
            0.033834305555555555,
            0.5580857133333333,
            0.44790269694444446,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "58.9",
          "box": [
            0.44790269694444446,
            0.5580857133333333,
            0.5391263121944444,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52.5",
          "box": [
            0.5391263121944444,
            0.5580857133333333,
            0.6339578399722222,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "109.1",
          "box": [
            0.6339578399722222,
            0.5580857133333333,
            0.7287895066388889,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "88.0",
          "box": [
            0.7287895066388889,
            0.5580857133333333,
            0.8236211038611111,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "109.9",
          "box": [
            0.8236211038611111,
            0.5580857133333333,
            0.93882499275,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.5580857133333333,
            0.9905364444444444,
            0.5779304774074074
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities",
          "box": [
            0.033834305555555555,
            0.5779304774074074,
            0.44790269694444446,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,162.2",
          "box": [
            0.44790269694444446,
            0.5779304774074074,
            0.5391263121944444,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3,671.2",
          "box": [
            0.5391263121944444,
            0.5779304774074074,
            0.6339578399722222,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3,193.1",
          "box": [
            0.6339578399722222,
            0.5779304774074074,
            0.7287895066388889,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,957.4",
          "box": [
            0.7287895066388889,
            0.5779304774074074,
            0.8236211038611111,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,955.6",
          "box": [
            0.8236211038611111,
            0.5779304774074074,
            0.93882499275,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.5779304774074074,
            0.9905364444444444,
            0.6031032044444444
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Equity",
          "box": [
            0.033834305555555555,
            0.6031032044444444,
            0.44790269694444446,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.6031032044444444,
            0.5391263121944444,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.6031032044444444,
            0.6339578399722222,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.6031032044444444,
            0.7287895066388889,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.6031032044444444,
            0.8236211038611111,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.6031032044444444,
            0.93882499275,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.6031032044444444,
            0.9905364444444444,
            0.6288857970370371
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total shareholders' equity",
          "box": [
            0.033834305555555555,
            0.6288857970370371,
            0.44790269694444446,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,447.1",
          "box": [
            0.44790269694444446,
            0.6288857970370371,
            0.5391263121944444,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,483.9",
          "box": [
            0.5391263121944444,
            0.6288857970370371,
            0.6339578399722222,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,496.0",
          "box": [
            0.6339578399722222,
            0.6288857970370371,
            0.7287895066388889,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,502.6",
          "box": [
            0.7287895066388889,
            0.6288857970370371,
            0.8236211038611111,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,516.7",
          "box": [
            0.8236211038611111,
            0.6288857970370371,
            0.93882499275,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.6288857970370371,
            0.9905364444444444,
            0.6510921440740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.6510921440740741,
            0.44790269694444446,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.44790269694444446,
            0.6510921440740741,
            0.5391263121944444,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.5391263121944444,
            0.6510921440740741,
            0.6339578399722222,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.6339578399722222,
            0.6510921440740741,
            0.7287895066388889,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.5)",
          "box": [
            0.7287895066388889,
            0.6510921440740741,
            0.8236211038611111,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.3)",
          "box": [
            0.8236211038611111,
            0.6510921440740741,
            0.93882499275,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.6510921440740741,
            0.9905364444444444,
            0.6727837181481482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.033834305555555555,
            0.6727837181481482,
            0.44790269694444446,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.44790269694444446,
            0.6727837181481482,
            0.5391263121944444,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.5391263121944444,
            0.6727837181481482,
            0.6339578399722222,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.6339578399722222,
            0.6727837181481482,
            0.7287895066388889,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.7287895066388889,
            0.6727837181481482,
            0.8236211038611111,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.8236211038611111,
            0.6727837181481482,
            0.93882499275,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.6727837181481482,
            0.9905364444444444,
            0.6937703340740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities and equity",
          "box": [
            0.033834305555555555,
            0.6937703340740741,
            0.44790269694444446,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5,606.7",
          "box": [
            0.44790269694444446,
            0.6937703340740741,
            0.5391263121944444,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$5,152.5",
          "box": [
            0.5391263121944444,
            0.6937703340740741,
            0.6339578399722222,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,686.5",
          "box": [
            0.6339578399722222,
            0.6937703340740741,
            0.7287895066388889,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,457.5",
          "box": [
            0.7287895066388889,
            0.6937703340740741,
            0.8236211038611111,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,470.0",
          "box": [
            0.8236211038611111,
            0.6937703340740741,
            0.93882499275,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.6937703340740741,
            0.9905364444444444,
            0.7216373292592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Leverage Ratio",
          "box": [
            0.033834305555555555,
            0.7216373292592593,
            0.44790269694444446,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.8x",
          "box": [
            0.44790269694444446,
            0.7216373292592593,
            0.5391263121944444,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.4x",
          "box": [
            0.5391263121944444,
            0.7216373292592593,
            0.6339578399722222,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.0x",
          "box": [
            0.6339578399722222,
            0.7216373292592593,
            0.7287895066388889,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.9x",
          "box": [
            0.7287895066388889,
            0.7216373292592593,
            0.8236211038611111,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.8x",
          "box": [
            0.8236211038611111,
            0.7216373292592593,
            0.93882499275,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.7216373292592593,
            0.9905364444444444,
            0.7483912992592592
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.7483912992592592,
            0.44790269694444446,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.7483912992592592,
            0.5391263121944444,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.7483912992592592,
            0.6339578399722222,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.7483912992592592,
            0.7287895066388889,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.7483912992592592,
            0.8236211038611111,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.7483912992592592,
            0.93882499275,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.7483912992592592,
            0.9905364444444444,
            0.7564305585185185
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted Leverage Ratio",
          "box": [
            0.033834305555555555,
            0.7564305585185185,
            0.44790269694444446,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.3x",
          "box": [
            0.44790269694444446,
            0.7564305585185185,
            0.5391263121944444,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.0x",
          "box": [
            0.5391263121944444,
            0.7564305585185185,
            0.6339578399722222,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.7x",
          "box": [
            0.6339578399722222,
            0.7564305585185185,
            0.7287895066388889,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.6x",
          "box": [
            0.7287895066388889,
            0.7564305585185185,
            0.8236211038611111,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.4x",
          "box": [
            0.8236211038611111,
            0.7564305585185185,
            0.93882499275,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.7564305585185185,
            0.9905364444444444,
            0.7730037688888889
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total Shares Outstanding (mm)",
          "box": [
            0.033834305555555555,
            0.7730037688888889,
            0.44790269694444446,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.7",
          "box": [
            0.44790269694444446,
            0.7730037688888889,
            0.5391263121944444,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.2",
          "box": [
            0.5391263121944444,
            0.7730037688888889,
            0.6339578399722222,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.3",
          "box": [
            0.6339578399722222,
            0.7730037688888889,
            0.7287895066388889,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.5",
          "box": [
            0.7287895066388889,
            0.7730037688888889,
            0.8236211038611111,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "128.1",
          "box": [
            0.8236211038611111,
            0.7730037688888889,
            0.93882499275,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.7730037688888889,
            0.9905364444444444,
            0.7973118367592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2",
          "box": [
            0.033834305555555555,
            0.7973118367592593,
            0.44790269694444446,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.7973118367592593,
            0.5391263121944444,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.7973118367592593,
            0.6339578399722222,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.7973118367592593,
            0.7287895066388889,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.7973118367592593,
            0.8236211038611111,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.7973118367592593,
            0.93882499275,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.7973118367592593,
            0.9905364444444444,
            0.8068817860185186
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "GAAP Book Value per Share",
          "box": [
            0.033834305555555555,
            0.8068817860185186,
            0.44790269694444446,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.33",
          "box": [
            0.44790269694444446,
            0.8068817860185186,
            0.5391263121944444,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.66",
          "box": [
            0.5391263121944444,
            0.8068817860185186,
            0.6339578399722222,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.75",
          "box": [
            0.6339578399722222,
            0.8068817860185186,
            0.7287895066388889,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.79",
          "box": [
            0.7287895066388889,
            0.8068817860185186,
            0.8236211038611111,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.84",
          "box": [
            0.8236211038611111,
            0.8068817860185186,
            0.93882499275,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.8068817860185186,
            0.9905364444444444,
            0.8225320637962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.8225320637962963,
            0.44790269694444446,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.8225320637962963,
            0.5391263121944444,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.8225320637962963,
            0.6339578399722222,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.8225320637962963,
            0.7287895066388889,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.8225320637962963,
            0.8236211038611111,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.8225320637962963,
            0.93882499275,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.8225320637962963,
            0.9905364444444444,
            0.8310469712037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Book Value per Share",
          "box": [
            0.033834305555555555,
            0.8310469712037037,
            0.44790269694444446,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.42",
          "box": [
            0.44790269694444446,
            0.8310469712037037,
            0.5391263121944444,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.69",
          "box": [
            0.5391263121944444,
            0.8310469712037037,
            0.6339578399722222,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.71",
          "box": [
            0.6339578399722222,
            0.8310469712037037,
            0.7287895066388889,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.68",
          "box": [
            0.7287895066388889,
            0.8310469712037037,
            0.8236211038611111,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.66",
          "box": [
            0.8236211038611111,
            0.8310469712037037,
            0.93882499275,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.8310469712037037,
            0.9905364444444444,
            0.8480765885185184
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Distributions per LADR Share",
          "box": [
            0.033834305555555555,
            0.8480765885185184,
            0.44790269694444446,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.44790269694444446,
            0.8480765885185184,
            0.5391263121944444,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.5391263121944444,
            0.8480765885185184,
            0.6339578399722222,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.6339578399722222,
            0.8480765885185184,
            0.7287895066388889,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.7287895066388889,
            0.8480765885185184,
            0.8236211038611111,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$0.23",
          "box": [
            0.8236211038611111,
            0.8480765885185184,
            0.93882499275,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.8480765885185184,
            0.9905364444444444,
            0.9059357918518519
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1.  For a description of these non-GAAP financial measures, see Selected Definitions on page 40",
          "box": [
            0.033834305555555555,
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            0.44790269694444446,
            0.9564480185185186
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          "status": null,
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        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.9059357918518519,
            0.5391263121944444,
            0.9564480185185186
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.9059357918518519,
            0.6339578399722222,
            0.9564480185185186
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.9059357918518519,
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            0.9564480185185186
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.9059357918518519,
            0.8236211038611111,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.9059357918518519,
            0.93882499275,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.93882499275,
            0.9059357918518519,
            0.9905364444444444,
            0.9564480185185186
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2.  For a description of this financial measure, see Selected Definitions on page 40",
          "box": [
            0.033834305555555555,
            0.9564480185185186,
            0.44790269694444446,
            0.9722376296296297
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.44790269694444446,
            0.9564480185185186,
            0.5391263121944444,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5391263121944444,
            0.9564480185185186,
            0.6339578399722222,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6339578399722222,
            0.9564480185185186,
            0.7287895066388889,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7287895066388889,
            0.9564480185185186,
            0.8236211038611111,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8236211038611111,
            0.9564480185185186,
            0.93882499275,
            0.9722376296296297
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          "status": null,
          "note": null
        },
        {
          "text": "38",
          "box": [
            0.93882499275,
            0.9564480185185186,
            0.9905364444444444,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "03/31/2026",
          "box": [
            0.44790269694444446,
            0.1716714881481481,
            0.5391263121944444,
            0.22630663037037044
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "12/31/2025",
          "box": [
            0.5391263121944444,
            0.1716714881481481,
            0.6339578399722222,
            0.22630663037037044
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "09/30/2025",
          "box": [
            0.6339578399722222,
            0.1716714881481481,
            0.7287895066388889,
            0.22630663037037044
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "06/30/2025",
          "box": [
            0.7287895066388889,
            0.1716714881481481,
            0.8236211038611111,
            0.22630663037037044
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "03/31/2025",
          "box": [
            0.8236211038611111,
            0.1716714881481481,
            0.93882499275,
            0.22630663037037044
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Assets",
          "box": [
            0.033834305555555555,
            0.22630663037037044,
            0.44790269694444446,
            0.2517952922222222
          ],
          "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": [
            0.033834305555555555,
            0.2517952922222222,
            0.44790269694444446,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$33.1",
          "box": [
            0.44790269694444446,
            0.2517952922222222,
            0.5391263121944444,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$38.0",
          "box": [
            0.5391263121944444,
            0.2517952922222222,
            0.6339578399722222,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$49.4",
          "box": [
            0.6339578399722222,
            0.2517952922222222,
            0.7287895066388889,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$134.9",
          "box": [
            0.7287895066388889,
            0.2517952922222222,
            0.8236211038611111,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$479.8",
          "box": [
            0.8236211038611111,
            0.2517952922222222,
            0.93882499275,
            0.27181367629629627
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Restricted cash",
          "box": [
            0.033834305555555555,
            0.27181367629629627,
            0.44790269694444446,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "18.5",
          "box": [
            0.44790269694444446,
            0.27181367629629627,
            0.5391263121944444,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "14.9",
          "box": [
            0.5391263121944444,
            0.27181367629629627,
            0.6339578399722222,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "13.5",
          "box": [
            0.6339578399722222,
            0.27181367629629627,
            0.7287895066388889,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "13.4",
          "box": [
            0.7287895066388889,
            0.27181367629629627,
            0.8236211038611111,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "13.7",
          "box": [
            0.8236211038611111,
            0.27181367629629627,
            0.93882499275,
            0.29112673185185195
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage loan receivables held for investment, net, at amortized cost",
          "box": [
            0.033834305555555555,
            0.29112673185185195,
            0.44790269694444446,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,559.3",
          "box": [
            0.44790269694444446,
            0.29112673185185195,
            0.5391263121944444,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,170.2",
          "box": [
            0.5391263121944444,
            0.29112673185185195,
            0.6339578399722222,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,868.5",
          "box": [
            0.6339578399722222,
            0.29112673185185195,
            0.7287895066388889,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,541.5",
          "box": [
            0.7287895066388889,
            0.29112673185185195,
            0.8236211038611111,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,613.0",
          "box": [
            0.8236211038611111,
            0.29112673185185195,
            0.93882499275,
            0.31043988
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage loan receivables held for sale",
          "box": [
            0.033834305555555555,
            0.31043988,
            0.44790269694444446,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "27.6",
          "box": [
            0.44790269694444446,
            0.31043988,
            0.5391263121944444,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "28.0",
          "box": [
            0.5391263121944444,
            0.31043988,
            0.6339578399722222,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "28.0",
          "box": [
            0.6339578399722222,
            0.31043988,
            0.7287895066388889,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "28.3",
          "box": [
            0.7287895066388889,
            0.31043988,
            0.8236211038611111,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "90.4",
          "box": [
            0.8236211038611111,
            0.31043988,
            0.93882499275,
            0.32975293555555546
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Securities",
          "box": [
            0.033834305555555555,
            0.32975293555555546,
            0.44790269694444446,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,073.7",
          "box": [
            0.44790269694444446,
            0.32975293555555546,
            0.5391263121944444,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,088.3",
          "box": [
            0.5391263121944444,
            0.32975293555555546,
            0.6339578399722222,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,940.5",
          "box": [
            0.6339578399722222,
            0.32975293555555546,
            0.7287895066388889,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,966.5",
          "box": [
            0.7287895066388889,
            0.32975293555555546,
            0.8236211038611111,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,476.4",
          "box": [
            0.8236211038611111,
            0.32975293555555546,
            0.93882499275,
            0.34906626888888886
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Real estate and related lease intangibles, net",
          "box": [
            0.033834305555555555,
            0.34906626888888886,
            0.44790269694444446,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "775.7",
          "box": [
            0.44790269694444446,
            0.34906626888888886,
            0.5391263121944444,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "703.5",
          "box": [
            0.5391263121944444,
            0.34906626888888886,
            0.6339578399722222,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "705.5",
          "box": [
            0.6339578399722222,
            0.34906626888888886,
            0.7287895066388889,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "690.2",
          "box": [
            0.7287895066388889,
            0.34906626888888886,
            0.8236211038611111,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "654.7",
          "box": [
            0.8236211038611111,
            0.34906626888888886,
            0.93882499275,
            0.3683793244444445
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Investments in and advances to unconsolidated ventures",
          "box": [
            0.033834305555555555,
            0.3683793244444445,
            0.44790269694444446,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "44.2",
          "box": [
            0.44790269694444446,
            0.3683793244444445,
            0.5391263121944444,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "44.5",
          "box": [
            0.5391263121944444,
            0.3683793244444445,
            0.6339578399722222,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "18.5",
          "box": [
            0.6339578399722222,
            0.3683793244444445,
            0.7287895066388889,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "18.9",
          "box": [
            0.7287895066388889,
            0.3683793244444445,
            0.8236211038611111,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "19.2",
          "box": [
            0.8236211038611111,
            0.3683793244444445,
            0.93882499275,
            0.38769238000000006
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Derivative instruments",
          "box": [
            0.033834305555555555,
            0.38769238000000006,
            0.44790269694444446,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.4",
          "box": [
            0.44790269694444446,
            0.38769238000000006,
            0.5391263121944444,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.5391263121944444,
            0.38769238000000006,
            0.6339578399722222,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.3",
          "box": [
            0.6339578399722222,
            0.38769238000000006,
            0.7287895066388889,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.2",
          "box": [
            0.7287895066388889,
            0.38769238000000006,
            0.8236211038611111,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "0.5",
          "box": [
            0.8236211038611111,
            0.38769238000000006,
            0.93882499275,
            0.4070055281481481
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest receivable",
          "box": [
            0.033834305555555555,
            0.4070055281481481,
            0.44790269694444446,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "17.8",
          "box": [
            0.44790269694444446,
            0.4070055281481481,
            0.5391263121944444,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "15.9",
          "box": [
            0.5391263121944444,
            0.4070055281481481,
            0.6339578399722222,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "14.5",
          "box": [
            0.6339578399722222,
            0.4070055281481481,
            0.7287895066388889,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "13.3",
          "box": [
            0.7287895066388889,
            0.4070055281481481,
            0.8236211038611111,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "15.3",
          "box": [
            0.8236211038611111,
            0.4070055281481481,
            0.93882499275,
            0.42641386148148147
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other assets",
          "box": [
            0.033834305555555555,
            0.42641386148148147,
            0.44790269694444446,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "56.5",
          "box": [
            0.44790269694444446,
            0.42641386148148147,
            0.5391263121944444,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "49.0",
          "box": [
            0.5391263121944444,
            0.42641386148148147,
            0.6339578399722222,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "47.9",
          "box": [
            0.6339578399722222,
            0.42641386148148147,
            0.7287895066388889,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "50.2",
          "box": [
            0.7287895066388889,
            0.42641386148148147,
            0.8236211038611111,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "107.0",
          "box": [
            0.8236211038611111,
            0.42641386148148147,
            0.93882499275,
            0.44545010703703714
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total assets",
          "box": [
            0.033834305555555555,
            0.44545010703703714,
            0.44790269694444446,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$5,606.7",
          "box": [
            0.44790269694444446,
            0.44545010703703714,
            0.5391263121944444,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$5,152.5",
          "box": [
            0.5391263121944444,
            0.44545010703703714,
            0.6339578399722222,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,686.5",
          "box": [
            0.6339578399722222,
            0.44545010703703714,
            0.7287895066388889,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,457.5",
          "box": [
            0.7287895066388889,
            0.44545010703703714,
            0.8236211038611111,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,470.0",
          "box": [
            0.8236211038611111,
            0.44545010703703714,
            0.93882499275,
            0.472715797037037
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Liabilities",
          "box": [
            0.033834305555555555,
            0.472715797037037,
            0.44790269694444446,
            0.49944121814814807
          ],
          "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": "Debt obligations, net",
          "box": [
            0.033834305555555555,
            0.49944121814814807,
            0.44790269694444446,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.44790269694444446,
            0.49944121814814807,
            0.5391263121944444,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.5391263121944444,
            0.49944121814814807,
            0.6339578399722222,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.6339578399722222,
            0.49944121814814807,
            0.7287895066388889,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7287895066388889,
            0.49944121814814807,
            0.8236211038611111,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,769.8",
          "box": [
            0.8236211038611111,
            0.49944121814814807,
            0.93882499275,
            0.519459417037037
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Dividends payable",
          "box": [
            0.033834305555555555,
            0.519459417037037,
            0.44790269694444446,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "30.6",
          "box": [
            0.44790269694444446,
            0.519459417037037,
            0.5391263121944444,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "31.8",
          "box": [
            0.5391263121944444,
            0.519459417037037,
            0.6339578399722222,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "31.4",
          "box": [
            0.6339578399722222,
            0.519459417037037,
            0.7287895066388889,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "30.9",
          "box": [
            0.7287895066388889,
            0.519459417037037,
            0.8236211038611111,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "30.6",
          "box": [
            0.8236211038611111,
            0.519459417037037,
            0.93882499275,
            0.5387725651851851
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accrued expenses",
          "box": [
            0.033834305555555555,
            0.5387725651851851,
            0.44790269694444446,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "45.1",
          "box": [
            0.44790269694444446,
            0.5387725651851851,
            0.5391263121944444,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "76.4",
          "box": [
            0.5391263121944444,
            0.5387725651851851,
            0.6339578399722222,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "55.4",
          "box": [
            0.6339578399722222,
            0.5387725651851851,
            0.7287895066388889,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "55.3",
          "box": [
            0.7287895066388889,
            0.5387725651851851,
            0.8236211038611111,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "45.4",
          "box": [
            0.8236211038611111,
            0.5387725651851851,
            0.93882499275,
            0.5580857133333333
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other liabilities",
          "box": [
            0.033834305555555555,
            0.5580857133333333,
            0.44790269694444446,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "58.9",
          "box": [
            0.44790269694444446,
            0.5580857133333333,
            0.5391263121944444,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "52.5",
          "box": [
            0.5391263121944444,
            0.5580857133333333,
            0.6339578399722222,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "109.1",
          "box": [
            0.6339578399722222,
            0.5580857133333333,
            0.7287895066388889,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "88.0",
          "box": [
            0.7287895066388889,
            0.5580857133333333,
            0.8236211038611111,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "109.9",
          "box": [
            0.8236211038611111,
            0.5580857133333333,
            0.93882499275,
            0.5779304774074074
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities",
          "box": [
            0.033834305555555555,
            0.5779304774074074,
            0.44790269694444446,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,162.2",
          "box": [
            0.44790269694444446,
            0.5779304774074074,
            0.5391263121944444,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3,671.2",
          "box": [
            0.5391263121944444,
            0.5779304774074074,
            0.6339578399722222,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3,193.1",
          "box": [
            0.6339578399722222,
            0.5779304774074074,
            0.7287895066388889,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,957.4",
          "box": [
            0.7287895066388889,
            0.5779304774074074,
            0.8236211038611111,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,955.6",
          "box": [
            0.8236211038611111,
            0.5779304774074074,
            0.93882499275,
            0.6031032044444444
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Equity",
          "box": [
            0.033834305555555555,
            0.6031032044444444,
            0.44790269694444446,
            0.6288857970370371
          ],
          "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": "Total shareholders' equity",
          "box": [
            0.033834305555555555,
            0.6288857970370371,
            0.44790269694444446,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,447.1",
          "box": [
            0.44790269694444446,
            0.6288857970370371,
            0.5391263121944444,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,483.9",
          "box": [
            0.5391263121944444,
            0.6288857970370371,
            0.6339578399722222,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,496.0",
          "box": [
            0.6339578399722222,
            0.6288857970370371,
            0.7287895066388889,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,502.6",
          "box": [
            0.7287895066388889,
            0.6288857970370371,
            0.8236211038611111,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,516.7",
          "box": [
            0.8236211038611111,
            0.6288857970370371,
            0.93882499275,
            0.6510921440740741
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.6510921440740741,
            0.44790269694444446,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.44790269694444446,
            0.6510921440740741,
            0.5391263121944444,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.5391263121944444,
            0.6510921440740741,
            0.6339578399722222,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.6)",
          "box": [
            0.6339578399722222,
            0.6510921440740741,
            0.7287895066388889,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.5)",
          "box": [
            0.7287895066388889,
            0.6510921440740741,
            0.8236211038611111,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.3)",
          "box": [
            0.8236211038611111,
            0.6510921440740741,
            0.93882499275,
            0.6727837181481482
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.033834305555555555,
            0.6727837181481482,
            0.44790269694444446,
            0.6937703340740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.44790269694444446,
            0.6727837181481482,
            0.5391263121944444,
            0.6937703340740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.5391263121944444,
            0.6727837181481482,
            0.6339578399722222,
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        {
          "text": "$1,493.4",
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          "status": "reconciled",
          "note": null
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        {
          "text": "$1,500.1",
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        {
          "text": "$1,514.4",
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        {
          "text": "$5,606.7",
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        {
          "text": "$5,152.5",
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        {
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          "text": "127.5",
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          "text": "128.1",
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          "text": "GAAP Book Value per Share 2",
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          "text": "$11.33",
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            0.5391263121944444,
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        {
          "text": "$11.66",
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          "text": "$11.75",
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        {
          "text": "$11.79",
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          "text": "Undepreciated Book Value per Share 1",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows 'Undepreciated Book Value per Share 1' printed as a row label on the left side of the table, with a superscript 1 indicator."
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          "text": "$13.42",
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        {
          "text": "$13.69",
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          "text": "$13.71",
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  {
    "table_id": "Ladder-Capital-Investor-Presentation-2026-05-04-p39-t1",
    "content_fingerprint": "50929ff0",
    "title": "BOOK EQUITY, SHARECOUNT, AND ADJUSTED LEVERAGE BY QUARTER",
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    "markdown": "| | 03/31/2026 | 12/31/2025 | 09/30/2025 | 06/30/2025 | 03/31/2025 |\n| --- | --- | --- | --- | --- | --- |\n| Beginning book equity balance | $1,481.4 | $1,493.4 | $1,500.1 | $1,514.4 | $1,532.9 |\n| Net income (loss) attributable to Class A common shareholders | 2.6 | 15.9 | 19.2 | 17.3 | 11.8 |\n| Dividends | (29.3) | (29.3) | (29.3) | (29.3) | (29.5) |\n| Changes in other comprehensive income (OCI) | (1.7) | (0.8) | 2.3 | 1.6 | (2.3) |\n| Other | (8.4) | 2.1 | 1.1 | (3.9) | 1.5 |\n| Ending book equity balance (Total equity) | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | $1,514.4 |\n| Noncontrolling interest in consolidated ventures | 2.6 | 2.6 | 2.6 | 2.5 | 2.3 |\n| Total shareholders' equity | $1,447.1 | $1,483.9 | $1,496.0 | $1,502.6 | $1,516.7 |\n| Average book equity balance excluding noncontrolling interest in consolidated ventures | $1,465.5 | $1,490.0 | $1,499.3 | $1,509.6 | $1,525.9 |\n| Accumulated depreciation & amortization \u2013 net leased commercial real estate | 198.8 | 194.1 | 189.5 | 184.9 | 180.3 |\n| Accumulated depreciation & amortization \u2013 diversified commercial real estate | 72.9 | 68.6 | 64.6 | 60.9 | 57.5 |\n| Less: noncontrolling interests' share of accumulated real estate depreciation & amortization | (5.3) | (5.1) | (5.0) | (4.9) | (4.8) |\n| Accumulated real estate depreciation & amortization \u2013 our share | $266.5 | $257.5 | $249.1 | $240.9 | $232.9 |\n| Undepreciated book value | $1,713.6 | $1,741.5 | $1,745.1 | $1,743.5 | $1,749.6 |\n| Total shares outstanding (mm) | 127.7 | 127.2 | 127.3 | 127.5 | 128.1 |\n| GAAP Book Value per Share 1 | $11.33 | $11.66 | $11.75 | $11.79 | $11.84 |\n| Undepreciated Book Value per Share 2 | $13.42 | $13.69 | $13.71 | $13.68 | $13.66 |\n| Debt obligations GAAP reconciliation | | | | | |\n| Loan repurchase facilities | \u2013 | \u2013 | \u2013 | $62.7 | $62.7 |\n| Securities repurchase financing | 934.9 | 627.0 | 361.6 | 294.4 | \u2013 |\n| Revolving credit facility (unsecured) | 492.0 | 280.0 | 20.0 | \u2013 | \u2013 |\n| Term loan (unsecured) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |\n| Mortgage debt, net of unamortized debt issuance costs | 384.2 | 388.2 | 401.7 | 421.9 | 425.7 |\n| CLO debt, net of unamortized debt issuance costs | \u2013 | \u2013 | \u2013 | \u2013 | 275.6 |\n| Senior unsecured notes, net of unamortized debt issuance costs | 2,216.4 | 2,215.2 | 2,213.9 | 2,004.1 | 2,005.7 |\n| Debt obligations, net | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | $2,769.8 |\n| Less: CLO debt | \u2013 | \u2013 | \u2013 | \u2013 | (275.6) |\n| Adjusted debt obligations | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | $2,494.1 |\n| Total equity | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | $1,514.4 |\n| Plus: Accumulated depreciation and amortization on real estate and related intangibles | 271.7 | 262.7 | 254.1 | 245.8 | 237.7 |\n| Less: Accumulated amortization of below market leases | (18.8) | (18.3) | (17.8) | (17.2) | (16.7) |\n| Plus: CECL allowance | 47.1 | 47.1 | 52.1 | 52.2 | 52.2 |\n| Total adjusted equity | $1,744.6 | $1,772.9 | $1,781.9 | $1,780.8 | $1,787.5 |\n| Adjusted leverage ratio 2 | 2.3x | 2.0x | 1.7x | 1.6x | 1.4x |",
    "footnotes": [
      "1. For a description of this financial measure, see Selected Definitions on page 40",
      "2. For a description of these non-GAAP financial measures, see Selected Definitions on page 40"
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    "footnote_refs": [
      "1",
      "2"
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    "units": "($ in millions, except per share values)",
    "header_rows": 1,
    "page": 39,
    "bbox": [
      18.4,
      9.0,
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        {
          "text": "B O O K   E Q U I T Y ,   S H A R E C O U N T ,   A N D",
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        {
          "text": "A D J U S T E D   L E V E R A G E   B Y   Q U A R T E R",
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            0.8683260712847224,
            0.16164435629629628
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.0977684074074074,
            0.9554555065625,
            0.16164435629629628
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.0977684074074074,
            0.9905364444444444,
            0.16164435629629628
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "($ in millions, except per share values)",
          "box": [
            0.033834305555555555,
            0.16164435629629628,
            0.5242173845555556,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.16164435629629628,
            0.6049461137847222,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.16164435629629628,
            0.692739432951389,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.16164435629629628,
            0.7805327521180557,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.16164435629629628,
            0.8683260712847224,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.16164435629629628,
            0.9554555065625,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.16164435629629628,
            0.9905364444444444,
            0.18496807592592585
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.033834305555555555,
            0.18496807592592585,
            0.5242173845555556,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "03/31/2026",
          "box": [
            0.5242173845555556,
            0.18496807592592585,
            0.6049461137847222,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "12/31/2025",
          "box": [
            0.6049461137847222,
            0.18496807592592585,
            0.692739432951389,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "09/30/2025",
          "box": [
            0.692739432951389,
            0.18496807592592585,
            0.7805327521180557,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "06/30/2025",
          "box": [
            0.7805327521180557,
            0.18496807592592585,
            0.8683260712847224,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "03/31/2025",
          "box": [
            0.8683260712847224,
            0.18496807592592585,
            0.9554555065625,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.18496807592592585,
            0.9905364444444444,
            0.20274618000000008
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Beginning book equity balance",
          "box": [
            0.033834305555555555,
            0.20274618000000008,
            0.5242173845555556,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.5242173845555556,
            0.20274618000000008,
            0.6049461137847222,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.6049461137847222,
            0.20274618000000008,
            0.692739432951389,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.692739432951389,
            0.20274618000000008,
            0.7805327521180557,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.7805327521180557,
            0.20274618000000008,
            0.8683260712847224,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,532.9",
          "box": [
            0.8683260712847224,
            0.20274618000000008,
            0.9554555065625,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.20274618000000008,
            0.9905364444444444,
            0.22568202851851846
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss) attributable to Class A common shareholders",
          "box": [
            0.033834305555555555,
            0.22568202851851846,
            0.5242173845555556,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.5242173845555556,
            0.22568202851851846,
            0.6049461137847222,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15.9",
          "box": [
            0.6049461137847222,
            0.22568202851851846,
            0.692739432951389,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "19.2",
          "box": [
            0.692739432951389,
            0.22568202851851846,
            0.7805327521180557,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "17.3",
          "box": [
            0.7805327521180557,
            0.22568202851851846,
            0.8683260712847224,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "11.8",
          "box": [
            0.8683260712847224,
            0.22568202851851846,
            0.9554555065625,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.22568202851851846,
            0.9905364444444444,
            0.24425800962962957
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividends",
          "box": [
            0.033834305555555555,
            0.24425800962962957,
            0.5242173845555556,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.5242173845555556,
            0.24425800962962957,
            0.6049461137847222,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.6049461137847222,
            0.24425800962962957,
            0.692739432951389,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.692739432951389,
            0.24425800962962957,
            0.7805327521180557,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.7805327521180557,
            0.24425800962962957,
            0.8683260712847224,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(29.5)",
          "box": [
            0.8683260712847224,
            0.24425800962962957,
            0.9554555065625,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.24425800962962957,
            0.9905364444444444,
            0.26264418814814816
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Changes in other comprehensive income  (OCI)",
          "box": [
            0.033834305555555555,
            0.26264418814814816,
            0.5242173845555556,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1.7)",
          "box": [
            0.5242173845555556,
            0.26264418814814816,
            0.6049461137847222,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(0.8)",
          "box": [
            0.6049461137847222,
            0.26264418814814816,
            0.692739432951389,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.3",
          "box": [
            0.692739432951389,
            0.26264418814814816,
            0.7805327521180557,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.6",
          "box": [
            0.7805327521180557,
            0.26264418814814816,
            0.8683260712847224,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(2.3)",
          "box": [
            0.8683260712847224,
            0.26264418814814816,
            0.9554555065625,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.26264418814814816,
            0.9905364444444444,
            0.28136066962962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other",
          "box": [
            0.033834305555555555,
            0.28136066962962963,
            0.5242173845555556,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(8.4)",
          "box": [
            0.5242173845555556,
            0.28136066962962963,
            0.6049461137847222,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.1",
          "box": [
            0.6049461137847222,
            0.28136066962962963,
            0.692739432951389,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.1",
          "box": [
            0.692739432951389,
            0.28136066962962963,
            0.7805327521180557,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(3.9)",
          "box": [
            0.7805327521180557,
            0.28136066962962963,
            0.8683260712847224,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.5",
          "box": [
            0.8683260712847224,
            0.28136066962962963,
            0.9554555065625,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.28136066962962963,
            0.9905364444444444,
            0.3002391581481481
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Ending book equity balance  (Total equity)",
          "box": [
            0.033834305555555555,
            0.3002391581481481,
            0.5242173845555556,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.5242173845555556,
            0.3002391581481481,
            0.6049461137847222,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.6049461137847222,
            0.3002391581481481,
            0.692739432951389,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.692739432951389,
            0.3002391581481481,
            0.7805327521180557,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.7805327521180557,
            0.3002391581481481,
            0.8683260712847224,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.8683260712847224,
            0.3002391581481481,
            0.9554555065625,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.3002391581481481,
            0.9905364444444444,
            0.3223026766666667
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.3223026766666667,
            0.5242173845555556,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.5242173845555556,
            0.3223026766666667,
            0.6049461137847222,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.6049461137847222,
            0.3223026766666667,
            0.692739432951389,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.692739432951389,
            0.3223026766666667,
            0.7805327521180557,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.5",
          "box": [
            0.7805327521180557,
            0.3223026766666667,
            0.8683260712847224,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.3",
          "box": [
            0.8683260712847224,
            0.3223026766666667,
            0.9554555065625,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.3223026766666667,
            0.9905364444444444,
            0.3443660100000001
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total shareholders' equity",
          "box": [
            0.033834305555555555,
            0.3443660100000001,
            0.5242173845555556,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,447.1",
          "box": [
            0.5242173845555556,
            0.3443660100000001,
            0.6049461137847222,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,483.9",
          "box": [
            0.6049461137847222,
            0.3443660100000001,
            0.692739432951389,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,496.0",
          "box": [
            0.692739432951389,
            0.3443660100000001,
            0.7805327521180557,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,502.6",
          "box": [
            0.7805327521180557,
            0.3443660100000001,
            0.8683260712847224,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,516.7",
          "box": [
            0.8683260712847224,
            0.3443660100000001,
            0.9554555065625,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.3443660100000001,
            0.9905364444444444,
            0.3666599537037038
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Average book equity balance excluding noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.3666599537037038,
            0.5242173845555556,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,465.5",
          "box": [
            0.5242173845555556,
            0.3666599537037038,
            0.6049461137847222,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,490.0",
          "box": [
            0.6049461137847222,
            0.3666599537037038,
            0.692739432951389,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,499.3",
          "box": [
            0.692739432951389,
            0.3666599537037038,
            0.7805327521180557,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,509.6",
          "box": [
            0.7805327521180557,
            0.3666599537037038,
            0.8683260712847224,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,525.9",
          "box": [
            0.8683260712847224,
            0.3666599537037038,
            0.9554555065625,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.3666599537037038,
            0.9905364444444444,
            0.39241478370370364
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated depreciation & amortization \u2013 net leased commercial real estate",
          "box": [
            0.033834305555555555,
            0.39241478370370364,
            0.5242173845555556,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "198.8",
          "box": [
            0.5242173845555556,
            0.39241478370370364,
            0.6049461137847222,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "194.1",
          "box": [
            0.6049461137847222,
            0.39241478370370364,
            0.692739432951389,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "189.5",
          "box": [
            0.692739432951389,
            0.39241478370370364,
            0.7805327521180557,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "184.9",
          "box": [
            0.7805327521180557,
            0.39241478370370364,
            0.8683260712847224,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "180.3",
          "box": [
            0.8683260712847224,
            0.39241478370370364,
            0.9554555065625,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.39241478370370364,
            0.9905364444444444,
            0.4150402844444444
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated depreciation & amortization \u2013 diversified commercial real estate",
          "box": [
            0.033834305555555555,
            0.4150402844444444,
            0.5242173845555556,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "72.9",
          "box": [
            0.5242173845555556,
            0.4150402844444444,
            0.6049461137847222,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "68.6",
          "box": [
            0.6049461137847222,
            0.4150402844444444,
            0.692739432951389,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "64.6",
          "box": [
            0.692739432951389,
            0.4150402844444444,
            0.7805327521180557,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "60.9",
          "box": [
            0.7805327521180557,
            0.4150402844444444,
            0.8683260712847224,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "57.5",
          "box": [
            0.8683260712847224,
            0.4150402844444444,
            0.9554555065625,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.4150402844444444,
            0.9905364444444444,
            0.4334485251851851
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Less:  noncontrolling interests' share of accumulated real estate depreciation & amortization",
          "box": [
            0.033834305555555555,
            0.4334485251851851,
            0.5242173845555556,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(5.3)",
          "box": [
            0.5242173845555556,
            0.4334485251851851,
            0.6049461137847222,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(5.1)",
          "box": [
            0.6049461137847222,
            0.4334485251851851,
            0.692739432951389,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(5.0)",
          "box": [
            0.692739432951389,
            0.4334485251851851,
            0.7805327521180557,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(4.9)",
          "box": [
            0.7805327521180557,
            0.4334485251851851,
            0.8683260712847224,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(4.8)",
          "box": [
            0.8683260712847224,
            0.4334485251851851,
            0.9554555065625,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.4334485251851851,
            0.9905364444444444,
            0.4526573062962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated real estate depreciation & amortization \u2013 our share",
          "box": [
            0.033834305555555555,
            0.4526573062962963,
            0.5242173845555556,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$266.5",
          "box": [
            0.5242173845555556,
            0.4526573062962963,
            0.6049461137847222,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$257.5",
          "box": [
            0.6049461137847222,
            0.4526573062962963,
            0.692739432951389,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$249.1",
          "box": [
            0.692739432951389,
            0.4526573062962963,
            0.7805327521180557,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$240.9",
          "box": [
            0.7805327521180557,
            0.4526573062962963,
            0.8683260712847224,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$232.9",
          "box": [
            0.8683260712847224,
            0.4526573062962963,
            0.9554555065625,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.4526573062962963,
            0.9905364444444444,
            0.4749073611111111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated book value",
          "box": [
            0.033834305555555555,
            0.4749073611111111,
            0.5242173845555556,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,713.6",
          "box": [
            0.5242173845555556,
            0.4749073611111111,
            0.6049461137847222,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,741.5",
          "box": [
            0.6049461137847222,
            0.4749073611111111,
            0.692739432951389,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,745.1",
          "box": [
            0.692739432951389,
            0.4749073611111111,
            0.7805327521180557,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,743.5",
          "box": [
            0.7805327521180557,
            0.4749073611111111,
            0.8683260712847224,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,749.6",
          "box": [
            0.8683260712847224,
            0.4749073611111111,
            0.9554555065625,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.4749073611111111,
            0.9905364444444444,
            0.5013215226851853
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total shares outstanding (mm)",
          "box": [
            0.033834305555555555,
            0.5013215226851853,
            0.5242173845555556,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.7",
          "box": [
            0.5242173845555556,
            0.5013215226851853,
            0.6049461137847222,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.2",
          "box": [
            0.6049461137847222,
            0.5013215226851853,
            0.692739432951389,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.3",
          "box": [
            0.692739432951389,
            0.5013215226851853,
            0.7805327521180557,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "127.5",
          "box": [
            0.7805327521180557,
            0.5013215226851853,
            0.8683260712847224,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "128.1",
          "box": [
            0.8683260712847224,
            0.5013215226851853,
            0.9554555065625,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5013215226851853,
            0.9905364444444444,
            0.5275023259259258
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1",
          "box": [
            0.033834305555555555,
            0.5275023259259258,
            0.5242173845555556,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.5275023259259258,
            0.6049461137847222,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.5275023259259258,
            0.692739432951389,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.5275023259259258,
            0.7805327521180557,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.5275023259259258,
            0.8683260712847224,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.5275023259259258,
            0.9554555065625,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5275023259259258,
            0.9905364444444444,
            0.5389615902777778
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "GAAP Book Value per Share",
          "box": [
            0.033834305555555555,
            0.5389615902777778,
            0.5242173845555556,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.33",
          "box": [
            0.5242173845555556,
            0.5389615902777778,
            0.6049461137847222,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.66",
          "box": [
            0.6049461137847222,
            0.5389615902777778,
            0.692739432951389,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.75",
          "box": [
            0.692739432951389,
            0.5389615902777778,
            0.7805327521180557,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.79",
          "box": [
            0.7805327521180557,
            0.5389615902777778,
            0.8683260712847224,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$11.84",
          "box": [
            0.8683260712847224,
            0.5389615902777778,
            0.9554555065625,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5389615902777778,
            0.9905364444444444,
            0.5525253865740741
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2",
          "box": [
            0.033834305555555555,
            0.5525253865740741,
            0.5242173845555556,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.5525253865740741,
            0.6049461137847222,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.5525253865740741,
            0.692739432951389,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.5525253865740741,
            0.7805327521180557,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.5525253865740741,
            0.8683260712847224,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.5525253865740741,
            0.9554555065625,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5525253865740741,
            0.9905364444444444,
            0.5613332569444445
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Book Value per Share",
          "box": [
            0.033834305555555555,
            0.5613332569444445,
            0.5242173845555556,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.42",
          "box": [
            0.5242173845555556,
            0.5613332569444445,
            0.6049461137847222,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.69",
          "box": [
            0.6049461137847222,
            0.5613332569444445,
            0.692739432951389,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.71",
          "box": [
            0.692739432951389,
            0.5613332569444445,
            0.7805327521180557,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.68",
          "box": [
            0.7805327521180557,
            0.5613332569444445,
            0.8683260712847224,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$13.66",
          "box": [
            0.8683260712847224,
            0.5613332569444445,
            0.9554555065625,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5613332569444445,
            0.9905364444444444,
            0.5803258248148148
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Debt obligations GAAP reconciliation",
          "box": [
            0.033834305555555555,
            0.5803258248148148,
            0.5242173845555556,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.5803258248148148,
            0.6049461137847222,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.5803258248148148,
            0.692739432951389,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.5803258248148148,
            0.7805327521180557,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.5803258248148148,
            0.8683260712847224,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.5803258248148148,
            0.9554555065625,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.5803258248148148,
            0.9905364444444444,
            0.6053759325925927
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loan repurchase facilities",
          "box": [
            0.033834305555555555,
            0.6053759325925927,
            0.5242173845555556,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.6053759325925927,
            0.6049461137847222,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.6053759325925927,
            0.692739432951389,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.6053759325925927,
            0.7805327521180557,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$62.7",
          "box": [
            0.7805327521180557,
            0.6053759325925927,
            0.8683260712847224,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$62.7",
          "box": [
            0.8683260712847224,
            0.6053759325925927,
            0.9554555065625,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.6053759325925927,
            0.9905364444444444,
            0.6259871192592592
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securities repurchase financing",
          "box": [
            0.033834305555555555,
            0.6259871192592592,
            0.5242173845555556,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "934.9",
          "box": [
            0.5242173845555556,
            0.6259871192592592,
            0.6049461137847222,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "627.0",
          "box": [
            0.6049461137847222,
            0.6259871192592592,
            0.692739432951389,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "361.6",
          "box": [
            0.692739432951389,
            0.6259871192592592,
            0.7805327521180557,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "294.4",
          "box": [
            0.7805327521180557,
            0.6259871192592592,
            0.8683260712847224,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.6259871192592592,
            0.9554555065625,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.6259871192592592,
            0.9905364444444444,
            0.6445274896296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Revolving credit facility (unsecured)",
          "box": [
            0.033834305555555555,
            0.6445274896296296,
            0.5242173845555556,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "492.0",
          "box": [
            0.5242173845555556,
            0.6445274896296296,
            0.6049461137847222,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "280.0",
          "box": [
            0.6049461137847222,
            0.6445274896296296,
            0.692739432951389,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "20.0",
          "box": [
            0.692739432951389,
            0.6445274896296296,
            0.7805327521180557,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.6445274896296296,
            0.8683260712847224,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.6445274896296296,
            0.9554555065625,
            0.663640017037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.6445274896296296,
            0.9905364444444444,
            0.663640017037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Term loan (unsecured)",
          "box": [
            0.033834305555555555,
            0.663640017037037,
            0.5242173845555556,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.663640017037037,
            0.6049461137847222,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.663640017037037,
            0.692739432951389,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.663640017037037,
            0.7805327521180557,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.663640017037037,
            0.8683260712847224,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.663640017037037,
            0.9554555065625,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.663640017037037,
            0.9905364444444444,
            0.6819152844444444
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage debt, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.6819152844444444,
            0.5242173845555556,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "384.2",
          "box": [
            0.5242173845555556,
            0.6819152844444444,
            0.6049461137847222,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "388.2",
          "box": [
            0.6049461137847222,
            0.6819152844444444,
            0.692739432951389,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "401.7",
          "box": [
            0.692739432951389,
            0.6819152844444444,
            0.7805327521180557,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "421.9",
          "box": [
            0.7805327521180557,
            0.6819152844444444,
            0.8683260712847224,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "425.7",
          "box": [
            0.8683260712847224,
            0.6819152844444444,
            0.9554555065625,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.6819152844444444,
            0.9905364444444444,
            0.7003684555555556
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "CLO debt, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.7003684555555556,
            0.5242173845555556,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.7003684555555556,
            0.6049461137847222,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.7003684555555556,
            0.692739432951389,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.7003684555555556,
            0.7805327521180557,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.7003684555555556,
            0.8683260712847224,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "275.6",
          "box": [
            0.8683260712847224,
            0.7003684555555556,
            0.9554555065625,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.7003684555555556,
            0.9905364444444444,
            0.7188208229629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Senior unsecured notes, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.7188208229629629,
            0.5242173845555556,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,216.4",
          "box": [
            0.5242173845555556,
            0.7188208229629629,
            0.6049461137847222,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,215.2",
          "box": [
            0.6049461137847222,
            0.7188208229629629,
            0.692739432951389,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,213.9",
          "box": [
            0.692739432951389,
            0.7188208229629629,
            0.7805327521180557,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,004.1",
          "box": [
            0.7805327521180557,
            0.7188208229629629,
            0.8683260712847224,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,005.7",
          "box": [
            0.8683260712847224,
            0.7188208229629629,
            0.9554555065625,
            0.738425992962963
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.7188208229629629,
            0.9905364444444444,
            0.738425992962963
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Debt obligations, net",
          "box": [
            0.033834305555555555,
            0.738425992962963,
            0.5242173845555556,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.5242173845555556,
            0.738425992962963,
            0.6049461137847222,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.6049461137847222,
            0.738425992962963,
            0.692739432951389,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.692739432951389,
            0.738425992962963,
            0.7805327521180557,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7805327521180557,
            0.738425992962963,
            0.8683260712847224,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,769.8",
          "box": [
            0.8683260712847224,
            0.738425992962963,
            0.9554555065625,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.738425992962963,
            0.9905364444444444,
            0.7613692633333333
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Less: CLO debt",
          "box": [
            0.033834305555555555,
            0.7613692633333333,
            0.5242173845555556,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.7613692633333333,
            0.6049461137847222,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.7613692633333333,
            0.692739432951389,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.7613692633333333,
            0.7805327521180557,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.7613692633333333,
            0.8683260712847224,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(275.6)",
          "box": [
            0.8683260712847224,
            0.7613692633333333,
            0.9554555065625,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.7613692633333333,
            0.9905364444444444,
            0.7851951596296296
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted debt obligations",
          "box": [
            0.033834305555555555,
            0.7851951596296296,
            0.5242173845555556,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.5242173845555556,
            0.7851951596296296,
            0.6049461137847222,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.6049461137847222,
            0.7851951596296296,
            0.692739432951389,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.692739432951389,
            0.7851951596296296,
            0.7805327521180557,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7805327521180557,
            0.7851951596296296,
            0.8683260712847224,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$2,494.1",
          "box": [
            0.8683260712847224,
            0.7851951596296296,
            0.9554555065625,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.7851951596296296,
            0.9905364444444444,
            0.8073456922222222
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.033834305555555555,
            0.8073456922222222,
            0.5242173845555556,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.5242173845555556,
            0.8073456922222222,
            0.6049461137847222,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.6049461137847222,
            0.8073456922222222,
            0.692739432951389,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.692739432951389,
            0.8073456922222222,
            0.7805327521180557,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.7805327521180557,
            0.8073456922222222,
            0.8683260712847224,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.8683260712847224,
            0.8073456922222222,
            0.9554555065625,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.8073456922222222,
            0.9905364444444444,
            0.8278597288888889
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Plus:  Accumulated depreciation and amortization on real estate and related intangibles",
          "box": [
            0.033834305555555555,
            0.8278597288888889,
            0.5242173845555556,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "271.7",
          "box": [
            0.5242173845555556,
            0.8278597288888889,
            0.6049461137847222,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "262.7",
          "box": [
            0.6049461137847222,
            0.8278597288888889,
            0.692739432951389,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "254.1",
          "box": [
            0.692739432951389,
            0.8278597288888889,
            0.7805327521180557,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "245.8",
          "box": [
            0.7805327521180557,
            0.8278597288888889,
            0.8683260712847224,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "237.7",
          "box": [
            0.8683260712847224,
            0.8278597288888889,
            0.9554555065625,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.8278597288888889,
            0.9905364444444444,
            0.8462255429629629
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Less:  Accumulated amortization of below market leases",
          "box": [
            0.033834305555555555,
            0.8462255429629629,
            0.5242173845555556,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(18.8)",
          "box": [
            0.5242173845555556,
            0.8462255429629629,
            0.6049461137847222,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(18.3)",
          "box": [
            0.6049461137847222,
            0.8462255429629629,
            0.692739432951389,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(17.8)",
          "box": [
            0.692739432951389,
            0.8462255429629629,
            0.7805327521180557,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(17.2)",
          "box": [
            0.7805327521180557,
            0.8462255429629629,
            0.8683260712847224,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(16.7)",
          "box": [
            0.8683260712847224,
            0.8462255429629629,
            0.9554555065625,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.8462255429629629,
            0.9905364444444444,
            0.8646338762962964
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Plus:  CECL allowance",
          "box": [
            0.033834305555555555,
            0.8646338762962964,
            0.5242173845555556,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "47.1",
          "box": [
            0.5242173845555556,
            0.8646338762962964,
            0.6049461137847222,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "47.1",
          "box": [
            0.6049461137847222,
            0.8646338762962964,
            0.692739432951389,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52.1",
          "box": [
            0.692739432951389,
            0.8646338762962964,
            0.7805327521180557,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52.2",
          "box": [
            0.7805327521180557,
            0.8646338762962964,
            0.8683260712847224,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52.2",
          "box": [
            0.8683260712847224,
            0.8646338762962964,
            0.9554555065625,
            0.884547287037037
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.8646338762962964,
            0.9905364444444444,
            0.884547287037037
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total adjusted equity",
          "box": [
            0.033834305555555555,
            0.884547287037037,
            0.5242173845555556,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,744.6",
          "box": [
            0.5242173845555556,
            0.884547287037037,
            0.6049461137847222,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,772.9",
          "box": [
            0.6049461137847222,
            0.884547287037037,
            0.692739432951389,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,781.9",
          "box": [
            0.692739432951389,
            0.884547287037037,
            0.7805327521180557,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,780.8",
          "box": [
            0.7805327521180557,
            0.884547287037037,
            0.8683260712847224,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$1,787.5",
          "box": [
            0.8683260712847224,
            0.884547287037037,
            0.9554555065625,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.884547287037037,
            0.9905364444444444,
            0.9059816317592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2",
          "box": [
            0.033834305555555555,
            0.9059816317592593,
            0.5242173845555556,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.9059816317592593,
            0.6049461137847222,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.9059816317592593,
            0.692739432951389,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.9059816317592593,
            0.7805327521180557,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.9059816317592593,
            0.8683260712847224,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.9059816317592593,
            0.9554555065625,
            0.9153617117592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.9059816317592593,
            0.9905364444444444,
            0.9153617117592593
          ],
          "status": null,
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        }
      ],
      [
        {
          "text": "Adjusted leverage ratio",
          "box": [
            0.033834305555555555,
            0.9153617117592593,
            0.5242173845555556,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.3x",
          "box": [
            0.5242173845555556,
            0.9153617117592593,
            0.6049461137847222,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2.0x",
          "box": [
            0.6049461137847222,
            0.9153617117592593,
            0.692739432951389,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.7x",
          "box": [
            0.692739432951389,
            0.9153617117592593,
            0.7805327521180557,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.6x",
          "box": [
            0.7805327521180557,
            0.9153617117592593,
            0.8683260712847224,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1.4x",
          "box": [
            0.8683260712847224,
            0.9153617117592593,
            0.9554555065625,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.9153617117592593,
            0.9905364444444444,
            0.9352438492592593
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "1.  For a description of this financial measure, see Selected Definitions on page 40",
          "box": [
            0.033834305555555555,
            0.9352438492592593,
            0.5242173845555556,
            0.9564480185185186
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.9352438492592593,
            0.6049461137847222,
            0.9564480185185186
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.9352438492592593,
            0.692739432951389,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.9352438492592593,
            0.7805327521180557,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.9352438492592593,
            0.8683260712847224,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.9352438492592593,
            0.9554555065625,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.9554555065625,
            0.9352438492592593,
            0.9905364444444444,
            0.9564480185185186
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "2.  For a description of these non-GAAP financial measures, see Selected Definitions on page 40",
          "box": [
            0.033834305555555555,
            0.9564480185185186,
            0.5242173845555556,
            0.9722376296296297
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5242173845555556,
            0.9564480185185186,
            0.6049461137847222,
            0.9722376296296297
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6049461137847222,
            0.9564480185185186,
            0.692739432951389,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.692739432951389,
            0.9564480185185186,
            0.7805327521180557,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7805327521180557,
            0.9564480185185186,
            0.8683260712847224,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.8683260712847224,
            0.9564480185185186,
            0.9554555065625,
            0.9722376296296297
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          "status": null,
          "note": null
        },
        {
          "text": "39",
          "box": [
            0.9554555065625,
            0.9564480185185186,
            0.9905364444444444,
            0.9722376296296297
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "03/31/2026",
          "box": [
            0.5242173845555556,
            0.18496807592592585,
            0.6049461137847222,
            0.20274618000000008
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "12/31/2025",
          "box": [
            0.6049461137847222,
            0.18496807592592585,
            0.692739432951389,
            0.20274618000000008
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "09/30/2025",
          "box": [
            0.692739432951389,
            0.18496807592592585,
            0.7805327521180557,
            0.20274618000000008
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "06/30/2025",
          "box": [
            0.7805327521180557,
            0.18496807592592585,
            0.8683260712847224,
            0.20274618000000008
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "03/31/2025",
          "box": [
            0.8683260712847224,
            0.18496807592592585,
            0.9554555065625,
            0.20274618000000008
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Beginning book equity balance",
          "box": [
            0.033834305555555555,
            0.20274618000000008,
            0.5242173845555556,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.5242173845555556,
            0.20274618000000008,
            0.6049461137847222,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.6049461137847222,
            0.20274618000000008,
            0.692739432951389,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.692739432951389,
            0.20274618000000008,
            0.7805327521180557,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.7805327521180557,
            0.20274618000000008,
            0.8683260712847224,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,532.9",
          "box": [
            0.8683260712847224,
            0.20274618000000008,
            0.9554555065625,
            0.22568202851851846
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net income (loss) attributable to Class A common shareholders",
          "box": [
            0.033834305555555555,
            0.22568202851851846,
            0.5242173845555556,
            0.24425800962962957
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.5242173845555556,
            0.22568202851851846,
            0.6049461137847222,
            0.24425800962962957
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "15.9",
          "box": [
            0.6049461137847222,
            0.22568202851851846,
            0.692739432951389,
            0.24425800962962957
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "19.2",
          "box": [
            0.692739432951389,
            0.22568202851851846,
            0.7805327521180557,
            0.24425800962962957
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "17.3",
          "box": [
            0.7805327521180557,
            0.22568202851851846,
            0.8683260712847224,
            0.24425800962962957
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "11.8",
          "box": [
            0.8683260712847224,
            0.22568202851851846,
            0.9554555065625,
            0.24425800962962957
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Dividends",
          "box": [
            0.033834305555555555,
            0.24425800962962957,
            0.5242173845555556,
            0.26264418814814816
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.5242173845555556,
            0.24425800962962957,
            0.6049461137847222,
            0.26264418814814816
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
            0.6049461137847222,
            0.24425800962962957,
            0.692739432951389,
            0.26264418814814816
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
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            0.24425800962962957,
            0.7805327521180557,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(29.3)",
          "box": [
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            0.24425800962962957,
            0.8683260712847224,
            0.26264418814814816
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(29.5)",
          "box": [
            0.8683260712847224,
            0.24425800962962957,
            0.9554555065625,
            0.26264418814814816
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Changes in other comprehensive income (OCI)",
          "box": [
            0.033834305555555555,
            0.26264418814814816,
            0.5242173845555556,
            0.28136066962962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(1.7)",
          "box": [
            0.5242173845555556,
            0.26264418814814816,
            0.6049461137847222,
            0.28136066962962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(0.8)",
          "box": [
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            0.692739432951389,
            0.28136066962962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.3",
          "box": [
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            0.7805327521180557,
            0.28136066962962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.6",
          "box": [
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            0.8683260712847224,
            0.28136066962962963
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(2.3)",
          "box": [
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            0.26264418814814816,
            0.9554555065625,
            0.28136066962962963
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other",
          "box": [
            0.033834305555555555,
            0.28136066962962963,
            0.5242173845555556,
            0.3002391581481481
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(8.4)",
          "box": [
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            0.28136066962962963,
            0.6049461137847222,
            0.3002391581481481
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.1",
          "box": [
            0.6049461137847222,
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            0.692739432951389,
            0.3002391581481481
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.1",
          "box": [
            0.692739432951389,
            0.28136066962962963,
            0.7805327521180557,
            0.3002391581481481
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "(3.9)",
          "box": [
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            0.28136066962962963,
            0.8683260712847224,
            0.3002391581481481
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.5",
          "box": [
            0.8683260712847224,
            0.28136066962962963,
            0.9554555065625,
            0.3002391581481481
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Ending book equity balance (Total equity)",
          "box": [
            0.033834305555555555,
            0.3002391581481481,
            0.5242173845555556,
            0.3223026766666667
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.5242173845555556,
            0.3002391581481481,
            0.6049461137847222,
            0.3223026766666667
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.6049461137847222,
            0.3002391581481481,
            0.692739432951389,
            0.3223026766666667
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.692739432951389,
            0.3002391581481481,
            0.7805327521180557,
            0.3223026766666667
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.7805327521180557,
            0.3002391581481481,
            0.8683260712847224,
            0.3223026766666667
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.8683260712847224,
            0.3002391581481481,
            0.9554555065625,
            0.3223026766666667
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.3223026766666667,
            0.5242173845555556,
            0.3443660100000001
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.5242173845555556,
            0.3223026766666667,
            0.6049461137847222,
            0.3443660100000001
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.6",
          "box": [
            0.6049461137847222,
            0.3223026766666667,
            0.692739432951389,
            0.3443660100000001
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.6",
          "box": [
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            0.3223026766666667,
            0.7805327521180557,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.5",
          "box": [
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            0.3223026766666667,
            0.8683260712847224,
            0.3443660100000001
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.3",
          "box": [
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            0.3223026766666667,
            0.9554555065625,
            0.3443660100000001
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total shareholders' equity",
          "box": [
            0.033834305555555555,
            0.3443660100000001,
            0.5242173845555556,
            0.3666599537037038
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,447.1",
          "box": [
            0.5242173845555556,
            0.3443660100000001,
            0.6049461137847222,
            0.3666599537037038
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,483.9",
          "box": [
            0.6049461137847222,
            0.3443660100000001,
            0.692739432951389,
            0.3666599537037038
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,496.0",
          "box": [
            0.692739432951389,
            0.3443660100000001,
            0.7805327521180557,
            0.3666599537037038
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,502.6",
          "box": [
            0.7805327521180557,
            0.3443660100000001,
            0.8683260712847224,
            0.3666599537037038
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,516.7",
          "box": [
            0.8683260712847224,
            0.3443660100000001,
            0.9554555065625,
            0.3666599537037038
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Average book equity balance excluding noncontrolling interest in consolidated ventures",
          "box": [
            0.033834305555555555,
            0.3666599537037038,
            0.5242173845555556,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,465.5",
          "box": [
            0.5242173845555556,
            0.3666599537037038,
            0.6049461137847222,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,490.0",
          "box": [
            0.6049461137847222,
            0.3666599537037038,
            0.692739432951389,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,499.3",
          "box": [
            0.692739432951389,
            0.3666599537037038,
            0.7805327521180557,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,509.6",
          "box": [
            0.7805327521180557,
            0.3666599537037038,
            0.8683260712847224,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,525.9",
          "box": [
            0.8683260712847224,
            0.3666599537037038,
            0.9554555065625,
            0.39241478370370364
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated depreciation & amortization \u2013 net leased commercial real estate",
          "box": [
            0.033834305555555555,
            0.39241478370370364,
            0.5242173845555556,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "198.8",
          "box": [
            0.5242173845555556,
            0.39241478370370364,
            0.6049461137847222,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "194.1",
          "box": [
            0.6049461137847222,
            0.39241478370370364,
            0.692739432951389,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "189.5",
          "box": [
            0.692739432951389,
            0.39241478370370364,
            0.7805327521180557,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "184.9",
          "box": [
            0.7805327521180557,
            0.39241478370370364,
            0.8683260712847224,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "180.3",
          "box": [
            0.8683260712847224,
            0.39241478370370364,
            0.9554555065625,
            0.4150402844444444
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated depreciation & amortization \u2013 diversified commercial real estate",
          "box": [
            0.033834305555555555,
            0.4150402844444444,
            0.5242173845555556,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "72.9",
          "box": [
            0.5242173845555556,
            0.4150402844444444,
            0.6049461137847222,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "68.6",
          "box": [
            0.6049461137847222,
            0.4150402844444444,
            0.692739432951389,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "64.6",
          "box": [
            0.692739432951389,
            0.4150402844444444,
            0.7805327521180557,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "60.9",
          "box": [
            0.7805327521180557,
            0.4150402844444444,
            0.8683260712847224,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "57.5",
          "box": [
            0.8683260712847224,
            0.4150402844444444,
            0.9554555065625,
            0.4334485251851851
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Less: noncontrolling interests' share of accumulated real estate depreciation & amortization",
          "box": [
            0.033834305555555555,
            0.4334485251851851,
            0.5242173845555556,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(5.3)",
          "box": [
            0.5242173845555556,
            0.4334485251851851,
            0.6049461137847222,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(5.1)",
          "box": [
            0.6049461137847222,
            0.4334485251851851,
            0.692739432951389,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(5.0)",
          "box": [
            0.692739432951389,
            0.4334485251851851,
            0.7805327521180557,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(4.9)",
          "box": [
            0.7805327521180557,
            0.4334485251851851,
            0.8683260712847224,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(4.8)",
          "box": [
            0.8683260712847224,
            0.4334485251851851,
            0.9554555065625,
            0.4526573062962963
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated real estate depreciation & amortization \u2013 our share",
          "box": [
            0.033834305555555555,
            0.4526573062962963,
            0.5242173845555556,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$266.5",
          "box": [
            0.5242173845555556,
            0.4526573062962963,
            0.6049461137847222,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$257.5",
          "box": [
            0.6049461137847222,
            0.4526573062962963,
            0.692739432951389,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$249.1",
          "box": [
            0.692739432951389,
            0.4526573062962963,
            0.7805327521180557,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$240.9",
          "box": [
            0.7805327521180557,
            0.4526573062962963,
            0.8683260712847224,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$232.9",
          "box": [
            0.8683260712847224,
            0.4526573062962963,
            0.9554555065625,
            0.4749073611111111
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated book value",
          "box": [
            0.033834305555555555,
            0.4749073611111111,
            0.5242173845555556,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,713.6",
          "box": [
            0.5242173845555556,
            0.4749073611111111,
            0.6049461137847222,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,741.5",
          "box": [
            0.6049461137847222,
            0.4749073611111111,
            0.692739432951389,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,745.1",
          "box": [
            0.692739432951389,
            0.4749073611111111,
            0.7805327521180557,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,743.5",
          "box": [
            0.7805327521180557,
            0.4749073611111111,
            0.8683260712847224,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,749.6",
          "box": [
            0.8683260712847224,
            0.4749073611111111,
            0.9554555065625,
            0.5013215226851853
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total shares outstanding (mm)",
          "box": [
            0.033834305555555555,
            0.5013215226851853,
            0.5242173845555556,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "127.7",
          "box": [
            0.5242173845555556,
            0.5013215226851853,
            0.6049461137847222,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "127.2",
          "box": [
            0.6049461137847222,
            0.5013215226851853,
            0.692739432951389,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "127.3",
          "box": [
            0.692739432951389,
            0.5013215226851853,
            0.7805327521180557,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "127.5",
          "box": [
            0.7805327521180557,
            0.5013215226851853,
            0.8683260712847224,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "128.1",
          "box": [
            0.8683260712847224,
            0.5013215226851853,
            0.9554555065625,
            0.5275023259259258
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "GAAP Book Value per Share 1",
          "box": [
            0.033834305555555555,
            0.5389615902777778,
            0.5242173845555556,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.33",
          "box": [
            0.5242173845555556,
            0.5389615902777778,
            0.6049461137847222,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.66",
          "box": [
            0.6049461137847222,
            0.5389615902777778,
            0.692739432951389,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.75",
          "box": [
            0.692739432951389,
            0.5389615902777778,
            0.7805327521180557,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.79",
          "box": [
            0.7805327521180557,
            0.5389615902777778,
            0.8683260712847224,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$11.84",
          "box": [
            0.8683260712847224,
            0.5389615902777778,
            0.9554555065625,
            0.5525253865740741
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Undepreciated Book Value per Share 2",
          "box": [
            0.033834305555555555,
            0.5613332569444445,
            0.5242173845555556,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13.42",
          "box": [
            0.5242173845555556,
            0.5613332569444445,
            0.6049461137847222,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13.69",
          "box": [
            0.6049461137847222,
            0.5613332569444445,
            0.692739432951389,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13.71",
          "box": [
            0.692739432951389,
            0.5613332569444445,
            0.7805327521180557,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13.68",
          "box": [
            0.7805327521180557,
            0.5613332569444445,
            0.8683260712847224,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$13.66",
          "box": [
            0.8683260712847224,
            0.5613332569444445,
            0.9554555065625,
            0.5803258248148148
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Debt obligations GAAP reconciliation",
          "box": [
            0.033834305555555555,
            0.5803258248148148,
            0.5242173845555556,
            0.6053759325925927
          ],
          "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": [
            0.033834305555555555,
            0.6053759325925927,
            0.5242173845555556,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.6053759325925927,
            0.6049461137847222,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.6053759325925927,
            0.692739432951389,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.6053759325925927,
            0.7805327521180557,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$62.7",
          "box": [
            0.7805327521180557,
            0.6053759325925927,
            0.8683260712847224,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$62.7",
          "box": [
            0.8683260712847224,
            0.6053759325925927,
            0.9554555065625,
            0.6259871192592592
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Securities repurchase financing",
          "box": [
            0.033834305555555555,
            0.6259871192592592,
            0.5242173845555556,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "934.9",
          "box": [
            0.5242173845555556,
            0.6259871192592592,
            0.6049461137847222,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "627.0",
          "box": [
            0.6049461137847222,
            0.6259871192592592,
            0.692739432951389,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "361.6",
          "box": [
            0.692739432951389,
            0.6259871192592592,
            0.7805327521180557,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "294.4",
          "box": [
            0.7805327521180557,
            0.6259871192592592,
            0.8683260712847224,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.6259871192592592,
            0.9554555065625,
            0.6445274896296296
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Revolving credit facility (unsecured)",
          "box": [
            0.033834305555555555,
            0.6445274896296296,
            0.5242173845555556,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "492.0",
          "box": [
            0.5242173845555556,
            0.6445274896296296,
            0.6049461137847222,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "280.0",
          "box": [
            0.6049461137847222,
            0.6445274896296296,
            0.692739432951389,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "20.0",
          "box": [
            0.692739432951389,
            0.6445274896296296,
            0.7805327521180557,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.6445274896296296,
            0.8683260712847224,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.6445274896296296,
            0.9554555065625,
            0.663640017037037
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Term loan (unsecured)",
          "box": [
            0.033834305555555555,
            0.663640017037037,
            0.5242173845555556,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.663640017037037,
            0.6049461137847222,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.663640017037037,
            0.692739432951389,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.663640017037037,
            0.7805327521180557,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.663640017037037,
            0.8683260712847224,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.8683260712847224,
            0.663640017037037,
            0.9554555065625,
            0.6819152844444444
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage debt, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.6819152844444444,
            0.5242173845555556,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "384.2",
          "box": [
            0.5242173845555556,
            0.6819152844444444,
            0.6049461137847222,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "388.2",
          "box": [
            0.6049461137847222,
            0.6819152844444444,
            0.692739432951389,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "401.7",
          "box": [
            0.692739432951389,
            0.6819152844444444,
            0.7805327521180557,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "421.9",
          "box": [
            0.7805327521180557,
            0.6819152844444444,
            0.8683260712847224,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "425.7",
          "box": [
            0.8683260712847224,
            0.6819152844444444,
            0.9554555065625,
            0.7003684555555556
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "CLO debt, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.7003684555555556,
            0.5242173845555556,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.7003684555555556,
            0.6049461137847222,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.7003684555555556,
            0.692739432951389,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.7003684555555556,
            0.7805327521180557,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.7003684555555556,
            0.8683260712847224,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "275.6",
          "box": [
            0.8683260712847224,
            0.7003684555555556,
            0.9554555065625,
            0.7188208229629629
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Senior unsecured notes, net of unamortized debt issuance costs",
          "box": [
            0.033834305555555555,
            0.7188208229629629,
            0.5242173845555556,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,216.4",
          "box": [
            0.5242173845555556,
            0.7188208229629629,
            0.6049461137847222,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,215.2",
          "box": [
            0.6049461137847222,
            0.7188208229629629,
            0.692739432951389,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,213.9",
          "box": [
            0.692739432951389,
            0.7188208229629629,
            0.7805327521180557,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,004.1",
          "box": [
            0.7805327521180557,
            0.7188208229629629,
            0.8683260712847224,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,005.7",
          "box": [
            0.8683260712847224,
            0.7188208229629629,
            0.9554555065625,
            0.738425992962963
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Debt obligations, net",
          "box": [
            0.033834305555555555,
            0.738425992962963,
            0.5242173845555556,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.5242173845555556,
            0.738425992962963,
            0.6049461137847222,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.6049461137847222,
            0.738425992962963,
            0.692739432951389,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.692739432951389,
            0.738425992962963,
            0.7805327521180557,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7805327521180557,
            0.738425992962963,
            0.8683260712847224,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,769.8",
          "box": [
            0.8683260712847224,
            0.738425992962963,
            0.9554555065625,
            0.7613692633333333
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Less: CLO debt",
          "box": [
            0.033834305555555555,
            0.7613692633333333,
            0.5242173845555556,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.5242173845555556,
            0.7613692633333333,
            0.6049461137847222,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.6049461137847222,
            0.7613692633333333,
            0.692739432951389,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.692739432951389,
            0.7613692633333333,
            0.7805327521180557,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2013",
          "box": [
            0.7805327521180557,
            0.7613692633333333,
            0.8683260712847224,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(275.6)",
          "box": [
            0.8683260712847224,
            0.7613692633333333,
            0.9554555065625,
            0.7851951596296296
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted debt obligations",
          "box": [
            0.033834305555555555,
            0.7851951596296296,
            0.5242173845555556,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$4,027.6",
          "box": [
            0.5242173845555556,
            0.7851951596296296,
            0.6049461137847222,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$3,510.4",
          "box": [
            0.6049461137847222,
            0.7851951596296296,
            0.692739432951389,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,997.2",
          "box": [
            0.692739432951389,
            0.7851951596296296,
            0.7805327521180557,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,783.2",
          "box": [
            0.7805327521180557,
            0.7851951596296296,
            0.8683260712847224,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$2,494.1",
          "box": [
            0.8683260712847224,
            0.7851951596296296,
            0.9554555065625,
            0.8073456922222222
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.033834305555555555,
            0.8073456922222222,
            0.5242173845555556,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,444.5",
          "box": [
            0.5242173845555556,
            0.8073456922222222,
            0.6049461137847222,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,481.4",
          "box": [
            0.6049461137847222,
            0.8073456922222222,
            0.692739432951389,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,493.4",
          "box": [
            0.692739432951389,
            0.8073456922222222,
            0.7805327521180557,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,500.1",
          "box": [
            0.7805327521180557,
            0.8073456922222222,
            0.8683260712847224,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,514.4",
          "box": [
            0.8683260712847224,
            0.8073456922222222,
            0.9554555065625,
            0.8278597288888889
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Plus: Accumulated depreciation and amortization on real estate and related intangibles",
          "box": [
            0.033834305555555555,
            0.8278597288888889,
            0.5242173845555556,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "271.7",
          "box": [
            0.5242173845555556,
            0.8278597288888889,
            0.6049461137847222,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "262.7",
          "box": [
            0.6049461137847222,
            0.8278597288888889,
            0.692739432951389,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "254.1",
          "box": [
            0.692739432951389,
            0.8278597288888889,
            0.7805327521180557,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "245.8",
          "box": [
            0.7805327521180557,
            0.8278597288888889,
            0.8683260712847224,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "237.7",
          "box": [
            0.8683260712847224,
            0.8278597288888889,
            0.9554555065625,
            0.8462255429629629
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Less: Accumulated amortization of below market leases",
          "box": [
            0.033834305555555555,
            0.8462255429629629,
            0.5242173845555556,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(18.8)",
          "box": [
            0.5242173845555556,
            0.8462255429629629,
            0.6049461137847222,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(18.3)",
          "box": [
            0.6049461137847222,
            0.8462255429629629,
            0.692739432951389,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(17.8)",
          "box": [
            0.692739432951389,
            0.8462255429629629,
            0.7805327521180557,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(17.2)",
          "box": [
            0.7805327521180557,
            0.8462255429629629,
            0.8683260712847224,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(16.7)",
          "box": [
            0.8683260712847224,
            0.8462255429629629,
            0.9554555065625,
            0.8646338762962964
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Plus: CECL allowance",
          "box": [
            0.033834305555555555,
            0.8646338762962964,
            0.5242173845555556,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "47.1",
          "box": [
            0.5242173845555556,
            0.8646338762962964,
            0.6049461137847222,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "47.1",
          "box": [
            0.6049461137847222,
            0.8646338762962964,
            0.692739432951389,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "52.1",
          "box": [
            0.692739432951389,
            0.8646338762962964,
            0.7805327521180557,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "52.2",
          "box": [
            0.7805327521180557,
            0.8646338762962964,
            0.8683260712847224,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "52.2",
          "box": [
            0.8683260712847224,
            0.8646338762962964,
            0.9554555065625,
            0.884547287037037
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total adjusted equity",
          "box": [
            0.033834305555555555,
            0.884547287037037,
            0.5242173845555556,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,744.6",
          "box": [
            0.5242173845555556,
            0.884547287037037,
            0.6049461137847222,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,772.9",
          "box": [
            0.6049461137847222,
            0.884547287037037,
            0.692739432951389,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,781.9",
          "box": [
            0.692739432951389,
            0.884547287037037,
            0.7805327521180557,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,780.8",
          "box": [
            0.7805327521180557,
            0.884547287037037,
            0.8683260712847224,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$1,787.5",
          "box": [
            0.8683260712847224,
            0.884547287037037,
            0.9554555065625,
            0.9059816317592593
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Adjusted leverage ratio 2",
          "box": [
            0.033834305555555555,
            0.9153617117592593,
            0.6049461137847222,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.3x",
          "box": [
            0.5242173845555556,
            0.9153617117592593,
            0.6049461137847222,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2.0x",
          "box": [
            0.6049461137847222,
            0.9153617117592593,
            0.692739432951389,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.7x",
          "box": [
            0.692739432951389,
            0.9153617117592593,
            0.7805327521180557,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.6x",
          "box": [
            0.7805327521180557,
            0.9153617117592593,
            0.8683260712847224,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1.4x",
          "box": [
            0.8683260712847224,
            0.9153617117592593,
            0.9554555065625,
            0.9352438492592593
          ],
          "status": "reconciled",
          "note": null
        }
      ]
    ],
    "merged_cells": [
      {
        "result": "Changes in other comprehensive income (OCI)",
        "row": 4,
        "col": 0,
        "sources": [
          "Changes in other comprehensive income  (OCI)"
        ],
        "source_cells": [
          "A8"
        ],
        "source_boxes": [
          [
            0.033834305555555555,
            0.26264418814814816,
            0.5242173845555556,
            0.28136066962962963
          ]
        ],
        "box": [
          0.033834305555555555,
          0.26264418814814816,
          0.5242173845555556,
          0.28136066962962963
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Ending book equity balance (Total equity)",
        "row": 5,
        "col": 0,
        "sources": [
          "Ending book equity balance  (Total equity)"
        ],
        "source_cells": [
          "A10"
        ],
        "source_boxes": [
          [
            0.033834305555555555,
            0.3002391581481481,
            0.5242173845555556,
            0.3223026766666667
          ]
        ],
        "box": [
          0.033834305555555555,
          0.3002391581481481,
          0.5242173845555556,
          0.3223026766666667
        ],
        "grounded_by": "cell_address"
      },
      {
        "result": "Less: noncontrolling interests' share of accumulated real estate depreciation & amortization",
        "row": 12,
        "col": 0,
        "sources": [
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    "markdown": "| Slide # | Slide Contents | Slide # | Slide Contents |\n| --- | --- | --- | --- |\n| 1 | Cover | 22 | Ladder vs. Equity REITs: Covenant Comparison |\n| 2 | Disclaimers | 23 | Unencumbered Asset Pool |\n| 3 | Ladder Capital Highlights | 24 | Unencumbered Asset Ratio \u2013 Track Record |\n| 4 | First Quarter 2026 Highlights | 25 | Ladder Capital |\n| 5 | Best-in-Class Leadership Team | 26 | Appendix |\n| 6 | Dynamic CRE Investment Strategy | 27 | Timeline & Key \"Ladder Firsts\" |\n| 7 | CRE Asset Allocation Over Time | 28 | Company Information |\n| 8 | The Power of Investment Grade | 29 | Ladder Financial Snapshot |\n| 9 | Ladder vs. Traditional REITs | 30 | Loan Portfolio Key Metrics |\n| 10 | Senior Secured Attachment Point | 31 | CRE Equity Portfolio Key Metrics |\n| 11 | Investment & Risk Management Process | 32 | Net Lease Portfolio Key Metrics |\n| 12 | CRE Loan Portfolio | 33 | Ladder Team Bios: Executive Team |\n| 13 | CRE Equity Portfolio | 34 | Ladder Team Bios: Managers |\n| 14 | Embedded Value in CRE Equity | 35 | Ladder Team Bios: Managers (cont.) |\n| 15 | CRE Securities Portfolio | 36 | Income Statement by Quarter |\n| 16 | Ladder Book Value Preservation | 37 | Distributable Earnings, EPS & ROAE by Quarter |\n| 17 | Investment Grade Capital Structure | 38 | Balance Sheet by Quarter |\n| 18 | Ladder Bond Issuance History | 39 | Book Equity, Shares & Adjusted Leverage by Quarter |\n| 19 | Ladder IG Bond Spread Tightening | 40 | Selected Definitions |\n| 20 | Debt Maturity Profile | 41 | Index of Slides |\n| 21 | Highly Accretive IG Revolver |  |  |",
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      [
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          "text": "16",
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        {
          "text": "Ladder Book Value Preservation",
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        },
        {
          "text": "37",
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          "text": "Distributable Earnings, EPS & ROAE by Quarter",
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      [
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          "text": "17",
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        {
          "text": "Investment Grade Capital Structure",
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        },
        {
          "text": "38",
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        {
          "text": "Balance Sheet by Quarter",
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      [
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          "text": "18",
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        {
          "text": "Ladder Bond Issuance History",
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        },
        {
          "text": "39",
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        {
          "text": "Book Equity, Shares & Adjusted Leverage by Quarter",
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      [
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          "text": "19",
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        {
          "text": "Ladder IG Bond Spread Tightening",
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        {
          "text": "40",
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        {
          "text": "Selected Definitions",
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      ],
      [
        {
          "text": "20",
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          "status": null,
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        {
          "text": "Debt Maturity Profile",
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        },
        {
          "text": "41",
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        {
          "text": "Index of Slides",
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      [
        {
          "text": "21",
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          "status": null,
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        {
          "text": "Highly Accretive IG Revolver",
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            0.9010062518518513
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
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            0.9010062518518513
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          "status": null,
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        },
        {
          "text": "",
          "box": [
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    "corrected_grid": [
      [
        {
          "text": "Slide #",
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        {
          "text": "Slide Contents",
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          "text": "Slide #",
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        {
          "text": "Slide Contents",
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      ],
      [
        {
          "text": "1",
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          "status": "reconciled",
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        {
          "text": "Cover",
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            0.49064711437499997,
            0.29933206574074067
          ],
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          "note": null
        },
        {
          "text": "22",
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            0.29933206574074067
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          "status": "reconciled",
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        {
          "text": "Ladder vs. Equity REITs: Covenant Comparison",
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      ],
      [
        {
          "text": "2",
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          "note": null
        },
        {
          "text": "Disclaimers",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "23",
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            0.5822966148611111,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Unencumbered Asset Pool",
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          "status": "reconciled",
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      ],
      [
        {
          "text": "3",
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        {
          "text": "Ladder Capital Highlights",
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          "note": null
        },
        {
          "text": "24",
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            0.36020221018518506
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Unencumbered Asset Ratio \u2013 Track Record",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "4",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "First Quarter 2026 Highlights",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "25",
          "box": [
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          "note": null
        },
        {
          "text": "Ladder Capital",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "5",
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            0.22904042944444442,
            0.42107235462962944
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Best-in-Class Leadership Team",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "26",
          "box": [
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Appendix",
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          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "6",
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            0.45150742685185163
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Dynamic CRE Investment Strategy",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "27",
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          "status": "reconciled",
          "note": null
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        {
          "text": "Timeline & Key \"Ladder Firsts\"",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "7",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "CRE Asset Allocation Over Time",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "28",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Company Information",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "8",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "The Power of Investment Grade",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "29",
          "box": [
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Ladder Financial Snapshot",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "9",
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          "status": "reconciled",
          "note": null
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        {
          "text": "Ladder vs. Traditional REITs",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "30",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Loan Portfolio Key Metrics",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "10",
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          "status": "reconciled",
          "note": null
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        {
          "text": "Senior Secured Attachment Point",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "31",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "CRE Equity Portfolio Key Metrics",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "11",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Investment & Risk Management Process",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "32",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Net Lease Portfolio Key Metrics",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "12",
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            0.22904042944444442,
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "CRE Loan Portfolio",
          "box": [
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "33",
          "box": [
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "Ladder Team Bios: Executive Team",
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          "status": "reconciled",
          "note": null
        }
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      [
        {
          "text": "13",
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          "status": "reconciled",
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        {
          "text": "CRE Equity Portfolio",
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "34",
          "box": [
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          "status": "reconciled",
          "note": null
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        {
          "text": "Ladder Team Bios: Managers",
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          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "14",
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          "status": "reconciled",
          "note": null
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        {
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          "text": "Ladder Book Value Preservation",
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          "text": "Balance Sheet by Quarter",
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          "text": "18",
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          "text": "Ladder Bond Issuance History",
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          "text": "39",
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          "text": "Book Equity, Shares & Adjusted Leverage by Quarter",
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          "text": "19",
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          "text": "Ladder IG Bond Spread Tightening",
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          "text": "40",
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          "text": "Selected Definitions",
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          "text": "20",
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        {
          "text": "Debt Maturity Profile",
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          "text": "41",
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        {
          "text": "Index of Slides",
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          "text": "21",
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        {
          "text": "Highly Accretive IG Revolver",
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          "note": null
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          "text": "",
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        {
          "text": "",
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