Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
1c3b154b97076b0e.pdf
12 tables
p5 · table 1 · Balance Sheet
units=(thousands) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
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| (thousands) | June 30, 2026(1) |
|---|
| Commercial mortgage loans held-for-investment (net of allowance for credit losses) | $991,665 |
| Real Estate Owned | 61,602 |
| Cash and cash equivalents | 28,979 |
| Restricted cash(2) | 25,698 |
| Accrued interest receivable | 4,510 |
| Other assets(3) | 3,005 |
| Total assets | $1,115,459 |
| Secured debt obligations(4) | $580,687 |
| Secured financing arrangements | 271,140 |
| Credit facility(4) | 49,667 |
| Other liabilities | 9,147 |
| Total liabilities | $910,641 |
| Total equity | $204,818 |
| Total liabilities / total equity | 4.4x |
| Book Value Per Share of Common Stock(5) | $2.76 |
p6 · table 2 · Summary Income Statement
units=(thousands) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
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| Summary Income Statement (thousands) | Three Months Ended June 30, 2026 |
|---|
| Net interest income | $4,503 |
| Total other income (loss) | (8,671) |
| Operating expenses | (3,856) |
| Benefit (provision) from income taxes | 11 |
| Preferred dividends | (1,185) |
| Net income (loss) attributable to common stockholders | $(9,198) |
| Weighted average shares outstanding during the period, basic and diluted | 52,459,976 |
| Net income (loss) attributable to common stockholders per share | $(0.18) |
p6 · table 3 · GAAP Net Income to Distributable Earnings Reconciliation
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
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| GAAP Net Income to Distributable Earnings Reconciliation (thousands) | Three Months Ended June 30, 2026 |
|---|
| Net income (loss) attributable to common stockholders | $(9,198) |
| Adjustments: | |
| Unrealized (gain) loss on mortgage servicing rights | 17 |
| (Release of) credit losses | 8,626 |
| Depreciation of real estate owned | 390 |
| Realized gain (loss) on sale of real estate owned | (3,268) |
| Realized gain (loss) on mortgage loans | (1,842) |
| Provision for (benefit from) income taxes | (11) |
| Distributable Earnings (Loss)(1) | $(5,285) |
| Weighted average shares outstanding during the period, basic and diluted | 52,459,976 |
| Distributable Earnings (Loss) per share of common stock | $(0.10) |
| Dividend per share of common stock | $0.04 |
p11 · table 4 · Capital Structure Detail
units=($ in millions) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
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| Secured Financings(2) | Maturity Date | Rate | Advance Rate | Amount |
|---|
| LMNT 2025-FL3 | July 2043 | S + 1.91% | 88.1% | $585.0 |
| Secured financing agreements | Various | Various | Various | $273.0 |
| Credit Facilities | | | | |
| Term Loan(3) | February 2030 | 9.75% | | $50.0 |
| Total Debt | | | | $908.0 |
| Equity | | | | |
| Preferred Equity(4) | N/A | 7.875% | | $60.0 |
| Book Value of Common Equity(5) | N/A | | | $144.7 |
| Total Capitalization(1) | | | | $1,112.7 |
p14 · table 5 · 6/30/2026 CRE Loan Portfolio Details
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| # | Loan Name | Closing Date | Maturity Date | Property Type | City | State | Unpaid Principal Balance | Note Spread | Unamortized Discount/Premium | As-Is LTV at Origination(1) |
|---|
| 1 | Loan 1 | 12/20/2024 | 1/5/2028 | Multifamily | Olympia | WA | 59,836,911 | 3.75% | 0 | 68.49% |
| 2 | Loan 2 | 12/16/2021 | 7/6/2026 | Multifamily | Multi | FL | 51,375,000 | 3.16% | 0 | 71.70% |
| 3 | Loan 3 | 12/23/2024 | 1/5/2027 | Multifamily | Macon | GA | 36,800,000 | 2.90% | 0 | 66.10% |
| 4 | Loan 4 | 1/16/2025 | 8/5/2026 | Multifamily | Noblesville | IN | 36,000,000 | 2.70% | 0 | 67.57% |
| 5 | Loan 5 | 1/29/2025 | 2/5/2027 | Multifamily | Manchaca | TX | 35,500,000 | 3.00% | 0 | 52.21% |
| 6 | Loan 6 | 10/27/2025 | 11/5/2027 | Multifamily | Columbus | OH | 33,333,333 | 2.35% | 0 | 75.00% |
| 7 | Loan 7 | 3/22/2022 | 4/5/2027 | Multifamily | Seneca | SC | 31,627,625 | 3.35% | (153,214) | 74.54% |
| 8 | Loan 8 | 6/28/2022 | 4/5/2027 | Multifamily | Dallas | TX | 29,623,930 | 3.40% | (154,963) | 71.59% |
| 9 | Loan 9 | 4/3/2025 | 4/5/2027 | Multifamily | Lockport | IL | 27,500,000 | 2.81% | 0 | 64.50% |
| 10 | Loan 10 | 11/2/2021 | 7/6/2026 | Multifamily | Melbourne | FL | 26,049,291 | 3.21% | 0 | 72.09% |
| 11 | Loan 11 | 9/17/2024 | 10/5/2026 | Multifamily | Marysville | OH | 25,500,000 | 2.85% | 0 | 73.80% |
| 12 | Loan 12 | 4/27/2022 | 11/5/2026 | Multifamily | North Brunswick | NJ | 24,525,000 | 3.40% | 0 | 79.90% |
| 13 | Loan 13 | 8/26/2021 | 8/5/2027 | Multifamily | Clarkston | GA | 24,468,032 | 3.61% | 0 | 79.00% |
| 14 | Loan 14 | 10/18/2021 | 8/5/2026 | Multifamily | Cherry Hill | NJ | 23,348,000 | 3.11% | 0 | 72.40% |
| 15 | Loan 15 | 6/30/2026 | 7/5/2029 | Multifamily | Phoenix | AZ | 23,125,000 | 2.50% | 0 | 65.00% |
| 16 | Loan 16 | 8/26/2021 | 3/6/2027 | Multifamily | Union City | GA | 22,872,354 | 3.46% | 0 | 70.40% |
| 17 | Loan 17 | 11/16/2021 | 3/6/2026 | Multifamily | Dallas | TX | 21,916,753 | 3.31% | 0 | 73.54% |
| 18 | Loan 18 | 8/31/2021 | 8/5/2026 | Multifamily | Houston | TX | 21,644,684 | 3.41% | 0 | 74.20% |
| 19 | Loan 19 | 3/22/2022 | 4/5/2027 | Multifamily | York | PA | 21,442,771 | 3.30% | (137,201) | 79.17% |
| 20 | Loan 20 | 11/29/2022 | 12/31/2026 | Healthcare | Glendale | WI | 20,360,000 | 4.00% | 0 | 45.00% |
| 21 | Loan 21 | 11/5/2021 | 6/5/2027 | Multifamily | Orlando | FL | 19,625,274 | 3.11% | 0 | 78.05% |
| 22 | Loan 22 | 2/18/2026 | 3/5/2029 | Multifamily | Holt | MI | 19,500,000 | 3.10% | 0 | 76.30% |
| 23 | Loan 23 | 2/11/2022 | 3/6/2026 | Multifamily | Tampa | FL | 19,445,670 | 3.60% | 0 | 77.99% |
| 24 | Loan 24 | 11/21/2022 | 12/31/2026 | Healthcare | Houston | TX | 18,920,000 | 4.00% | 0 | 67.00% |
| 25 | Loan 25 | 11/10/2022 | 12/31/2026 | Healthcare | Austin | TX | 18,590,000 | 4.00% | 0 | 65.00% |
| 26 | Loan 26 | 2/2/2022 | 7/4/2026 | Multifamily | Houston | TX | 17,936,729 | 3.50% | 0 | 77.50% |
p15 · table 6 · 6/30/2026 CRE Loan Portfolio Details
units=(none) · flavor=stream · camelot_accuracy=99.2 · llm_corrected=True
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| # | Loan Name | Closing Date | Maturity Date | Property Type | City | State | Unpaid Principal Balance | Note Spread | Unamortized Discount/Premium | As-Is LTV at Origination(1) |
|---|
| 27 | Loan 27 | 11/23/2021 | 12/4/2026 | Multifamily | Orange | NJ | 17,781,968 | 3.31% | 0 | 78.00% |
| 28 | Loan 28 | 3/26/2025 | 4/5/2027 | Multifamily | Kannapolis | NC | 17,780,000 | 2.91% | 0 | 60.40% |
| 29 | Loan 29 | 12/20/2024 | 7/5/2026 | Multifamily | Lafayette | IN | 17,010,000 | 2.85% | 0 | 68.00% |
| 30 | Loan 30 | 3/31/2022 | 4/5/2026 | Multifamily | Tallahassee | FL | 16,956,276 | 3.00% | (95,685) | 74.80% |
| 31 | Loan 31 | 3/28/2025 | 4/5/2027 | Multifamily | Lansing | MI | 16,500,000 | 2.90% | 0 | 73.50% |
| 32 | Loan 32 | 7/31/2025 | 8/4/2028 | Multifamily | Oswego | IL | 16,237,935 | 4.15% | 0 | 64.70% |
| 33 | Loan 33 | 12/29/2021 | 1/6/2027 | Multifamily | Multi | NC | 16,075,387 | 3.96% | 0 | 59.90% |
| 34 | Loan 34 | 11/21/2022 | 12/31/2026 | Healthcare | Southlake | TX | 15,735,000 | 4.00% | 0 | 48.00% |
| 35 | Loan 35 | 4/27/2022 | 5/5/2026 | Multifamily | Houston | TX | 14,171,704 | 3.70% | 0 | 79.60% |
| 36 | Loan 36 | 4/12/2021 | 5/5/2025 | Multifamily | Cedar Park | TX | 13,666,721 | 3.86% | 0 | 66.70% |
| 37 | Loan 37 | 6/3/2025 | 6/4/2027 | Multifamily | Bound Brook | NJ | 13,510,000 | 3.95% | 0 | 67.60% |
| 38 | Loan 38 | 7/26/2022 | 8/5/2027 | Multifamily | Atlanta | GA | 12,905,495 | 3.65% | (91,960) | 65.15% |
| 39 | Loan 39 | 5/12/2022 | 6/5/2025 | Multifamily | Ypsilanti | MI | 11,926,591 | 3.50% | (58,275) | 68.40% |
| 40 | Loan 40 | 10/10/2024 | 11/5/2026 | Multifamily | Cottonwood | AZ | 11,550,000 | 3.25% | 0 | 38.50% |
| 41 | Loan 41 | 1/25/2022 | 6/9/2027 | Multifamily | Corpus Christi | TX | 11,261,792 | 3.55% | (32,101) | 78.76% |
| 42 | Loan 42 | 10/28/2021 | 11/6/2026 | Multifamily | Tampa | FL | 11,202,535 | 3.06% | 0 | 75.70% |
| 43 | Loan 43 | 5/3/2022 | 7/6/2026 | Multifamily | Port Richey | FL | 10,818,945 | 3.55% | (65,128) | 79.05% |
| 44 | Loan 44 | 9/30/2021 | 10/6/2026 | Multifamily | Clearfield | UT | 9,815,615 | 3.26% | 0 | 67.98% |
| 45 | Loan 45 | 7/14/2022 | 8/5/2026 | Multifamily | Bradenton | FL | 9,429,206 | 3.90% | (26,777) | 74.40% |
| 46 | Loan 46 | 4/15/2024 | 5/5/2026 | Healthcare | Multi | ID | 8,500,000 | 4.65% | 0 | 54.00% |
| 47 | Loan 47 | 5/28/2026 | 6/5/2028 | Multifamily | Des Moines | IA | 8,100,000 | 1.75% | 0 | 72.03% |
| 48 | Loan 48 | 12/19/2025 | 1/5/2028 | Multifamily | San Antonio | TX | 6,960,000 | 2.75% | 0 | 76.50% |
| 49 | Loan 49 | 10/7/2022 | 11/5/2026 | Multifamily | Fairborn | OH | 6,816,701 | 4.10% | 0 | 79.10% |
| 50 | Loan 50 | 12/19/2024 | 1/5/2027 | Multifamily | Bellflower | CA | 5,987,732 | 3.00% | 0 | 30.40% |
| 51 | Loan 51 | 10/27/2025 | 11/5/2027 | Multifamily | Columbus | OH | 3,100,000 | 2.35% | 0 | 75.00% |
| Total / Average | | | | | | | 1,014,665,959 | 3.30% | (815,304) | 69.33% |
p16 · table 7 · Consolidated Balance Sheets
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| Consolidated Balance Sheets |
|---|
p17 · table 8 · Consolidated Statement of Income
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| Consolidated Statement of Income |
|---|
p18 · table 9 · Detailed Walk of Allowance for Loan Losses
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(empty)p19 · table 10 · Reconciliation of Net Income to Distributable Earnings
units=(none) · flavor=stream · camelot_accuracy=98.9 · llm_corrected=True
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| GAAP to Distributable Earnings Reconciliation | For the Three Months Ended September 30, 2025 | For the Three Months Ended December 31, 2025 | For the Three Months Ended March 31, 2026 | For the Three Months Ended June 30, 2026 |
|---|
| Reconciliation of GAAP to non-GAAP Information | | | | |
| Net income attributable to common stockholders | $658,597 | $(8,942,111) | $(978,375) | $(9,197,948) |
| Adjustments for non-Distributable earnings | | | | |
| Unrealized losses (gains) on mortgage servicing rights | 24,700 | 11,367 | 30,245 | 17,268 |
| (Release of) credit losses | (29,660) | 8,628,158 | (732,373) | 8,625,695 |
| Realized gain (loss) loss on sale of real estate owned | 0 | (200,196) | 0 | (3,267,833) |
| Realized gain (loss) on mortgage loans | 0 | 0 | 0 | (1,841,615) |
| Depreciation of real estate owned | 344,785 | 295,698 | 304,885 | 390,272 |
| Real estate owned impairment expense | 0 | 0 | 1,350,435 | 0 |
| Loss on extinguishment of debt | 0 | 0 | 1,152,861 | 0 |
| Subtotal | 339,825 | 8,735,027 | 2,106,053 | 3,923,787 |
| Other Adjustments | | | | |
| Adjustment for income taxes | (2,902) | 6,629 | (4,648) | (10,745) |
| Subtotal | (2,902) | 6,629 | (4,648) | (10,745) |
| Distributable Earnings | $995,520 | $(200,455) | $1,123,030 | $(5,284,906) |
| Weighted average shares outstanding, basic and diluted | 52,352,594 | 52,372,810 | 52,400,158 | 52,459,976 |
| Distributable Earnings per share of common stock, basic and diluted | $0.02 | $(0.00) | $0.02 | $(0.10) |
p20 · table 11 · LFT Capitalization Reconciliation
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| LFT Capitalization Reconciliation (in 000's) | 6/30/2026 |
|---|
| Total GAAP liabilities and stockholders' equity(1) | $1,115,360 |
| Adjustments for Capitalization | |
| ( - ) Accrued interest payable | (1,425) |
| ( - ) Dividends payable | (3,097) |
| ( - ) Fees and expenses payable to Manager | (3,065) |
| ( - ) Other accounts payable and accrued expenses | (1,560) |
| ( + ) Other capitalized financing & issuance costs | 6,486 |
| LFT Capitalization | $1,112,699 |
p21 · table 12 · Book Value Per Common Share
units=(in 000's) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
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| Book Value Per Common Share (in 000's) | June 30, 2026 |
|---|
| Total stockholders’ equity | $204,818 |
| ( - ) Preferred equity(1) | (60,000) |
| ( - ) Non-controlling interest | (100) |
| Common equity | $144,719 |
| Shares outstanding | 52,486 |
| Book Value Per Share of Common Stock | $2.76 |