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0.7895225807472511 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.055448020833333334, 0.843764111111111, 0.23171143333333333, 0.9127754444444444 ], "status": null, "note": null }, { "text": "1 Per share adjustments are calculated based on the share count outstanding of 7,075,542 utilized in the calculation of book value at June 30, 2026", "box": [ 0.23171143333333333, 0.8947443079065394, 0.5208531125, 0.9119896217628761 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.055448020833333334, 0.9127754444444444, 0.23171143333333333, 0.928331 ], "status": null, "note": null }, { "text": "2 Investments in real estate and properties held for sale are shown net of related financings and real estate related lease obligations", "box": [ 0.23171143333333333, 0.9127754444444444, 0.4778889020284017, 0.9275452225296585 ], "status": null, "note": null } ], [ { "text": "3 Includes $136.9 million of non-controlling interests", "box": [ 0.08655593395233155, 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0.5439639621310763, 0.9469865163167318, 0.5638853285047744 ], "status": null, "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.05454812447230021, 0.5621861775716146, 0.10531570116678873, 0.5821075439453125 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.5655519999999999, 0.57495341875, 0.5864908888888889 ], "status": null, "note": null }, { "text": "46,253", "box": [ 0.6389384587605794, 0.5649028636791088, 0.66230894724528, 0.5848242300528067 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.5655519999999999, 0.8676310749999999, 0.5864908888888889 ], "status": null, "note": null }, { "text": "45,942", "box": [ 0.9234911600748698, 0.5649028636791088, 0.9468617121378581, 0.5848242300528067 ], "status": null, "note": null } ], [ { "text": "Distributions payable", "box": [ 0.05454812447230021, 0.583125079119647, 0.12632855574289958, 0.603046445493345 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.5864908888888889, 0.57495341875, 0.6074297777777777 ], "status": null, "note": null }, { "text": "3,422", "box": [ 0.6431884129842123, 0.5858417652271412, 0.6623093922932942, 0.6057631316008392 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.5864908888888889, 0.8676310749999999, 0.6074297777777777 ], "status": null, "note": null }, { "text": "3,457", "box": [ 0.9277411142985026, 0.5858417652271412, 0.9468621571858724, 0.6057631316008392 ], "status": null, "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.05454812447230021, 0.6040639806676794, 0.12058751583099366, 0.6239853470413773 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.6074297777777777, 0.57495341875, 0.6283686666666667 ], "status": null, "note": null }, { "text": "67", "box": [ 0.6538134256998698, 0.60678061026114, 0.6623099009195964, 0.626701976634838 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.6074297777777777, 0.8676310749999999, 0.6283686666666667 ], "status": null, "note": null }, { "text": "8", "box": [ 0.9426162719726563, 0.60678061026114, 0.9468624114990234, 0.626701976634838 ], "status": null, "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.05454812447230021, 0.6250028822157118, 0.13008979161580403, 0.6449242485894098 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.6283686666666667, 0.57495341875, 0.6495829999999999 ], "status": null, "note": null }, { "text": "3,233", "box": [ 0.6431884129842123, 0.6277195118091724, 0.6623093922932942, 0.6476408781828704 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.6283686666666667, 0.8676310749999999, 0.6495829999999999 ], "status": null, "note": null }, { "text": "3,131", "box": [ 0.9277411142985026, 0.6277195118091724, 0.9468621571858724, 0.6476408781828704 ], "status": null, "note": null } ], [ { "text": "Total Liabilities", "box": [ 0.05454812447230021, 0.6457482797128183, 0.10665152072906495, 0.6664140489366319 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.6495829999999999, 0.57495341875, 0.6705218888888889 ], "status": null, "note": null }, { "text": "1,856,447", "box": [ 0.6286884307861328, 0.6486584133572049, 0.6624338785807292, 0.6685797797309028 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.6495829999999999, 0.8676310749999999, 0.6705218888888889 ], "status": null, "note": null }, { "text": "1,611,772", "box": [ 0.9132411321004231, 0.6486584133572049, 0.9469865163167318, 0.6685797797309028 ], "status": null, "note": null } ], [ { "text": "Equity", "box": [ 0.05454812447230021, 0.6666871247468171, 0.07651742299397786, 0.6873528939706308 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.6705218888888889, 0.57495341875, 0.6900998888888888 ], "status": null, "note": null }, { "text": "", "box": [ 0.57495341875, 0.6705218888888889, 0.72399743125, 0.6900998888888888 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.6705218888888889, 0.8676310749999999, 0.6900998888888888 ], "status": null, "note": null }, { "text": "", "box": [ 0.8676310749999999, 0.6705218888888889, 0.948769175, 0.6900998888888888 ], "status": null, "note": null } ], [ { "text": "Series C Preferred stock, par value $0.001", "box": [ 0.05454812447230021, 0.687814387568721, 0.19543579419453938, 0.7077357539424189 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.6900998888888888, 0.57495341875, 0.7121243148148148 ], "status": null, "note": null }, { "text": "5", "box": [ 0.6580633163452149, 0.6905362164532697, 0.6623094558715821, 0.7104575828269676 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.6900998888888888, 0.8676310749999999, 0.7121243148148148 ], "status": null, "note": null }, { "text": "5", "box": [ 0.9426162719726563, 0.6905362164532697, 0.9468624114990234, 0.7104575828269676 ], "status": null, "note": null } ], [ { "text": "Series D Preferred stock, par value $0.001", "box": [ 0.05454812447230021, 0.7087586014359085, 0.19606056213378906, 0.7286799678096065 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.7121243148148148, 0.57495341875, 0.7330632962962963 ], "status": null, "note": null }, { "text": "5", "box": [ 0.6580633163452149, 0.7114752310293692, 0.6623094558715821, 0.7313965974030672 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.7121243148148148, 0.8676310749999999, 0.7330632962962963 ], "status": null, "note": null }, { "text": "5", "box": [ 0.9426162719726563, 0.7114752310293692, 0.9468624114990234, 0.7313965974030672 ], "status": null, "note": null } ], [ { "text": "Common stock, par value $0.001", "box": [ 0.05454812447230021, 0.729697502983941, 0.16566513379414877, 0.7496188693576389 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.7330632962962963, 0.57495341875, 0.7540021851851851 ], "status": null, "note": null }, { "text": "7", "box": [ 0.6580633163452149, 0.7324141325774016, 0.6623094558715821, 0.7523354989510995 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.7330632962962963, 0.8676310749999999, 0.7540021851851851 ], "status": null, "note": null }, { "text": "7", "box": [ 0.9426162719726563, 0.7324141325774016, 0.9468624114990234, 0.7523354989510995 ], "status": null, "note": null } ], [ { "text": "Additional paid-in capital", "box": [ 0.05454812447230021, 0.7506364045319733, 0.13958786328633627, 0.7705577709056713 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.7540021851851851, 0.57495341875, 0.7749410740740741 ], "status": null, "note": null }, { "text": "1,147,836", "box": [ 0.6286884307861328, 0.753353034125434, 0.6624338785807292, 0.773274400499132 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.7540021851851851, 0.8676310749999999, 0.7749410740740741 ], "status": null, "note": null }, { "text": "1,142,410", "box": [ 0.9132411321004231, 0.753353034125434, 0.9469865163167318, 0.773274400499132 ], "status": null, "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.05454812447230021, 0.7715752495659722, 0.18832958539326985, 0.7914966159396701 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.7749410740740741, 0.57495341875, 0.7958799629629629 ], "status": null, "note": null }, { "text": "(965)", "box": [ 0.6445668538411459, 0.7742850409613715, 0.6623544692993164, 0.7942064073350694 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.7749410740740741, 0.8676310749999999, 0.7958799629629629 ], "status": null, "note": null }, { "text": "(1,603)", "box": [ 0.9227411270141601, 0.7742919356734664, 0.9469029744466145, 0.7942133020471643 ], "status": null, "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.05454812447230021, 0.7925141511140046, 0.16968178749084473, 0.8124355174877026 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.7958799629629629, 0.57495341875, 0.8170942962962963 ], "status": null, "note": null }, { "text": "(733,570)", "box": [ 0.6299357732137044, 0.795223942509404, 0.6624725341796875, 0.8151453088831019 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.7958799629629629, 0.8676310749999999, 0.8170942962962963 ], "status": null, "note": null }, { "text": "(720,028)", "box": [ 0.9144912719726562, 0.7952308372214988, 0.9470280965169271, 0.8151522035951968 ], "status": null, "note": null } ], [ { "text": "Total Stockholders\u2019 Equity", "box": [ 0.05454812447230021, 0.8132595486111112, 0.14476447105407714, 0.8339253178349247 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.8170942962962963, 0.57495341875, 0.8377577407407407 ], "status": null, "note": null }, { "text": "413,318", "box": [ 0.6348133087158203, 0.8161697387695312, 0.6624341328938802, 0.8360911051432292 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.8170942962962963, 0.8676310749999999, 0.8377577407407407 ], "status": null, "note": null }, { "text": "420,796", "box": [ 0.9193662643432617, 0.8161697387695312, 0.9469870249430339, 0.8360911051432292 ], "status": null, "note": null } ], [ { "text": "Non-controlling interests", "box": [ 0.05454812447230021, 0.8343919542100694, 0.13920512199401855, 0.8543133205837674 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.8377577407407407, 0.57495341875, 0.858972074074074 ], "status": null, "note": null }, { "text": "136,913", "box": [ 0.6348133087158203, 0.83710858380353, 0.6624341328938802, 0.857029950177228 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.8377577407407407, 0.8676310749999999, 0.858972074074074 ], "status": null, "note": null }, { "text": "129,796", "box": [ 0.9193662643432617, 0.83710858380353, 0.9469870249430339, 0.857029950177228 ], "status": null, "note": null } ], [ { "text": "Total Equity", "box": [ 0.05454812447230021, 0.8551372951931424, 0.09601526260375977, 0.875803064416956 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.858972074074074, 0.57495341875, 0.879910962962963 ], "status": null, "note": null }, { "text": "550,231", "box": [ 0.6348133087158203, 0.8580474853515625, 0.6624341328938802, 0.8779688517252604 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.858972074074074, 0.8676310749999999, 0.879910962962963 ], "status": null, "note": null }, { "text": "550,592", "box": [ 0.9193662643432617, 0.8580474853515625, 0.9469870249430339, 0.8779688517252604 ], "status": null, "note": null } ], [ { "text": "Total Liabilities and Equity", "box": [ 0.05454812447230021, 0.8760761967411748, 0.1456555684407552, 0.8967419659649885 ], "status": null, "note": null }, { "text": "", "box": [ 0.3643779, 0.879910962962963, 0.57495341875, 0.8989077407407406 ], "status": null, "note": null }, { "text": "$ 2,406,678", "box": [ 0.6063134511311848, 0.878986386899595, 0.662440299987793, 0.8989077532732929 ], "status": null, "note": null }, { "text": "", "box": [ 0.72399743125, 0.879910962962963, 0.8676310749999999, 0.8989077407407406 ], "status": null, "note": null }, { "text": "$ 2,162,364", "box": [ 0.8908662796020508, 0.878986386899595, 0.946993064880371, 0.8989077532732929 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "(in thousands, except share and per share data)", "box": [ 0.05454812447230021, 0.12635212651005498, 0.21865785916646321, 0.14701790986237703 ], "status": "reconciled", "note": null }, { "text": "Jun. 30, 2026", "box": [ 0.510097885131836, 0.12544388947663485, 0.5550933837890625, 0.1461096728289569 ], "status": "reconciled", "note": null }, { "text": "December 31, 2025", "box": [ 0.7837761561075847, 0.12544388947663485, 0.8503959655761719, 0.1461096728289569 ], "status": "reconciled", "note": null } ], [ { "text": "Assets", "box": [ 0.05454819997151693, 0.14456123069480614, 0.07688600222269694, 0.1652270140471282 ], "status": "reconciled", "note": null }, { "text": "(unaudited)", "box": [ 0.5127193133036295, 0.1461096587004485, 0.5523656209309896, 0.16603099681712963 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Cash and cash equivalents", "box": [ 0.05454819997151693, 0.16433368259006076, 0.14317496617635092, 0.1842550207067419 ], "status": "reconciled", "note": null }, { "text": "$ 41,098", "box": [ 0.5948134104410807, 0.16706381903754342, 0.6624476114908854, 0.18698515715422453 ], "status": "reconciled", "note": null }, { "text": "$ 83,768", "box": [ 0.8848662694295247, 0.16706381903754342, 0.9469979604085287, 0.18698515715422453 ], "status": "reconciled", "note": null } ], [ { "text": "Restricted cash", "box": [ 0.05454812447230021, 0.1852860344780816, 0.10595722198486328, 0.20520737259476274 ], "status": "reconciled", "note": null }, { "text": "849", "box": [ 0.6495634078979492, 0.18800272058557582, 0.6623093287150065, 0.20792405870225694 ], "status": "reconciled", "note": null }, { "text": "2,190", "box": [ 0.9277411142985026, 0.18800272058557582, 0.9468621571858724, 0.20792405870225694 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest receivable", "box": [ 0.05454812447230021, 0.206224936026114, 0.14685738881429036, 0.22614627414279515 ], "status": "reconciled", "note": null }, { "text": "33,636", "box": [ 0.6389384587605794, 0.20894162213360823, 0.66230894724528, 0.22886296025028935 ], "status": "reconciled", "note": null }, { "text": "27,259", "box": [ 0.9234911600748698, 0.20894162213360823, 0.9468617121378581, 0.22886296025028935 ], "status": "reconciled", "note": null } ], [ { "text": "CRE loans", "box": [ 0.05454812447230021, 0.2271638375741464, 0.08732117017110189, 0.24708517569082755 ], "status": "reconciled", "note": null }, { "text": "2,128,879", "box": [ 0.6286884307861328, 0.22988046716760707, 0.6624338785807292, 0.2498018052842882 ], "status": "reconciled", "note": null }, { "text": "1,830,367", "box": [ 0.9132411321004231, 0.22988046716760707, 0.9469865163167318, 0.2498018052842882 ], "status": "reconciled", "note": null } ], [ { "text": "Less: allowance for credit losses", "box": [ 0.06954812208811442, 0.24810268260814525, 0.1774557908376058, 0.2680240207248264 ], "status": "reconciled", "note": null }, { "text": "(21,114)", "box": [ 0.6340648015340169, 0.2508193687156395, 0.6623521169026693, 0.2707407068323206 ], "status": "reconciled", "note": null }, { "text": "(20,398)", "box": [ 0.9186161677042644, 0.2508193687156395, 0.9469034830729167, 0.2707407068323206 ], "status": "reconciled", "note": null } ], [ { "text": "CRE loans, net", "box": [ 0.077048126856486, 0.2690415841561777, 0.12522363662719727, 0.2889629222728588 ], "status": "reconciled", "note": null }, { "text": "2,107,765", "box": [ 0.6285633087158203, 0.2717582702636719, 0.6623088836669921, 0.291679608380353 ], "status": "reconciled", "note": null }, { "text": "1,809,969", "box": [ 0.9131162643432618, 0.2717582702636719, 0.9468617757161458, 0.291679608380353 ], "status": "reconciled", "note": null } ], [ { "text": "Loan receivable \u2013 due from Manager", "box": [ 0.05454812447230021, 0.2899804857042101, 0.17934904098510743, 0.3099018238208912 ], "status": "reconciled", "note": null }, { "text": "10,250", "box": [ 0.6390644709269205, 0.2926902770996094, 0.6624349594116211, 0.3126116152162905 ], "status": "reconciled", "note": null }, { "text": "10,375", "box": [ 0.9236162185668946, 0.2926971718117043, 0.946986707051595, 0.3126185099283854 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in unconsolidated entities", "box": [ 0.05454812447230021, 0.3109193872522425, 0.18579360644022624, 0.3308407253689236 ], "status": "reconciled", "note": null }, { "text": "30,253", "box": [ 0.6389384587605794, 0.31363601684570314, 0.66230894724528, 0.33355735496238426 ], "status": "reconciled", "note": null }, { "text": "29,237", "box": [ 0.9234911600748698, 0.31363601684570314, 0.9468617121378581, 0.33355735496238426 ], "status": "reconciled", "note": null } ], [ { "text": "Properties held for sale", "box": [ 0.05454812447230021, 0.3318582888002749, 0.13335269292195637, 0.351779626916956 ], "status": "reconciled", "note": null }, { "text": "90,899", "box": [ 0.6389384587605794, 0.33457491839373554, 0.66230894724528, 0.35449625651041666 ], "status": "reconciled", "note": null }, { "text": "90,825", "box": [ 0.9234911600748698, 0.33457491839373554, 0.9468617121378581, 0.35449625651041666 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in real estate", "box": [ 0.05454812447230021, 0.35279713383427375, 0.1420844554901123, 0.37271847195095487 ], "status": "reconciled", "note": null }, { "text": "58,975", "box": [ 0.6389384587605794, 0.35551381994176795, 0.66230894724528, 0.37543515805844907 ], 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"6,221", "box": [ 0.9277411142985026, 0.39739162303783276, 0.9468621571858724, 0.4173129611545139 ], "status": "reconciled", "note": null } ], [ { "text": "Other assets", "box": [ 0.05454812447230021, 0.41561383847837097, 0.09670453071594239, 0.4355351765950521 ], "status": "reconciled", "note": null }, { "text": "7,877", "box": [ 0.6431884129842123, 0.41833069412796586, 0.6623093922932942, 0.438252032244647 ], "status": "reconciled", "note": null }, { "text": "6,560", "box": [ 0.9277411142985026, 0.41833069412796586, 0.9468621571858724, 0.438252032244647 ], "status": "reconciled", "note": null } ], [ { "text": "Total Assets", "box": [ 0.05454812447230021, 0.4363591229474103, 0.0963871161142985, 0.45702489217122394 ], "status": "reconciled", "note": null }, { "text": "$ 2,406,678", "box": [ 0.6015634536743164, 0.4392695391619647, 0.6624345143636068, 0.4591908772786458 ], "status": "reconciled", "note": null }, { "text": "$ 2,162,364", "box": [ 0.8908662796020508, 0.4392695391619647, 0.946993064880371, 0.4591908772786458 ], "status": "reconciled", "note": null } ], [ { "text": "Liabilities", "box": [ 0.05454812447230021, 0.4572981940375434, 0.08714866638183594, 0.4779639915183738 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Accounts payable and other liabilities", "box": [ 0.05454812447230021, 0.4784254851164641, 0.18108771642049154, 0.49834685149016206 ], "status": "reconciled", "note": null }, { "text": "$ 12,694", "box": [ 0.6020634333292644, 0.48114731400101274, 0.6623182932535807, 0.5010686803747106 ], "status": "reconciled", "note": null }, { "text": "$ 7,482", "box": [ 0.8908662796020508, 0.48114731400101274, 0.9468708674112956, 0.5010686803747106 ], "status": "reconciled", "note": null } ], [ { "text": "Management fee payable - related party", "box": [ 0.05454812447230021, 0.49936952944155094, 0.19184287389119467, 0.5192908958152488 ], "status": "reconciled", "note": null }, { "text": "521", "box": [ 0.6495634078979492, 0.5020862155490451, 0.6623093287150065, 0.5220075819227431 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.9392412185668946, 0.5020862155490451, 0.9468205769856771, 0.5220075819227431 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest payable", "box": [ 0.05454812447230021, 0.5203084309895833, 0.13872944513956706, 0.5402297973632812 ], "status": "reconciled", "note": null }, { "text": "6,911", "box": [ 0.6431884129842123, 0.5230251170970776, 0.6623093922932942, 0.5429464834707755 ], "status": "reconciled", "note": null }, { "text": "6,814", "box": [ 0.9277411142985026, 0.5230251170970776, 0.9468621571858724, 0.5429464834707755 ], "status": "reconciled", "note": null } ], [ { "text": "Borrowings", "box": [ 0.05454812447230021, 0.5412472760235821, 0.09306724866231282, 0.56116864239728 ], "status": "reconciled", "note": null }, { "text": "1,783,346", "box": [ 0.6286884307861328, 0.5439639621310763, 0.6624338785807292, 0.5638853285047744 ], "status": "reconciled", "note": null }, { "text": "1,544,938", "box": [ 0.9132411321004231, 0.5439639621310763, 0.9469865163167318, 0.5638853285047744 ], "status": "reconciled", "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.05454812447230021, 0.5621861775716146, 0.10531570116678873, 0.5821075439453125 ], "status": "reconciled", "note": null }, { "text": "46,253", "box": [ 0.6389384587605794, 0.5649028636791088, 0.66230894724528, 0.5848242300528067 ], "status": "reconciled", "note": null }, { "text": "45,942", "box": [ 0.9234911600748698, 0.5649028636791088, 0.9468617121378581, 0.5848242300528067 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions payable", "box": [ 0.05454812447230021, 0.583125079119647, 0.12632855574289958, 0.603046445493345 ], "status": "reconciled", "note": null }, { "text": "3,422", "box": [ 0.6431884129842123, 0.5858417652271412, 0.6623093922932942, 0.6057631316008392 ], "status": "reconciled", "note": null }, { "text": "3,457", "box": [ 0.9277411142985026, 0.5858417652271412, 0.9468621571858724, 0.6057631316008392 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.05454812447230021, 0.6040639806676794, 0.12058751583099366, 0.6239853470413773 ], "status": "reconciled", "note": null }, { "text": "67", "box": [ 0.6538134256998698, 0.60678061026114, 0.6623099009195964, 0.626701976634838 ], "status": "reconciled", "note": null }, { "text": "8", "box": [ 0.9426162719726563, 0.60678061026114, 0.9468624114990234, 0.626701976634838 ], "status": "reconciled", "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.05454812447230021, 0.6250028822157118, 0.13008979161580403, 0.6449242485894098 ], "status": "reconciled", "note": null }, { "text": "3,233", "box": [ 0.6431884129842123, 0.6277195118091724, 0.6623093922932942, 0.6476408781828704 ], 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"box": [ 0.05454812447230021, 0.687814387568721, 0.19543579419453938, 0.7077357539424189 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.6580633163452149, 0.6905362164532697, 0.6623094558715821, 0.7104575828269676 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.9426162719726563, 0.6905362164532697, 0.9468624114990234, 0.7104575828269676 ], "status": "reconciled", "note": null } ], [ { "text": "Series D Preferred stock, par value $0.001", "box": [ 0.05454812447230021, 0.7087586014359085, 0.19606056213378906, 0.7286799678096065 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.6580633163452149, 0.7114752310293692, 0.6623094558715821, 0.7313965974030672 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.9426162719726563, 0.7114752310293692, 0.9468624114990234, 0.7313965974030672 ], "status": "reconciled", "note": null } ], [ { "text": "Common stock, par value $0.001", "box": [ 0.05454812447230021, 0.729697502983941, 0.16566513379414877, 0.7496188693576389 ], "status": "reconciled", "note": null }, { "text": "7", "box": [ 0.6580633163452149, 0.7324141325774016, 0.6623094558715821, 0.7523354989510995 ], "status": "reconciled", "note": null }, { "text": "7", "box": [ 0.9426162719726563, 0.7324141325774016, 0.9468624114990234, 0.7523354989510995 ], "status": "reconciled", "note": null } ], [ { "text": "Additional paid-in capital", "box": [ 0.05454812447230021, 0.7506364045319733, 0.13958786328633627, 0.7705577709056713 ], "status": "reconciled", "note": null }, { "text": "1,147,836", "box": [ 0.6286884307861328, 0.753353034125434, 0.6624338785807292, 0.773274400499132 ], "status": "reconciled", "note": null }, { "text": "1,142,410", "box": [ 0.9132411321004231, 0.753353034125434, 0.9469865163167318, 0.773274400499132 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.05454812447230021, 0.7715752495659722, 0.18832958539326985, 0.7914966159396701 ], "status": "reconciled", "note": null }, { "text": "(965)", "box": [ 0.6445668538411459, 0.7742850409613715, 0.6623544692993164, 0.7942064073350694 ], "status": "reconciled", "note": null }, { "text": "(1,603)", "box": [ 0.9227411270141601, 0.7742919356734664, 0.9469029744466145, 0.7942133020471643 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.05454812447230021, 0.7925141511140046, 0.16968178749084473, 0.8124355174877026 ], "status": "reconciled", "note": null }, { "text": "(733,570)", "box": [ 0.6299357732137044, 0.795223942509404, 0.6624725341796875, 0.8151453088831019 ], "status": "reconciled", "note": null }, { "text": "(720,028)", "box": [ 0.9144912719726562, 0.7952308372214988, 0.9470280965169271, 0.8151522035951968 ], "status": "reconciled", "note": null } ], [ { "text": "Total Stockholders' Equity", "box": null, "status": "defect", "note": "The image clearly shows the printed text 'Total 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0.878986386899595, 0.662440299987793, 0.8989077532732929 ] ], "box": [ 0.6063134511311848, 0.878986386899595, 0.662440299987793, 0.8989077532732929 ], "grounded_by": "cell_address" }, { "result": "$ 2,162,364", "row": 34, "col": 2, "sources": [ "$ 2,162,364" ], "source_cells": [ "E38" ], "source_boxes": [ [ 0.8908662796020508, 0.878986386899595, 0.946993064880371, 0.8989077532732929 ] ], "box": [ 0.8908662796020508, 0.878986386899595, 0.946993064880371, 0.8989077532732929 ], "grounded_by": "cell_address" } ], "dropped_text": [], "flavor": "stream", "kind": "text_table", "source": "/home/mande/repo/quber/data/playground/uploads/4833a7add23f5e06.pdf", "camelot_accuracy": 99.8, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "table_id": "4833a7add23f5e06-p15-t1", "content_fingerprint": "99f20abb", "title": "CONSOLIDATED STATEMENTS OF OPERATIONS", "subtitle": "", "markdown": "| | For the Three Months Ended Jun. 30, 2026 | For the Three Months Ended Jun. 30, 2025 | For the Six Months Ended Jun. 30, 2026 | For the Six Months Ended Jun. 30, 2025 |\n| --- | --- | --- | --- | --- |\n| Revenues | | | | |\n| Interest income | $ 38,400 | $ 28,831 | $ 72,760 | $ 57,557 |\n| Interest expense | 27,881 | 20,264 | 52,995 | 43,387 |\n| Net interest income | 10,519 | 8,567 | 19,765 | 14,170 |\n| Real estate income | 10,430 | 13,273 | 18,977 | 24,639 |\n| Other revenue | 31 | 33 | 62 | 66 |\n| Total revenues | 20,980 | 21,873 | 38,804 | 38,875 |\n| Operating Expenses | | | | |\n| General and administrative | 2,722 | 2,736 | 5,758 | 5,895 |\n| Real estate expenses | 10,523 | 13,349 | 20,233 | 26,691 |\n| Management fees - related party | 1,564 | 1,601 | 3,125 | 3,232 |\n| Equity compensation - related party | 4,893 | 585 | 5,433 | 1400 |\n| Corporate depreciation and amortization | 18 | 20 | 37 | 38 |\n| Merger and internalization costs | 5,111 | \u2014 | 5,111 | \u2014 |\n| Provision for (reversal of) credit losses, net | 1,683 | (780) | 716 | (2,497) |\n| Total operating expenses | 26,514 | 17,511 | 40,413 | 34,759 |\n| Other Income (Expense) | | | | |\n| Equity in (losses) earnings of unconsolidated subsidiaries | 430 | (669) | 675 | (1,161) |\n| Gain on sale of investment in real estate | \u2014 | \u2014 | 3,336 | \u2014 |\n| Other income | 82 | 638 | 105 | 722 |\n| Total other income | 512 | (31) | 4,116 | (439) |\n| Income before Taxes | (5,022) | 4,331 | 2,507 | 3,677 |\n| Income tax expense | \u2014 | (7) | (1) | (83) |\n| Net Income (Loss) | (5,022) | 4,324 | 2,506 | 3,594 |\n| Net income allocated to preferred shares | (5,096) | (5,282) | (10,210) | (10,595) |\n| Net loss allocable to non-controlling interest, net of taxes | (2,401) | 226 | (5,838) | 410 |\n| Net Income (Loss) Allocable to Common Shares | $ (12,519) | $ (732) | $ (13,542) | $ (6,591) |\n| Net Income (Loss) per Common Share - Basic | $ (1.87) | $ (0.10) | $ (2.04) | $ (0.90) |\n| Net Income (Loss) per Common Share - Diluted | $ (1.87) | $ (0.10) | $ 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0.04893927176793416, 0.1987418563277633, 0.08655552864074707, 0.22187518367060907 ], "status": null, "note": null }, { "text": "", "box": [ 0.4195201041666667, 0.20275027777777785, 0.6124973958333333, 0.22417740740740735 ], "status": null, "note": null }, { "text": "", "box": [ 0.6124973958333333, 0.20275027777777785, 0.70840953125, 0.22417740740740735 ], "status": null, "note": null }, { "text": "", "box": [ 0.70840953125, 0.20275027777777785, 0.8032558854166666, 0.22417740740740735 ], "status": null, "note": null }, { "text": "", "box": [ 0.8032558854166666, 0.20275027777777785, 0.8871433333333332, 0.22417740740740735 ], "status": null, "note": null } ], [ { "text": "Interest income", "box": [ 0.04893927176793416, 0.22084628917552807, 0.10898612340291342, 0.24314628883644387 ], "status": null, "note": null }, { "text": "$ 38,400", "box": [ 0.5280473073323567, 0.22115649470576534, 0.6004788716634114, 0.24345649436668113 ], "status": null, "note": null }, { "text": "$ 28,831", "box": [ 0.6228965759277344, 0.22115649470576534, 0.6953281402587891, 0.24345649436668113 ], "status": null, "note": null }, { "text": "$ 72,760", "box": [ 0.7218708038330078, 0.22115649470576534, 0.7901746114095052, 0.24345649436668113 ], "status": null, "note": null }, { "text": "$ 57,557", "box": [ 0.8167201995849609, 0.22115649470576534, 0.8850240071614583, 0.24345649436668113 ], "status": null, "note": null } ], [ { "text": "Interest expense", "box": [ 0.04893927176793416, 0.2427339059335214, 0.11211457252502441, 0.2650338914659288 ], "status": null, "note": null }, { "text": "27,881", "box": [ 0.5742972056070964, 0.24251169275354456, 0.6004383722941081, 0.264811678285952 ], "status": null, "note": null }, { "text": "20,264", "box": [ 0.6691465377807617, 0.24251169275354456, 0.6952877044677734, 0.264811678285952 ], "status": null, "note": null }, { "text": "52,995", "box": [ 0.7639958063761393, 0.24251169275354456, 0.790136973063151, 0.264811678285952 ], "status": null, "note": null }, { "text": "43,387", "box": [ 0.8588452021280925, 0.24251169275354456, 0.8849863688151042, 0.264811678285952 ], "status": null, "note": null } ], [ { "text": "Net interest income", "box": [ 0.04893927176793416, 0.2640890898527922, 0.12473893165588379, 0.28638907538519964 ], "status": null, "note": null }, { "text": "10,519", "box": [ 0.5742972056070964, 0.2643994649251302, 0.6004383722941081, 0.28669945045753764 ], "status": null, "note": null }, { "text": "8,567", "box": [ 0.6738965352376302, 0.2643994649251302, 0.6952836990356446, 0.28669945045753764 ], "status": null, "note": null }, { "text": "19,765", "box": [ 0.7639958063761393, 0.2643994649251302, 0.790136973063151, 0.28669945045753764 ], "status": null, "note": null }, { "text": "14,170", "box": [ 0.8588452021280925, 0.2643994649251302, 0.8849863688151042, 0.28669945045753764 ], "status": null, "note": null } ], [ { "text": "Real estate income", "box": [ 0.04893927176793416, 0.2859768620243779, 0.1213676929473877, 0.3082768475567853 ], "status": null, "note": null }, { "text": "10,430", "box": [ 0.5742972056070964, 0.28628706755461514, 0.6004383722941081, 0.30858705308702256 ], "status": null, "note": null }, { "text": "13,273", "box": [ 0.6691465377807617, 0.28628706755461514, 0.6952877044677734, 0.30858705308702256 ], "status": null, "note": null }, { "text": "18,977", "box": [ 0.7639958063761393, 0.28628706755461514, 0.790136973063151, 0.30858705308702256 ], "status": null, "note": null }, { "text": "24,639", "box": [ 0.8588452021280925, 0.28628706755461514, 0.8849863688151042, 0.30858705308702256 ], "status": null, "note": null } ], [ { "text": "Other revenue", "box": [ 0.04893927176793416, 0.30786463419596355, 0.10447491804758707, 0.33016461972837097 ], "status": null, "note": null }, { "text": "31", "box": [ 0.5909221649169922, 0.3081748397262008, 0.6004283905029297, 0.3304748252586082 ], "status": null, "note": null }, { "text": "33", "box": [ 0.6857715606689453, 0.3081748397262008, 0.6952777862548828, 0.3304748252586082 ], "status": null, "note": null }, { "text": "62", "box": [ 0.7806209564208985, 0.3081748397262008, 0.790127182006836, 0.3304748252586082 ], "status": null, "note": null }, { "text": "66", "box": [ 0.875470225016276, 0.3081748397262008, 0.8849764506022135, 0.3304748252586082 ], "status": null, "note": null } ], [ { "text": "Total revenues", "box": [ 0.04893927176793416, 0.3297522368254485, 0.10510207017262777, 0.3520522223578559 ], "status": null, "note": null }, { "text": "20,980", "box": [ 0.5742972056070964, 0.33006261189778646, 0.6004383722941081, 0.3523625974301939 ], "status": null, "note": null }, { "text": "21,873", "box": [ 0.6691465377807617, 0.33006261189778646, 0.6952877044677734, 0.3523625974301939 ], "status": null, "note": null }, { "text": "38,804", "box": [ 0.7639958063761393, 0.33006261189778646, 0.790136973063151, 0.3523625974301939 ], "status": null, "note": null }, { "text": "38,875", "box": [ 0.8588452021280925, 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"text": "20,233", "box": [ 0.7639958063761393, 0.3957257588704427, 0.790136973063151, 0.4180257444028501 ], "status": null, "note": null }, { "text": "26,691", "box": [ 0.8588452021280925, 0.3957257588704427, 0.8849863688151042, 0.4180257444028501 ], "status": null, "note": null } ], [ { "text": "Management fees - related party", "box": [ 0.04893927176793416, 0.4173031559696904, 0.1746855099995931, 0.4396031415020978 ], "status": null, "note": null }, { "text": "1,564", "box": [ 0.5790472030639648, 0.41761353104202836, 0.6004343668619792, 0.4399135165744358 ], "status": null, "note": null }, { "text": "1,601", "box": [ 0.6738965352376302, 0.41761353104202836, 0.6952836990356446, 0.4399135165744358 ], "status": null, "note": null }, { "text": "3,125", "box": [ 0.7687458038330078, 0.41761353104202836, 0.7901329676310221, 0.4399135165744358 ], "status": null, "note": null }, { "text": "3,232", "box": [ 0.8635951995849609, 0.41761353104202836, 0.8849823633829753, 0.4399135165744358 ], 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0.5909221649169922, 0.46138890584309894, 0.6004283905029297, 0.48368891963252314 ], "status": null, "note": null }, { "text": "20", "box": [ 0.6857715606689453, 0.46138890584309894, 0.6952777862548828, 0.48368891963252314 ], "status": null, "note": null }, { "text": "37", "box": [ 0.7806209564208985, 0.46138890584309894, 0.790127182006836, 0.48368891963252314 ], "status": null, "note": null }, { "text": "38", "box": [ 0.875470225016276, 0.46138890584309894, 0.8849764506022135, 0.48368891963252314 ], "status": null, "note": null } ], [ { "text": "Merger and internalization costs", "box": [ 0.04893927176793416, 0.4830103556315104, 0.17260867754618328, 0.5053103976779514 ], "status": null, "note": null }, { "text": "5,111", "box": [ 0.5790472030639648, 0.4832766497576678, 0.6004343668619792, 0.5055766918041088 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.6867753346761067, 0.4832766497576678, 0.6952597300211588, 0.5055766918041088 ], "status": null, "note": null }, { 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"status": null, "note": null }, { "text": "(31)", "box": [ 0.6800215403238933, 0.636490715874566, 0.6952437082926433, 0.6587907579210069 ], "status": null, "note": null }, { "text": "4,116", "box": [ 0.7687458038330078, 0.636490715874566, 0.7901329676310221, 0.6587907579210069 ], "status": null, "note": null }, { "text": "(439)", "box": [ 0.8649702072143555, 0.636490715874566, 0.8849454879760742, 0.6587907579210069 ], "status": null, "note": null } ], [ { "text": "Income before Taxes", "box": [ 0.04893927176793416, 0.6578514946831597, 0.12993272145589194, 0.6809848361545139 ], "status": null, "note": null }, { "text": "(5,022)", "box": [ 0.5732973098754883, 0.6583783185040509, 0.6004013061523438, 0.6806783605504919 ], "status": null, "note": null }, { "text": "4,331", "box": [ 0.6738965352376302, 0.6583783185040509, 0.6952836990356446, 0.6806783605504919 ], "status": null, "note": null }, { "text": "2,507", "box": [ 0.7687458038330078, 0.6583783185040509, 0.7901329676310221, 0.6806783605504919 ], "status": null, "note": null }, { "text": "3,677", "box": [ 0.8635951995849609, 0.6583783185040509, 0.8849823633829753, 0.6806783605504919 ], "status": null, "note": null } ], [ { "text": "Income tax expense", "box": [ 0.04893927176793416, 0.6799557156032986, 0.12435739835103353, 0.7022557576497396 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.5919223149617513, 0.6802660906756366, 0.6004067103068034, 0.7025661327220776 ], "status": null, "note": null }, { "text": "(7)", "box": [ 0.6847723007202149, 0.6802660906756366, 0.6952413558959961, 0.7025661327220776 ], "status": null, "note": null }, { "text": "(1)", "box": [ 0.7796191533406576, 0.6802660906756366, 0.7900882085164388, 0.7025661327220776 ], "status": null, "note": null }, { "text": "(83)", "box": [ 0.8697223027547201, 0.6802660906756366, 0.88494447072347, 0.7025661327220776 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss)", "box": [ 0.04893927176793416, 0.7016268129701968, 0.11835458278656005, 0.724760154441551 ], "status": null, "note": null }, { "text": "(5,022)", "box": [ 0.5732973098754883, 0.7021538628472223, 0.6004013061523438, 0.7244539048936632 ], "status": null, "note": null }, { "text": "4,324", "box": [ 0.6738965352376302, 0.7021538628472223, 0.6952836990356446, 0.7244539048936632 ], "status": null, "note": null }, { "text": "2,506", "box": [ 0.7687458038330078, 0.7021538628472223, 0.7901329676310221, 0.7244539048936632 ], "status": null, "note": null }, { "text": "3,594", "box": [ 0.8635951995849609, 0.7021538628472223, 0.8849823633829753, 0.7244539048936632 ], "status": null, "note": null } ], [ { "text": "Net income allocated to preferred shares", "box": [ 0.04893927176793416, 0.7237312599464699, 0.20548950831095378, 0.7460313019929109 ], "status": null, "note": null }, { "text": "(5,096)", "box": [ 0.5732973098754883, 0.7240416350188079, 0.6004013061523438, 0.7463416770652488 ], "status": null, "note": null }, { "text": "(5,282)", "box": [ 0.668144162495931, 0.7240416350188079, 0.6952481587727865, 0.7463416770652488 ], "status": null, "note": null }, { "text": "(10,210)", "box": [ 0.7582473119099935, 0.7240416350188079, 0.790103530883789, 0.7463416770652488 ], "status": null, "note": null }, { "text": "(10,595)", "box": [ 0.8530941645304362, 0.7240416350188079, 0.8849503835042317, 0.7463416770652488 ], "status": null, "note": null } ], [ { "text": "Net loss allocable to non-controlling interest, net of taxes", "box": [ 0.04893927176793416, 0.7456190321180556, 0.2673683484395345, 0.7679190741644966 ], "status": null, "note": null }, { "text": "(2,401)", "box": [ 0.5732973098754883, 0.7459292376482928, 0.6004013061523438, 0.7682292796947338 ], "status": null, "note": null }, { "text": "226", "box": [ 0.6810214360555013, 0.7459292376482928, 0.6952807744344075, 0.7682292796947338 ], "status": null, "note": null }, { "text": "(5,838)", "box": [ 0.7629959106445312, 0.7459292376482928, 0.7900999069213868, 0.7682292796947338 ], "status": null, "note": null }, { "text": "410", "box": [ 0.8707202275594076, 0.7459292376482928, 0.8849795659383138, 0.7682292796947338 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss) Allocable to Common Shares", "box": [ 0.04893927176793416, 0.767289959942853, 0.23268648783365886, 0.7904233014142071 ], "status": null, "note": null }, { "text": "$ \n(12,519)", "box": [ 0.5301721890767416, 0.7678170098198784, 0.6004035313924153, 0.7901170518663194 ], "status": null, "note": null }, { "text": "$ \n(732)", "box": [ 0.6232715606689453, 0.7678170098198784, 0.6952468236287435, 0.7901170518663194 ], "status": null, "note": null }, { "text": "$ \n(13,542)", "box": [ 0.719745953877767, 0.7678170098198784, 0.7901053110758464, 0.7901170518663194 ], "status": null, "note": null }, { "text": "$ \n(6,591)", "box": [ 0.8148459752400716, 0.7678170098198784, 0.8849531173706054, 0.7901170518663194 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss) per Common Share - Basic", "box": [ 0.04893927176793416, 0.7891777886284722, 0.2223576068878174, 0.8123111300998264 ], "status": null, "note": null }, { "text": "$ (1.87)", "box": [ 0.5296723047892252, 0.7894384878653067, 0.600440788269043, 0.8117385299117477 ], "status": null, "note": null }, { "text": "$ (0.10)", "box": [ 0.6223965326944987, 0.7894384878653067, 0.6952939987182617, 0.8117385299117477 ], "status": null, "note": null }, { "text": "$ (2.04)", "box": [ 0.719370969136556, 0.7894384878653067, 0.7901394526163737, 0.8117385299117477 ], "status": null, "note": null }, { "text": "$ (0.90)", "box": [ 0.8142178217569987, 0.7894384878653067, 0.8849872589111328, 0.8117385299117477 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss) per Common Share - Diluted", "box": [ 0.04893927176793416, 0.8110655608000579, 0.23097327550252278, 0.834198902271412 ], "status": null, "note": null }, { "text": "$ (1.87)", "box": [ 0.5296723047892252, 0.8113262600368923, 0.600440788269043, 0.8336263020833333 ], "status": null, "note": null }, { "text": "$ (0.10)", "box": [ 0.6223965326944987, 0.8113262600368923, 0.6952939987182617, 0.8336263020833333 ], "status": null, "note": null }, { "text": "$ (2.04)", "box": [ 0.719370969136556, 0.8113262600368923, 0.7901394526163737, 0.8336263020833333 ], "status": null, "note": null }, { "text": "$ (0.90)", "box": [ 0.8142178217569987, 0.8113262600368923, 0.8849872589111328, 0.8336263020833333 ], "status": null, "note": null } ], [ { "text": "Weighted Average Number of Common Shares Outstanding - Basic", "box": [ 0.04893927176793416, 0.833170007776331, 0.3027897834777832, 0.855470049822772 ], "status": null, "note": null }, { "text": "6,693,915", "box": [ 0.5625471750895182, 0.8334801567925347, 0.6004399617513021, 0.8557801988389757 ], "status": null, "note": null }, { "text": "7,250,624", "box": [ 0.6573940277099609, 0.8334801567925347, 0.6952868143717448, 0.8557801988389757 ], "status": null, "note": null }, { "text": "6,626,763", "box": [ 0.7522408803304036, 0.8334801567925347, 0.7901336669921875, 0.8557801988389757 ], "status": null, "note": null }, { "text": "7,306,123", "box": [ 0.8470877329508464, 0.8334801567925347, 0.8849805196126302, 0.8557801988389757 ], "status": null, "note": null } ], [ { "text": "Weighted Average Number of Common Shares Outstanding - Diluted", "box": [ 0.04893927176793416, 0.8550575538917824, 0.31099284489949547, 0.8773575959382234 ], "status": null, "note": null }, { "text": "6,693,915", "box": [ 0.5625471750895182, 0.8553679289641204, 0.6004399617513021, 0.8776679710105614 ], "status": null, "note": null }, { "text": "7,250,624", "box": [ 0.6573940277099609, 0.8553679289641204, 0.6952868143717448, 0.8776679710105614 ], "status": null, "note": null }, { "text": "6,626,763", "box": [ 0.7522408803304036, 0.8553679289641204, 0.7901336669921875, 0.8776679710105614 ], "status": null, "note": null }, { "text": "7,306,123", "box": [ 0.8470877329508464, 0.8553679289641204, 0.8849805196126302, 0.8776679710105614 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "", "box": null, "status": null, "note": null }, { "text": "For the Three Months Ended Jun. 30, 2026", "box": [ 0.5333101272583007, 0.15390870836046006, 0.6618677139282226, 0.2002920221399378 ], "status": "reconciled", "note": null }, { "text": "For the Three Months Ended Jun. 30, 2025", "box": [ 0.6124973958333333, 0.15390870836046006, 0.6789253234863282, 0.2002920221399378 ], "status": "reconciled", "note": null }, { "text": "For the Six Months Ended Jun. 30, 2026", "box": [ 0.7230038324991862, 0.15390870836046006, 0.7867137273152669, 0.2002920221399378 ], "status": "reconciled", "note": null }, { "text": "For the Six Months Ended Jun. 30, 2025", "box": [ 0.745785140991211, 0.15390870836046006, 0.8686190287272135, 0.2002920221399378 ], "status": "reconciled", "note": null } ], [ { "text": "Revenues", "box": [ 0.04893927176793416, 0.1987418563277633, 0.08655552864074707, 0.22187518367060907 ], "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": "Interest income", "box": [ 0.04893927176793416, 0.22084628917552807, 0.10898612340291342, 0.24314628883644387 ], "status": "reconciled", "note": null }, { "text": "$ 38,400", "box": [ 0.5280473073323567, 0.22115649470576534, 0.6004788716634114, 0.24345649436668113 ], "status": "reconciled", "note": null }, { "text": "$ 28,831", "box": [ 0.6228965759277344, 0.22115649470576534, 0.6953281402587891, 0.24345649436668113 ], "status": "reconciled", "note": null }, { "text": "$ 72,760", "box": [ 0.7218708038330078, 0.22115649470576534, 0.7901746114095052, 0.24345649436668113 ], "status": "reconciled", "note": null }, { "text": "$ 57,557", "box": [ 0.8167201995849609, 0.22115649470576534, 0.8850240071614583, 0.24345649436668113 ], "status": "reconciled", "note": null } ], [ { "text": "Interest expense", "box": [ 0.04893927176793416, 0.2427339059335214, 0.11211457252502441, 0.2650338914659288 ], "status": "reconciled", "note": null }, { "text": "27,881", "box": [ 0.5742972056070964, 0.24251169275354456, 0.6004383722941081, 0.264811678285952 ], "status": "reconciled", "note": null }, { "text": "20,264", "box": [ 0.6691465377807617, 0.24251169275354456, 0.6952877044677734, 0.264811678285952 ], "status": "reconciled", "note": null }, { "text": "52,995", "box": [ 0.7639958063761393, 0.24251169275354456, 0.790136973063151, 0.264811678285952 ], "status": "reconciled", "note": null }, { "text": "43,387", "box": [ 0.8588452021280925, 0.24251169275354456, 0.8849863688151042, 0.264811678285952 ], "status": "reconciled", "note": null } ], [ { "text": "Net interest income", "box": [ 0.04893927176793416, 0.2640890898527922, 0.12473893165588379, 0.28638907538519964 ], "status": "reconciled", "note": null }, { "text": "10,519", "box": [ 0.5742972056070964, 0.2643994649251302, 0.6004383722941081, 0.28669945045753764 ], "status": "reconciled", "note": null }, { "text": "8,567", "box": [ 0.6738965352376302, 0.2643994649251302, 0.6952836990356446, 0.28669945045753764 ], "status": "reconciled", "note": null }, { "text": "19,765", "box": [ 0.7639958063761393, 0.2643994649251302, 0.790136973063151, 0.28669945045753764 ], "status": "reconciled", "note": null }, { "text": "14,170", "box": [ 0.8588452021280925, 0.2643994649251302, 0.8849863688151042, 0.28669945045753764 ], "status": "reconciled", "note": null } ], [ { "text": "Real estate income", "box": [ 0.04893927176793416, 0.2859768620243779, 0.1213676929473877, 0.3082768475567853 ], "status": "reconciled", "note": null }, { "text": "10,430", "box": [ 0.5742972056070964, 0.28628706755461514, 0.6004383722941081, 0.30858705308702256 ], "status": "reconciled", "note": null }, { "text": "13,273", "box": [ 0.6691465377807617, 0.28628706755461514, 0.6952877044677734, 0.30858705308702256 ], "status": "reconciled", "note": null }, { "text": "18,977", "box": [ 0.7639958063761393, 0.28628706755461514, 0.790136973063151, 0.30858705308702256 ], "status": "reconciled", "note": null }, { "text": "24,639", "box": [ 0.8588452021280925, 0.28628706755461514, 0.8849863688151042, 0.30858705308702256 ], "status": "reconciled", "note": null } ], [ { "text": "Other revenue", "box": [ 0.04893927176793416, 0.30786463419596355, 0.10447491804758707, 0.33016461972837097 ], "status": "reconciled", "note": null }, { "text": "31", "box": [ 0.5909221649169922, 0.3081748397262008, 0.6004283905029297, 0.3304748252586082 ], "status": "reconciled", "note": null }, { "text": "33", "box": [ 0.6857715606689453, 0.3081748397262008, 0.6952777862548828, 0.3304748252586082 ], "status": "reconciled", "note": null }, { "text": "62", "box": [ 0.7806209564208985, 0.3081748397262008, 0.790127182006836, 0.3304748252586082 ], "status": "reconciled", "note": null }, { "text": "66", "box": [ 0.875470225016276, 0.3081748397262008, 0.8849764506022135, 0.3304748252586082 ], "status": "reconciled", "note": null } ], [ { "text": "Total revenues", "box": [ 0.04893927176793416, 0.3297522368254485, 0.10510207017262777, 0.3520522223578559 ], "status": "reconciled", "note": null }, { "text": "20,980", "box": [ 0.5742972056070964, 0.33006261189778646, 0.6004383722941081, 0.3523625974301939 ], "status": "reconciled", "note": null }, { "text": "21,873", "box": [ 0.6691465377807617, 0.33006261189778646, 0.6952877044677734, 0.3523625974301939 ], "status": "reconciled", "note": null }, { "text": "38,804", "box": [ 0.7639958063761393, 0.33006261189778646, 0.790136973063151, 0.3523625974301939 ], "status": "reconciled", "note": null }, { "text": "38,875", "box": [ 0.8588452021280925, 0.33006261189778646, 0.8849863688151042, 0.3523625974301939 ], "status": "reconciled", "note": null } ], 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"text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Equity in (losses) earnings of unconsolidated subsidiaries", "box": [ 0.04893927176793416, 0.5705171938295718, 0.2647199789683024, 0.5928172358760128 ], "status": "reconciled", "note": null }, { "text": "430", "box": [ 0.5861721674601237, 0.5708275689019098, 0.6004315058390299, 0.5931276109483506 ], "status": "reconciled", "note": null }, { "text": "(669)", "box": [ 0.6752715428670247, 0.5708275689019098, 0.6952468236287435, 0.5931276109483506 ], "status": "reconciled", "note": null }, { "text": "675", "box": [ 0.7758709589640299, 0.5708275689019098, 0.7901302973429362, 0.5931276109483506 ], "status": "reconciled", "note": null }, { "text": "(1,161)", "box": [ 0.8578451792399089, 0.5708275689019098, 0.8849491755167643, 0.5931276109483506 ], "status": "reconciled", "note": null } ], [ { "text": "Gain on sale of investment in real estate", "box": [ 0.04893927176793416, 0.5924049660011574, 0.20236957867940267, 0.6147050080475984 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.5919223149617513, 0.5927151715313946, 0.6004067103068034, 0.6150152135778356 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.6867715835571289, 0.5927151715313946, 0.6952559789021809, 0.6150152135778356 ], "status": "reconciled", "note": null }, { "text": "3,336", "box": [ 0.7687458038330078, 0.5927151715313946, 0.7901329676310221, 0.6150152135778356 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.8764701843261719, 0.5927151715313946, 0.8849545796712239, 0.6150152135778356 ], "status": "reconciled", "note": null } ], [ { "text": "Other income", "box": [ 0.04893927176793416, 0.6142927381727431, 0.10148053169250489, 0.636592780219184 ], "status": "reconciled", "note": null }, { "text": "82", "box": [ 0.5909221649169922, 0.6146029437029803, 0.6004283905029297, 0.6369029857494213 ], 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0.5004027750000001, 0.2808344814814815 ], "status": null, "note": null }, { "text": "Externally", "box": [ 0.5128880182902018, 0.24995947943793403, 0.573567263285319, 0.28604747630931715 ], "status": null, "note": null }, { "text": "", "box": [ 0.6021448500000003, 0.2652734814814815, 0.6926421000000005, 0.2808344814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.6926421000000005, 0.2652734814814815, 0.7831326000000006, 0.2808344814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.7831326000000006, 0.2652734814814815, 0.8524497000000011, 0.2808344814814815 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.14920499999999998, 0.2808344814814815, 0.5004027750000001, 0.2963954814814815 ], "status": null, "note": null }, { "text": "", "box": [ 0.5004027750000001, 0.2808344814814815, 0.6021448500000003, 0.2963954814814815 ], "status": null, "note": null }, { "text": "Case 1", "box": [ 0.6143855412801107, 0.265533447265625, 0.6530453364054362, 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], "status": null, "note": null } ], [ { "text": "Projected CRE loan portfolio size (excl. consolidated Fund)", "box": [ 0.1492050011952718, 0.32078303584346063, 0.46797126134236655, 0.35289504439742475 ], "status": null, "note": null }, { "text": "$2,250.0", "box": [ 0.5328344980875651, 0.32078303584346063, 0.5807864507039388, 0.35289504439742475 ], "status": null, "note": null }, { "text": "$2,700.0", "box": [ 0.623324966430664, 0.32078303584346063, 0.6712769190470378, 0.35289504439742475 ], "status": null, "note": null }, { "text": "$2,700.0", "box": [ 0.713815434773763, 0.32078303584346063, 0.7617673873901367, 0.35289504439742475 ], "status": null, "note": null }, { "text": "$2,700.0", "box": [ 0.804305903116862, 0.32078303584346063, 0.8522578557332356, 0.35289504439742475 ], "status": null, "note": null } ], [ { "text": "Target range of GAAP leverage", "box": [ 0.14921836853027343, 0.35887106436270255, 0.3158961613972982, 0.3909830729166667 ], "status": null, "note": null }, { "text": "3.5x", "box": [ 0.5578498840332031, 0.35887106436270255, 0.5808134078979492, 0.3909830729166667 ], "status": null, "note": null }, { "text": "3.5x", "box": [ 0.648340352376302, 0.35887106436270255, 0.6713038762410481, 0.3909830729166667 ], "status": null, "note": null }, { "text": "3.5x", "box": [ 0.7388308207194011, 0.35887106436270255, 0.7617943445841472, 0.3909830729166667 ], "status": null, "note": null }, { "text": "3.5x", "box": [ 0.8293212890625, 0.35887106436270255, 0.8522848129272461, 0.3909830729166667 ], "status": null, "note": null } ], [ { "text": "Illustrative return on net deployable capital", "box": [ 0.1492317835489909, 0.4086470427336516, 0.3872748057047526, 0.4407590512876157 ], "status": null, "note": null }, { "text": "12.5%", "box": [ 0.5472387949625651, 0.4086470427336516, 0.5808808008829752, 0.43989506474247686 ], "status": null, "note": null }, { "text": "13.5%", "box": [ 0.637729263305664, 0.4086470427336516, 0.6713712692260743, 0.43989506474247686 ], "status": null, "note": null }, { "text": "13.5%", "box": [ 0.728219731648763, 0.4086470427336516, 0.7618617375691732, 0.43989506474247686 ], "status": null, "note": null }, { "text": "13.5%", "box": [ 0.818710199991862, 0.4086470427336516, 0.8523522059122721, 0.43989506474247686 ], "status": null, "note": null } ], [ { "text": "CRE net interest income", "box": [ 0.14924519856770832, 0.4455350522641782, 0.2809619903564453, 0.47764706081814234 ], "status": null, "note": null }, { "text": "$71.7", "box": [ 0.5500062306722006, 0.4455350522641782, 0.5808402379353841, 0.47764706081814234 ], "status": null, "note": null }, { "text": "$83.8", "box": [ 0.6404966990152995, 0.4455350522641782, 0.6713307062784831, 0.47764706081814234 ], "status": null, "note": null }, { "text": "$83.8", "box": [ 0.7309871673583984, 0.4455350522641782, 0.761821174621582, 0.47764706081814234 ], "status": null, "note": null }, { "text": "$83.8", "box": [ 0.8214776357014973, 0.4455350522641782, 0.852311642964681, 0.47764706081814234 ], "status": null, "note": null } ], [ { "text": "AUM fee stream", "box": [ 0.14925867716471355, 0.48242306179470484, 0.23904310862223307, 0.514535070348669 ], "status": null, "note": null }, { "text": "N/A", "box": [ 0.5596452077229818, 0.48242306179470484, 0.580964469909668, 0.514535070348669 ], "status": null, "note": null }, { "text": "48.3", "box": [ 0.6473817189534505, 0.48242306179470484, 0.671344248453776, 0.514535070348669 ], "status": null, "note": null }, { "text": "60.0", "box": [ 0.7378721872965495, 0.48242306179470484, 0.761834716796875, 0.514535070348669 ], "status": null, "note": null }, { "text": "73.2", "box": [ 0.8283626556396484, 0.48242306179470484, 0.8523251851399739, 0.514535070348669 ], "status": null, "note": null } ], [ { "text": "Less: general & administrative", "box": [ 0.14927215576171876, 0.5193110713252315, 0.3143205006917318, 0.5514230798791956 ], "status": null, "note": null }, { "text": "(11.5)", "box": [ 0.548656145731608, 0.5193110713252315, 0.5808617273966471, 0.5514230798791956 ], "status": null, "note": null }, { "text": "(35.5)", "box": [ 0.6391466776529948, 0.5193110713252315, 0.6713441848754883, 0.5514230798791956 ], "status": null, "note": null }, { "text": "(35.5)", "box": [ 0.7296371459960938, 0.5193110713252315, 0.7618346532185872, 0.5514230798791956 ], "status": null, "note": null }, { "text": "(35.5)", "box": [ 0.8201276143391927, 0.5193110713252315, 0.8523251215616862, 0.5514230798791956 ], "status": null, "note": null } ], [ { "text": "Less: base and incentive management fees", "box": [ 0.1492855707804362, 0.5561990808557581, 0.38427340189615883, 0.5883110894097222 ], "status": null, "note": null }, { "text": "(6.3)", "box": [ 0.5555411020914713, 0.5561990808557581, 0.5808752059936524, 0.5883110894097222 ], "status": null, "note": null }, { "text": "N/A", "box": [ 0.6501490910847981, 0.5561990808557581, 0.6714682896931966, 0.5883110894097222 ], "status": null, "note": null }, { "text": "N/A", "box": [ 0.7406396230061849, 0.5561990808557581, 0.7619588851928711, 0.5883110894097222 ], "status": null, "note": null }, { "text": "N/A", "box": [ 0.8311300913492838, 0.5561990808557581, 0.8524493535359701, 0.5883110894097222 ], "status": null, "note": null } ], [ { "text": "Less: corporate interest expense", "box": [ 0.1492855707804362, 0.5930870903862847, 0.32699292500813804, 0.6251990989402488 ], "status": null, "note": null }, { "text": "(13.2)", "box": [ 0.5486695607503255, 0.5930870903862847, 0.5808670679728191, 0.6251990989402488 ], "status": null, "note": null }, { "text": "(32.0)", "box": [ 0.6391600290934245, 0.5930870903862847, 0.671357536315918, 0.6251990989402488 ], "status": null, "note": null }, { "text": "(32.0)", "box": [ 0.7296504974365234, 0.5930870903862847, 0.7618480046590169, 0.6251990989402488 ], "status": null, "note": null }, { "text": "(32.0)", "box": [ 0.8201409657796224, 0.5930870903862847, 0.8523384730021158, 0.6251990989402488 ], "status": null, 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"text": "", "box": null, "status": null, "note": null }, { "text": "ACR Externally Managed", "box": [ 0.5128880182902018, 0.21883746959544995, 0.573567263285319, 0.3171694720232928 ], "status": "reconciled", "note": null }, { "text": "Internal Case 1", "box": [ 0.6096324284871419, 0.2344114374231409, 0.6576098124186198, 0.3016214441370081 ], "status": "reconciled", "note": null }, { "text": "Internal Case 2", "box": [ 0.7001173019409179, 0.2344114374231409, 0.7480946858723958, 0.3016214441370081 ], "status": "reconciled", "note": null }, { "text": "Internal Case 3", "box": [ 0.790602175394694, 0.2344114374231409, 0.8385795593261719, 0.3016214441370081 ], "status": "reconciled", "note": null } ], [ { "text": "Projected CRE loan portfolio size (excl. consolidated Fund)", "box": [ 0.1492050011952718, 0.32078303584346063, 0.46797126134236655, 0.35289504439742475 ], "status": "reconciled", "note": null }, { "text": "$2,250.0", "box": [ 0.5328344980875651, 0.32078303584346063, 0.5807864507039388, 0.35289504439742475 ], "status": "reconciled", "note": null }, { "text": "$2,700.0", "box": [ 0.623324966430664, 0.32078303584346063, 0.6712769190470378, 0.35289504439742475 ], "status": "reconciled", "note": null }, { "text": "$2,700.0", "box": [ 0.713815434773763, 0.32078303584346063, 0.7617673873901367, 0.35289504439742475 ], "status": "reconciled", "note": null }, { "text": "$2,700.0", "box": [ 0.804305903116862, 0.32078303584346063, 0.8522578557332356, 0.35289504439742475 ], "status": "reconciled", "note": null } ], [ { "text": "Target range of GAAP leverage", "box": [ 0.14921836853027343, 0.35887106436270255, 0.3158961613972982, 0.3909830729166667 ], "status": "reconciled", "note": null }, { "text": "3.5x", "box": [ 0.5578498840332031, 0.35887106436270255, 0.5808134078979492, 0.3909830729166667 ], "status": "reconciled", "note": null }, { "text": "3.5x", "box": [ 0.648340352376302, 0.35887106436270255, 0.6713038762410481, 0.3909830729166667 ], "status": 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Depending on the loan\u2019s performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company\u2019s loan portfolio; as such, a loan\u2019s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines, and therefore not every loan will have all of the characteristics described in each category below.", "markdown": "| Rating 1: | Property performance has surpassed underwritten expectations |\n| --- | --- |\n| | Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix |\n| Rating 2: | Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded |\n| | Occupancy is stabilized, near stabilized or is on track with underwriting |\n| Rating 3: | Property performance lags behind underwritten expectations |\n| | Occupancy is not stabilized and the property has some tenancy rollover |\n| Rating 4: | Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers |\n| | Occupancy is not stabilized and the property has a large amount of tenancy rollover |\n| Rating 5: | Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity |\n| | The property has a material vacancy rate and significant rollover of remaining tenants |\n| | An updated appraisal is required upon designation and updated on an as-needed basis |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "", "header_rows": 0, "page": 23, "bbox": [ 47.3, 53.8, 911.4, 456.1 ], "som_region": [ 0.049304167429606124, 0.15530923914026332, 0.9493706385294596, 0.9003831651475694 ], "content_region": [ 0.049304167429606124, 0.15530923914026332, 0.9493706385294596, 0.8892720540364584 ], "cell_grid": [ [ { "text": "Commercial Real Estate Loans Risk Ratings", "box": [ 0.05741614500681559, 0.17504259259259253, 0.11831409791666671, 0.19726480554651332 ], "status": null, "note": null }, { "text": "", "box": [ 0.11831409791666671, 0.17504259259259253, 0.9454241416666668, 0.20299785185185182 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555416666666666, 0.20299785185185182, 0.11831409791666671, 0.23362200000000005 ], "status": null, "note": null }, { "text": "CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to:", "box": [ 0.12290855248769124, 0.20299785185185182, 0.931214968363444, 0.22917535569932726 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555416666666666, 0.23362200000000005, 0.11831409791666671, 0.2629597777777778 ], "status": null, "note": null }, { "text": "collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure and exit plan. 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