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0.3230145772298177, 0.6385370325159143 ], "status": null, "note": null } ], [ { "text": "WA Spread", "box": [ 0.05544999837875366, 0.6391481187608506, 0.09309562842051188, 0.654037023473669 ], "status": null, "note": null }, { "text": "1.81%", "box": [ 0.3021770795186361, 0.6413703635886864, 0.32303088506062827, 0.6562592683015046 ], "status": null, "note": null } ], [ { "text": "Corporate Debt, at par ($M)", "box": [ 0.05544999837875366, 0.6840740627712674, 0.1758000055948893, 0.7025184913917825 ], "status": null, "note": null }, { "text": "$201.5", "box": [ 0.28777084350585935, 0.68257406729239, 0.32302093505859375, 0.7047962895146123 ], "status": null, "note": null } ], [ { "text": "WA Coupon", "box": [ 0.05544999837875366, 0.7054074322735822, 0.09581751028696696, 0.7202963369864005 ], "status": null, "note": null }, { "text": "6.30%", "box": [ 0.3021770795186361, 0.7076296205873842, 0.32303088506062827, 0.7225185253002026 ], "status": null, "note": null } ], [ { "text": "Preferred and Common Equity3 ($M)", "box": [ 0.09876561959584554, 0.7492407339590567, 0.21320791244506837, 0.7865185207790799 ], "status": null, "note": null }, { "text": "$224.0/$330.9", "box": [ 0.24714582761128742, 0.748796307599103, 0.3229459444681803, 0.7710185298213252 ], "status": null, "note": null } ], [ { "text": "Dividend %: WA Preferred / Common", "box": [ 0.05544999837875366, 0.7716296160662616, 0.18203810056050618, 0.7865185207790799 ], "status": null, "note": null }, { "text": "8.76% / NA", "box": [ 0.2852708180745443, 0.7738518608940972, 0.3229919115702311, 0.7887407656069155 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "1Q26 Balance Sheet Overview", "box": [ 0.055475000540415445, 0.15733331750940394, 0.2113374869028727, 0.17955553973162616 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Total Assets ($B)", "box": [ 0.05544999837875366, 0.2116296273690683, 0.12739024957021078, 0.23007407011809172 ], "status": "reconciled", "note": null }, { "text": "$2.5", "box": [ 0.3005520820617676, 0.21012963189019096, 0.3230145772298177, 0.2323518541124132 ], "status": "reconciled", "note": null } ], [ { "text": "Total Liquidity ($M)", "box": [ 0.05544999837875366, 0.2779074209707755, 0.14073251088460287, 0.2963518778483073 ], "status": "reconciled", "note": null }, { "text": "$86.8", "box": [ 0.2941770871480306, 0.2764074254918982, 0.3230145772298177, 0.29862964771412037 ], "status": "reconciled", "note": null } ], [ { "text": "CRE Whole Loans, at par ($B)", "box": [ 0.05544999837875366, 0.3352073952003762, 0.18022918701171875, 0.3536963003653067 ], "status": "reconciled", "note": null }, { "text": "$2.2", "box": [ 0.3005520820617676, 0.3337073997214988, 0.3230211575826009, 0.35597407023111977 ], "status": "reconciled", "note": null } ], [ { "text": "WA Spread", "box": [ 0.05544999837875366, 0.35661112467447914, 0.09309562842051188, 0.37150000113028064 ], "status": "reconciled", "note": null }, { "text": "3.29%", "box": [ 0.3021770795186361, 0.35883331298828125, 0.32303088506062827, 0.37372218944408275 ], "status": "reconciled", "note": null } ], [ { "text": "CECL Reserve \u2013 General ($M)", "box": [ 0.05544999837875366, 0.4014999954788773, 0.1795411427815755, 0.41994445235640915 ], "status": "reconciled", "note": null }, { "text": "$19.4", "box": [ 0.2941770871480306, 0.4, 0.3230145772298177, 0.4222222222222222 ], "status": "reconciled", "note": null } ], [ { "text": "Per BV Share1 / Basis Points", "box": [ 0.05544999837875366, 0.42222219396520544, 0.14858223597208658, 0.43772218492296006 ], "status": "reconciled", "note": null }, { "text": "$2.96/0.88%", "box": [ 0.2800208409627279, 0.4250555532949942, 0.32299311955769855, 0.43994442975079573 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in Real Estate and Properties Held for Sale, net2 ($M)", "box": [ 0.05544999837875366, 0.4654074209707755, 0.20395790735880534, 0.5060740718135127 ], "status": "reconciled", "note": null }, { "text": "$106.3", "box": [ 0.28777084350585935, 0.47501853660300924, 0.32302093505859375, 0.4972407588252315 ], "status": "reconciled", "note": null } ], [ { "text": "Number of Investments", "box": [ 0.05544999837875366, 0.508962956181279, 0.13558200200398762, 0.5238518608940972 ], "status": "reconciled", "note": null }, { "text": "5", "box": null, "status": "single_character", "note": null } ], [ { "text": "Total Borrowings, at cost ($B)", "box": [ 0.05544999837875366, 0.5515370121708623, 0.1830520788828532, 0.5699814407913774 ], "status": "reconciled", "note": null }, { "text": "$1.9", "box": [ 0.3005520820617676, 0.5500370732060185, 0.3230145772298177, 0.5722592954282407 ], "status": "reconciled", "note": null } ], [ { "text": "Leverage Ratio", "box": [ 0.05544999837875366, 0.572870381673177, 0.10535662174224854, 0.5877592863859954 ], "status": "reconciled", "note": null }, { "text": "3.4x", "box": [ 0.3088020960489909, 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0.3652500152587891, 0.23274072717737268, 0.4020189603169759, 0.25118518405490453 ], "status": "reconciled", "note": null } ], [ { "text": "WA Asset Specific Debt Spread", "box": [ 0.05564999977747599, 0.2781666508427373, 0.18511966069539387, 0.2966111077202691 ], "status": "reconciled", "note": null }, { "text": "SOFR + 1.81%", "box": [ 0.3442500114440918, 0.2781666508427373, 0.40201797485351565, 0.2966111077202691 ], "status": "reconciled", "note": null } ], [ { "text": "Term/Senior Secured Avail.", "box": [ 0.05564999977747599, 0.32359257450810186, 0.17069842020670573, 0.3420370313856337 ], "status": "reconciled", "note": null }, { "text": "$974.8", "box": [ 0.37312501271565757, 0.32359257450810186, 0.40199861526489256, 0.3420370313856337 ], "status": "reconciled", "note": null } ], [ { "text": "Recourse Debt Leverage", "box": [ 0.05564999977747599, 0.36390742549189814, 0.15788528124491374, 0.38235188236942996 ], "status": "reconciled", "note": null }, { "text": "1.8x", "box": [ 0.384375, 0.36390742549189814, 0.4020021120707194, 0.38235188236942996 ], "status": "reconciled", "note": null } ], [ { "text": "Total Corporate Leverage", "box": [ 0.05564999977747599, 0.4041333233868634, 0.16455882390340168, 0.422622228551794 ], "status": "reconciled", "note": null }, { "text": "3.4x", "box": [ 0.384375, 0.4041333233868634, 0.4020029703776042, 0.422622228551794 ], "status": "reconciled", "note": null } ] ], "merged_cells": [], "dropped_text": [], "flavor": "stream", "kind": "text_table", "source": "data/playground/uploads/80b4e6eb72d6052f.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": false, "extraction_record": null }, { "table_id": "80b4e6eb72d6052f-p11-t2", "content_fingerprint": "18ef000d", "title": "Outstanding Financing", "subtitle": "Total Corporate Leverage", "markdown": "| Percent | Category |\n| --- | --- |\n| 99% | Non-Mark-to-Market |\n| 1% | Term Warehouse Financing |\n| 47% | Securitizations |\n| 38% | Term Reinvestment Financing |\n| 8% | Senior Unsecured Notes |\n| 2% | Senior Secured Financing |\n| 3% | Trust Preferred Securities |\n| 1% | Mortgages Payable |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "", "header_rows": 1, "page": 11, "bbox": [ 46.5, 100.2, 214.6, 288.9 ], "som_region": [ 0.04842499891916911, 0.4650777746129919, 0.22350778579711914, 0.8145185117368344 ], "content_region": [ 0.04842499891916911, 0.4650777746129919, 0.22350778579711914, 0.8034074006257234 ], "cell_grid": [ [ { "text": "Outstanding Financing", "box": [ 0.054675, 0.476188888888889, 0.0838782875, 0.5156907407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.0838782875, 0.476188888888889, 0.21725775000000003, 0.5156907407407407 ], "status": null, "note": null } ], [ { "text": "99%", "box": [ 0.05810000101725261, 0.5329259236653646, 0.07616337935129801, 0.5513703522858796 ], "status": null, "note": null }, { "text": "Non-Mark-to-Market", "box": [ 0.09157500267028809, 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Avg. Coupon | Leverage Ratio |\n| --- | --- | --- | --- | --- | --- |\n| Term Reinvestment Financing 2 | $749.1 | $709.2 | $37.3 | SOFR + 1.75% | 1.3x |\n| Term Warehouse Financing 2 | 500.0 | 18.9 | 480.4 | SOFR + 4.00% | - |\n| Senior Secured Financing 2 | 500.0 | 41.7 | 457.1 | SOFR + 3.77% | 0.1x |\n| Mortgages Payable 2 | 20.2 | 20.2 | - | SOFR + 3.80% | 0.1x |\n| Senior Unsecured Notes | 150.0 | 149.7 | - | 5.75% | 0.2x |\n| Trust Preferred Securities | 51.5 | 51.5 | - | SOFR + 3.95% | 0.1x |\n| Total Recourse Debt | $1,970.8 | $991.2 | $974.8 | | 1.8x |\n| Securitizations 2 | 873.5 | 873.5 | - | SOFR + 1.68% | 1.6x |\n| Total Leverage | $2,844.3 | $1,864.7 | $974.8 | 5.58% | 3.4x |\n| Preferred Equity | | 224.0 | | 8.76% | |\n| Common Equity | | 196.6 | | | |\n| Non-controlling interests | | 134.3 | | | |\n| Total Capitalization | | $2,419.6 | | 5.94% 1 | |", "footnotes": [], "footnote_refs": [ "2", "3", "1" ], "footnote_marks": [ { "marker": "2", "row": 1, "col": 0, "kind": "section", "scope": "cell" }, { "marker": "2", "row": 2, "col": 0, "kind": "section", "scope": "cell" }, { "marker": "2", "row": 3, "col": 0, "kind": "section", "scope": "cell" }, { "marker": "2", "row": 4, "col": 0, "kind": "section", "scope": "cell" }, { "marker": "2", "row": 8, "col": 0, "kind": "section", "scope": "cell" }, { "marker": "3", "row": 0, "col": 2, "kind": "section", "scope": "cell" }, { "marker": "1", "row": 13, "col": 4, "kind": "section", "scope": "cell" } ], "units": "$ in Millions", "header_rows": 1, "page": 11, "bbox": [ 419.7, 15.6, 940.5, 461.2 ], "som_region": [ 0.4371458371480306, 0.14590742323133682, 0.9796747843424479, 0.9710666232638888 ], "content_region": [ 0.4371458371480306, 0.14590742323133682, 0.9796747843424479, 0.7010555691189236 ], "cell_grid": [ [ { "text": "", "box": [ 0.4433958333333334, 0.15701851851851845, 0.6174058375, 0.181212962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.6174058375, 0.15701851851851845, 0.7117129166666667, 0.181212962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.7117129166666667, 0.15701851851851845, 0.782765, 0.181212962962963 ], "status": null, "note": null }, { "text": "Capitalization", "box": [ 0.7818958282470703, 0.15701853434244792, 0.8409294128417969, 0.17546297709147135 ], "status": null, "note": null }, { "text": "", "box": [ 0.8396797416666667, 0.15701851851851845, 0.9220314999999999, 0.181212962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.9220314999999999, 0.15701851851851845, 0.9517967291666667, 0.181212962962963 ], "status": null, "note": null }, { "text": "", "box": [ 0.9517967291666667, 0.15701851851851845, 0.9756787916666667, 0.181212962962963 ], "status": null, "note": null } ], [ { "text": "$ in Millions", "box": [ 0.4433958371480306, 0.18696294713903355, 0.4961111386617025, 0.205407389888057 ], "status": null, "note": null }, { "text": "", "box": [ 0.6174058375, 0.181212962962963, 0.7117129166666667, 0.19956481481481478 ], "status": null, "note": null }, { "text": "", "box": [ 0.7117129166666667, 0.181212962962963, 0.782765, 0.19956481481481478 ], "status": null, "note": null }, { "text": "", "box": [ 0.782765, 0.181212962962963, 0.8396797416666667, 0.19956481481481478 ], "status": null, "note": null }, { "text": "", "box": [ 0.8396797416666667, 0.181212962962963, 0.9220314999999999, 0.19956481481481478 ], "status": null, "note": null }, { "text": "", "box": [ 0.9220314999999999, 0.181212962962963, 0.9517967291666667, 0.19956481481481478 ], "status": null, "note": null }, { "text": "", "box": [ 0.9517967291666667, 0.181212962962963, 0.9756787916666667, 0.19956481481481478 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.4433958333333334, 0.19956481481481478, 0.6174058375, 0.20797222222222214 ], "status": null, "note": null }, { "text": "", "box": [ 0.6174058375, 0.19956481481481478, 0.7117129166666667, 0.20797222222222214 ], "status": null, "note": null }, { "text": "", "box": [ 0.7117129166666667, 0.19956481481481478, 0.782765, 0.20797222222222214 ], "status": null, "note": null }, { "text": "", "box": [ 0.782765, 0.19956481481481478, 0.8396797416666667, 0.20797222222222214 ], "status": null, "note": null }, { "text": "W. 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The illustrative earnings potential is based on current market conditions and assumptions with respect to general business, economic, regulatory, and | | | | |\n| | financial conditions and other future events, as well as matters specific to ACR's business, all of which are difficult to predict and many of which are beyond ACR\u2019s control. As a result, there can be no assurance that | | | | |\n| | any of the results will be realized or achieved. The illustration should not be relied upon as being necessarily indicative of future results, and you are cautioned not to place undue reliance on these scenarios. | | | | |\n| | | | | ACRESREIT.COM | 13 |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "", "header_rows": null, "page": 13, "bbox": [ 74.9, 15.6, 916.3, 423.3 ], "som_region": [ 0.07805000146230061, 0.21609259711371528, 0.954489262898763, 0.9710666232638888 ], "content_region": [ 0.07805000146230061, 0.21609259711371528, 0.954489262898763, 0.9599555121527777 ], "cell_grid": [ [ { "text": "Projected Maximum CRE Loan Portfolio Size &", "box": [ 0.23262500762939453, 0.22720370822482638, 0.5100905100504557, 0.253203695791739 ], "status": null, "note": null }, { "text": "", "box": [ 0.5099429666666667, 0.2272037037037038, 0.6117625999999999, 0.2557592592592593 ], "status": null, "note": null }, { "text": "", "box": [ 0.6117625999999999, 0.2272037037037038, 0.6886636416666666, 0.2557592592592593 ], 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As a result, there can be no assurance that", "box": [ 0.5099429666666667, 0.9106555514865451, 0.602113405863444, 0.9255444561993634 ], "status": null, "note": null }, { "text": "", "box": [ 0.6117625999999999, 0.9091944444444444, 0.6886636416666666, 0.9269888888888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.6886636416666666, 0.9091944444444444, 0.7978407249999999, 0.9269888888888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.7978407249999999, 0.9091944444444444, 0.931871875, 0.9269888888888889 ], "status": null, "note": null }, { "text": "", "box": [ 0.931871875, 0.9091944444444444, 0.9482392916666667, 0.9269888888888889 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.0843, 0.9269888888888889, 0.5099429666666667, 0.9405277777777777 ], "status": null, "note": null }, { "text": "any of the results will be realized or achieved. 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0.17935630480448406, 0.3090555544252749 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.2925000000000001, 0.5807625208333334, 0.31342592592592594 ], "status": null, "note": null }, { "text": "10,300", "box": [ 0.6391458511352539, 0.2968703658492477, 0.6625038146972656, 0.3117592423050492 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.2925000000000001, 0.8685885208333333, 0.31342592592592594 ], "status": null, "note": null }, { "text": "10,375", "box": [ 0.9237291971842448, 0.2968703658492477, 0.9470871607462565, 0.3117592423050492 ], "status": null, "note": null } ], [ { "text": "Investments in unconsolidated entities", "box": [ 0.05455000003178914, 0.3150925812897859, 0.18581139246622722, 0.3299814577455874 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.31342592592592594, 0.5807625208333334, 0.3343703703703704 ], "status": null, "note": null }, { "text": "29,722", "box": [ 0.6390208562215169, 0.31781480577256943, 0.6623788197835286, 0.33270368222837093 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.31342592592592594, 0.8685885208333333, 0.3343703703703704 ], "status": null, "note": null }, { "text": "29,237", "box": [ 0.92360413869222, 0.31781480577256943, 0.9469621022542317, 0.33270368222837093 ], "status": null, "note": null } ], [ { "text": "Properties held for sale", "box": [ 0.05455000003178914, 0.33603702121310763, 0.13330849011739096, 0.35092589766890914 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3343703703703704, 0.5807625208333334, 0.35529629629629633 ], "status": null, "note": null }, { "text": "90,851", "box": [ 0.6390208562215169, 0.3387407656069155, 0.6623788197835286, 0.353629642062717 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3343703703703704, 0.8685885208333333, 0.35529629629629633 ], "status": null, "note": null }, { "text": "90,825", "box": [ 0.92360413869222, 0.3387407656069155, 0.9469621022542317, 0.353629642062717 ], "status": null, "note": null } ], [ { "text": "Investments in real estate", "box": [ 0.05455000003178914, 0.3569629810474537, 0.1420771280924479, 0.3718518575032552 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.35529629629629633, 0.5807625208333334, 0.3762648148148148 ], "status": null, "note": null }, { "text": "59,382", "box": [ 0.6390208562215169, 0.35965186225043405, 0.6624148050944011, 0.374585215250651 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.35529629629629633, 0.8685885208333333, 0.3762648148148148 ], "status": null, "note": null }, { "text": "76,415", "box": [ 0.92360413869222, 0.35965186225043405, 0.9469980875651042, 0.374585215250651 ], "status": null, "note": null } ], [ { "text": "Right of use assets", "box": [ 0.05455000003178914, 0.3779444376627604, 0.11706099510192872, 0.3928333141185619 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3762648148148148, 0.5807625208333334, 0.3972037037037037 ], "status": null, "note": null }, { "text": "19,415", "box": [ 0.6390208562215169, 0.38064812554253474, 0.6623788197835286, 0.39553700199833625 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3762648148148148, 0.8685885208333333, 0.3972037037037037 ], "status": null, "note": null }, { "text": "19,545", "box": [ 0.92360413869222, 0.38064812554253474, 0.9469621022542317, 0.39553700199833625 ], "status": null, "note": null } ], [ { "text": "Intangible assets", "box": [ 0.05455000003178914, 0.39887039749710645, 0.11106449762980143, 0.413759273952908 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.3972037037037037, 0.5807625208333334, 0.41814814814814816 ], "status": null, "note": null }, { "text": "6,000", "box": [ 0.6432708104451498, 0.40159262197989004, 0.6623742421468098, 0.41648149843569154 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.3972037037037037, 0.8685885208333333, 0.41814814814814816 ], "status": null, "note": null }, { "text": "6,221", "box": [ 0.9278541564941406, 0.40159262197989004, 0.9469575881958008, 0.41648149843569154 ], "status": null, "note": null } ], [ { "text": "Other assets", "box": [ 0.05455000003178914, 0.41981483742042824, 0.09669299125671386, 0.43470371387622975 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.41814814814814816, 0.5807625208333334, 0.4390740740740741 ], "status": null, "note": null }, { "text": "7,167", "box": [ 0.6432708104451498, 0.42251852530020256, 0.6623742421468098, 0.43740740175600407 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.41814814814814816, 0.8685885208333333, 0.4390740740740741 ], "status": null, "note": null }, { "text": "6,560", "box": [ 0.9278541564941406, 0.42251852530020256, 0.9469575881958008, 0.43740740175600407 ], "status": null, "note": null } ], [ { "text": "Total Assets", "box": [ 0.05455000003178914, 0.44074074074074077, 0.09634961287180582, 0.45562961719654227 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.4390740740740741, 0.5807625208333334, 0.46001851851851844 ], "status": null, "note": null }, { "text": "$ 2,486,105", "box": [ 0.6063958485921224, 0.4434629652235243, 0.6625082651774089, 0.4583518416793258 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.4390740740740741, 0.8685885208333333, 0.46001851851851844 ], "status": null, "note": null }, { "text": "$ 2,162,364", "box": [ 0.8909791946411133, 0.4434629652235243, 0.9470916112263997, 0.4583518416793258 ], "status": null, "note": null } ], [ { "text": "Liabilities", "box": [ 0.05455000003178914, 0.4616851806640625, 0.08713710308074951, 0.4765740853768808 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.46001851851851844, 0.5807625208333334, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.5807625208333334, 0.46001851851851844, 0.7240941166666667, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.46001851851851844, 0.8685885208333333, 0.47961111111111115 ], "status": null, "note": null }, { "text": "", "box": [ 0.8685885208333333, 0.46001851851851844, 0.9488965666666667, 0.47961111111111115 ], "status": null, "note": null } ], [ { "text": "Accounts payable and other liabilities", "box": [ 0.05455000003178914, 0.4826481571903935, 0.18104604085286458, 0.4975370619032118 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.47961111111111115, 0.5807625208333334, 0.501925925925926 ], "status": null, "note": null }, { "text": "$ 7,631", "box": [ 0.6063958485921224, 0.4853703816731771, 0.6623823801676433, 0.5002592863859954 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.47961111111111115, 0.8685885208333333, 0.501925925925926 ], "status": null, "note": null }, { "text": "$ 7,482", "box": [ 0.8909791946411133, 0.4853703816731771, 0.9469657262166341, 0.5002592863859954 ], "status": null, "note": null } ], [ { "text": "Management fee payable - related party", "box": [ 0.05455000003178914, 0.5035925971137153, 0.19185805320739746, 0.5184815018265335 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.501925925925926, 0.5807625208333334, 0.5228518518518519 ], "status": null, "note": null }, { "text": "1,037", "box": [ 0.6432708104451498, 0.5062962849934896, 0.6623742421468098, 0.5211851897063079 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.501925925925926, 0.8685885208333333, 0.5228518518518519 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.9393749872843424, 0.5062962849934896, 0.946954345703125, 0.5211851897063079 ], "status": null, "note": null } ], [ { "text": "Accrued interest payable", "box": [ 0.05455000003178914, 0.5245185569480614, 0.13871038754781087, 0.5394074616608796 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5228518518518519, 0.5807625208333334, 0.5437962962962962 ], "status": null, "note": null }, { "text": "5,068", "box": [ 0.6432708104451498, 0.5272407249168113, 0.6623742421468098, 0.5421296296296296 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5228518518518519, 0.8685885208333333, 0.5437962962962962 ], "status": null, "note": null }, { "text": "6,814", "box": [ 0.9278541564941406, 0.5272407249168113, 0.9469575881958008, 0.5421296296296296 ], "status": null, "note": null } ], [ { "text": "Borrowings", "box": [ 0.05455000003178914, 0.5454629968713831, 0.09304988384246826, 0.5603519015842013 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5437962962962962, 0.5807625208333334, 0.5647055555555555 ], "status": null, "note": null }, { "text": "1,864,671", "box": [ 0.6287708282470703, 0.5481666282371238, 0.6625054677327474, 0.5630555329499422 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5437962962962962, 0.8685885208333333, 0.5647055555555555 ], "status": null, "note": null }, { "text": "1,544,938", "box": [ 0.9133541742960612, 0.5481666282371238, 0.9470888137817383, 0.5630555329499422 ], "status": null, "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.05455000003178914, 0.5663555569118923, 0.1053111712137858, 0.5812888816550926 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5647055555555555, 0.5807625208333334, 0.5857037037037036 ], "status": null, "note": null }, { "text": "46,096", "box": [ 0.6390208562215169, 0.5691481413664641, 0.6623788197835286, 0.5840370460792824 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5647055555555555, 0.8685885208333333, 0.5857037037037036 ], "status": null, "note": null }, { "text": "45,942", "box": [ 0.92360413869222, 0.5691481413664641, 0.9469621022542317, 0.5840370460792824 ], "status": null, "note": null } ], [ { "text": "Distributions payable", "box": [ 0.05455000003178914, 0.5873704133210359, 0.12633211612701417, 0.6022593180338541 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.5857037037037036, 0.5807625208333334, 0.6066296296296296 ], "status": null, "note": null }, { "text": "3,423", "box": [ 0.6432708104451498, 0.5900740446867766, 0.6623742421468098, 0.6049629493995949 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.5857037037037036, 0.8685885208333333, 0.6066296296296296 ], "status": null, "note": null }, { "text": "3,457", "box": [ 0.9278541564941406, 0.5900740446867766, 0.9469575881958008, 0.6049629493995949 ], "status": null, "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.05455000003178914, 0.6082963166413484, 0.1205784797668457, 0.6231852213541667 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6066296296296296, 0.5807625208333334, 0.6275740740740741 ], "status": null, "note": null }, { "text": "75", "box": [ 0.6538958231608073, 0.6110184846100983, 0.6623919804890951, 0.6259073893229167 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6066296296296296, 0.8685885208333333, 0.6275740740740741 ], "status": null, "note": null }, { "text": "8", "box": [ 0.9427499771118164, 0.6110184846100983, 0.9469961166381836, 0.6259073893229167 ], "status": null, "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.05455000003178914, 0.6292407565646702, 0.13008410930633546, 0.6441296612774884 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6275740740740741, 0.5807625208333334, 0.6485 ], "status": null, "note": null }, { "text": "3,181", "box": [ 0.6432708104451498, 0.6319444444444444, 0.6623742421468098, 0.6468333491572628 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6275740740740741, 0.8685885208333333, 0.6485 ], "status": null, "note": null }, { "text": "3,131", "box": [ 0.9278541564941406, 0.6319444444444444, 0.9469575881958008, 0.6468333491572628 ], "status": null, "note": null } ], [ { "text": "Total Liabilities", "box": [ 0.05455000003178914, 0.6501666598849827, 0.10663409233093261, 0.6650555645978009 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.6485, 0.5807625208333334, 0.6694592592592592 ], "status": null, "note": null }, { "text": "1,931,182", "box": [ 0.6287708282470703, 0.6528370609989873, 0.6625303268432617, 0.6677703857421875 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.6485, 0.8685885208333333, 0.6694592592592592 ], "status": null, "note": null }, { "text": "1,611,772", "box": [ 0.9133541742960612, 0.6528370609989873, 0.9471136728922526, 0.6677703857421875 ], "status": null, "note": null } ], [ { 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0.769759284125434 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7532037037037037, 0.5807625208333334, 0.7741851851851852 ], "status": null, "note": null }, { "text": "1,142,949", "box": [ 0.6287708282470703, 0.7576296205873843, 0.6625054677327474, 0.7725185253002026 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7532037037037037, 0.8685885208333333, 0.7741851851851852 ], "status": null, "note": null }, { "text": "1,142,410", "box": [ 0.9133541742960612, 0.7576296205873843, 0.9470888137817383, 0.7725185253002026 ], "status": null, "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.05455000003178914, 0.7758518360279224, 0.1883070945739746, 0.7907407407407407 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7741851851851852, 0.5807625208333334, 0.7951296296296296 ], "status": null, "note": null }, { "text": "(1,277)", "box": [ 0.6382708231608073, 0.778574060510706, 0.6624159495035807, 0.7934629652235243 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7741851851851852, 0.8685885208333333, 0.7951296296296296 ], "status": null, "note": null }, { "text": "(1,603)", "box": [ 0.9228541692097981, 0.778574060510706, 0.9469992955525716, 0.7934629652235243 ], "status": null, "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.05455000003178914, 0.7967962759512442, 0.16966435114542644, 0.8116851806640625 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.7951296296296296, 0.5807625208333334, 0.8160555555555555 ], "status": null, "note": null }, { "text": "(721,051)", "box": [ 0.6300208409627278, 0.7995000203450521, 0.6625494003295899, 0.8143889250578704 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.7951296296296296, 0.8685885208333333, 0.8160555555555555 ], "status": null, "note": null }, { "text": "(720,028)", "box": [ 0.9146041870117188, 0.7995000203450521, 0.9471327463785807, 0.8143889250578704 ], "status": null, "note": null } ], [ { "text": "Total Stockholders\u2019 Equity", "box": [ 0.05455000003178914, 0.8177222357855902, 0.14473201433817545, 0.8326111404984086 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8160555555555555, 0.5807625208333334, 0.8369888888888889 ], "status": null, "note": null }, { "text": "420,638", "box": [ 0.6348958333333333, 0.8204333270037616, 0.6624999364217122, 0.8353222317165798 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8160555555555555, 0.8685885208333333, 0.8369888888888889 ], "status": null, "note": null }, { "text": "420,796", "box": [ 0.9194791793823243, 0.8204333270037616, 0.9470832824707032, 0.8353222317165798 ], "status": null, "note": null } ], [ { "text": "Non-controlling interests", "box": [ 0.05455000003178914, 0.8386555424442997, 0.139187749226888, 0.8535444471571181 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8369888888888889, 0.5807625208333334, 0.85795 ], "status": null, "note": null }, { "text": "134,285", "box": [ 0.6348958333333333, 0.8413332903826678, 0.6625233968098958, 0.8562666151258681 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8369888888888889, 0.8685885208333333, 0.85795 ], "status": null, "note": null }, { "text": "129,796", "box": [ 0.9194791793823243, 0.8413332903826678, 0.9471067428588867, 0.8562666151258681 ], "status": null, "note": null } ], [ { "text": "Total Equity", "box": [ 0.05455000003178914, 0.8596333256474248, 0.09600625038146973, 0.874522230360243 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.85795, 0.5807625208333334, 0.8789 ], "status": null, "note": null }, { "text": "554,923", "box": [ 0.6348958333333333, 0.862344416865596, 0.6624999364217122, 0.8772333215784144 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.85795, 0.8685885208333333, 0.8789 ], "status": null, "note": null }, { "text": "550,592", "box": [ 0.9194791793823243, 0.862344416865596, 0.9470832824707032, 0.8772333215784144 ], "status": null, "note": null } ], [ { "text": "Total Liabilities and Equity", "box": [ 0.05455000003178914, 0.8805666888201679, 0.14561134974161785, 0.8954555935329861 ], "status": null, "note": null }, { "text": "", "box": [ 0.3621767916666666, 0.8789, 0.5807625208333334, 0.8981666666666667 ], "status": null, "note": null }, { "text": "$ 2,486,105", "box": [ 0.6063958485921224, 0.8832777800383391, 0.6625082651774089, 0.8981666847511575 ], "status": null, "note": null }, { "text": "", "box": [ 0.7240941166666667, 0.8789, 0.8685885208333333, 0.8981666666666667 ], "status": null, "note": null }, { "text": "$ 2,162,364", "box": [ 0.8909791946411133, 0.8832777800383391, 0.9470916112263997, 0.8981666847511575 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "Item", "box": null, "status": "header_label_added", "note": "The image shows a table with row labels in the leftmost column (Assets, Cash and cash equivalents, etc.) but no printed header text above this column." }, { "text": "March 31, 2026", "box": [ 0.5057708422342936, 0.1297592728226273, 0.5593793233235677, 0.1446481634069372 ], "status": "reconciled", "note": null }, { "text": "December 31, 2025", "box": [ 0.7838750203450521, 0.1297592728226273, 0.8504479726155599, 0.1446481634069372 ], "status": "reconciled", "note": null } ], [ { "text": "Assets", "box": [ 0.05455000003178914, 0.1489259507921007, 0.07685262362162272, 0.16381484137641059 ], "status": "reconciled", "note": null }, { "text": "(unaudited)", "box": [ 0.5127708435058593, 0.15025928638599537, 0.5524599075317382, 0.16514817697030526 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Cash and cash equivalents", "box": [ 0.05455000003178914, 0.16848150182653357, 0.14319100379943847, 0.18337039241084346 ], "status": "reconciled", "note": null }, { "text": "$ 47,985", "box": [ 0.6021458307902018, 0.17115184642650463, 0.6624071756998698, 0.18608518529821325 ], "status": "reconciled", "note": null }, { "text": "$ 83,768", "box": [ 0.8867291768391927, 0.17115184642650463, 0.9469905217488607, 0.18608518529821325 ], "status": "reconciled", "note": null } ], [ { "text": "Restricted cash", "box": [ 0.05455000003178914, 0.18946295844184027, 0.10593899091084798, 0.20435184902615017 ], "status": "reconciled", "note": null }, { "text": "1,835", "box": [ 0.6432708104451498, 0.1921666463216146, 0.6623742421468098, 0.2070555369059245 ], "status": "reconciled", "note": null }, { "text": "2,190", "box": [ 0.9278541564941406, 0.1921666463216146, 0.9469575881958008, 0.2070555369059245 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest receivable", "box": [ 0.05455000003178914, 0.21038891827618633, 0.14684249560038248, 0.22527780886049623 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}, { "text": "(19,431)", "box": [ 0.6341458638509114, 0.2549629493995949, 0.6624282836914063, 0.2698518258553964 ], "status": "reconciled", "note": null }, { "text": "(20,398)", "box": [ 0.9187291463216146, 0.2549629493995949, 0.9470115661621094, 0.2698518258553964 ], "status": "reconciled", "note": null } ], [ { "text": "CRE loans, net", "box": [ 0.07705000241597494, 0.2731851648401331, 0.12520625591278076, 0.2880740412959346 ], "status": "reconciled", "note": null }, { "text": "2,183,406", "box": [ 0.6286458333333333, 0.2759444625289352, 0.6623804728190105, 0.2908333389847367 ], "status": "reconciled", "note": null }, { "text": "1,809,969", "box": [ 0.9132291793823242, 0.2759444625289352, 0.9469638188680013, 0.2908333389847367 ], "status": "reconciled", "note": null } ], [ { "text": "Loan receivable \u2013 due from Manager", "box": [ 0.05455000003178914, 0.2941666779694734, 0.17935630480448406, 0.3090555544252749 ], "status": "reconciled", "note": null }, { "text": "10,300", "box": [ 0.6391458511352539, 0.2968703658492477, 0.6625038146972656, 0.3117592423050492 ], "status": "reconciled", "note": null }, { "text": "10,375", "box": [ 0.9237291971842448, 0.2968703658492477, 0.9470871607462565, 0.3117592423050492 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in unconsolidated entities", "box": [ 0.05455000003178914, 0.3150925812897859, 0.18581139246622722, 0.3299814577455874 ], "status": "reconciled", "note": null }, { "text": "29,722", "box": [ 0.6390208562215169, 0.31781480577256943, 0.6623788197835286, 0.33270368222837093 ], "status": "reconciled", "note": null }, { "text": "29,237", "box": [ 0.92360413869222, 0.31781480577256943, 0.9469621022542317, 0.33270368222837093 ], "status": "reconciled", "note": null } ], [ { "text": "Properties held for sale", "box": [ 0.05455000003178914, 0.33603702121310763, 0.13330849011739096, 0.35092589766890914 ], "status": "reconciled", "note": null }, { "text": "90,851", "box": [ 0.6390208562215169, 0.3387407656069155, 0.6623788197835286, 0.353629642062717 ], "status": "reconciled", "note": null }, { "text": "90,825", "box": [ 0.92360413869222, 0.3387407656069155, 0.9469621022542317, 0.353629642062717 ], "status": "reconciled", "note": null } ], [ { "text": "Investments in real estate", "box": [ 0.05455000003178914, 0.3569629810474537, 0.1420771280924479, 0.3718518575032552 ], "status": "reconciled", "note": null }, { "text": "59,382", "box": [ 0.6390208562215169, 0.35965186225043405, 0.6624148050944011, 0.374585215250651 ], "status": "reconciled", "note": null }, { "text": "76,415", "box": [ 0.92360413869222, 0.35965186225043405, 0.9469980875651042, 0.374585215250651 ], "status": "reconciled", "note": null } ], [ { "text": "Right of use assets", "box": [ 0.05455000003178914, 0.3779444376627604, 0.11706099510192872, 0.3928333141185619 ], "status": "reconciled", "note": null }, { "text": "19,415", "box": [ 0.6390208562215169, 0.38064812554253474, 0.6623788197835286, 0.39553700199833625 ], "status": "reconciled", "note": null }, { "text": "19,545", "box": [ 0.92360413869222, 0.38064812554253474, 0.9469621022542317, 0.39553700199833625 ], "status": "reconciled", "note": null } ], [ { "text": "Intangible assets", "box": [ 0.05455000003178914, 0.39887039749710645, 0.11106449762980143, 0.413759273952908 ], "status": "reconciled", "note": null }, { "text": "6,000", "box": [ 0.6432708104451498, 0.40159262197989004, 0.6623742421468098, 0.41648149843569154 ], "status": "reconciled", "note": null }, { "text": "6,221", "box": [ 0.9278541564941406, 0.40159262197989004, 0.9469575881958008, 0.41648149843569154 ], "status": "reconciled", "note": null } ], [ { "text": "Other assets", "box": [ 0.05455000003178914, 0.41981483742042824, 0.09669299125671386, 0.43470371387622975 ], "status": "reconciled", "note": null }, { "text": "7,167", "box": [ 0.6432708104451498, 0.42251852530020256, 0.6623742421468098, 0.43740740175600407 ], "status": "reconciled", "note": null 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0.4826481571903935, 0.18104604085286458, 0.4975370619032118 ], "status": "reconciled", "note": null }, { "text": "$ 7,631", "box": [ 0.6063958485921224, 0.4853703816731771, 0.6623823801676433, 0.5002592863859954 ], "status": "reconciled", "note": null }, { "text": "$ 7,482", "box": [ 0.8909791946411133, 0.4853703816731771, 0.9469657262166341, 0.5002592863859954 ], "status": "reconciled", "note": null } ], [ { "text": "Management fee payable - related party", "box": [ 0.05455000003178914, 0.5035925971137153, 0.19185805320739746, 0.5184815018265335 ], "status": "reconciled", "note": null }, { "text": "1,037", "box": [ 0.6432708104451498, 0.5062962849934896, 0.6623742421468098, 0.5211851897063079 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.9393749872843424, 0.5062962849934896, 0.946954345703125, 0.5211851897063079 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued interest payable", "box": [ 0.05455000003178914, 0.5245185569480614, 0.13871038754781087, 0.5394074616608796 ], "status": "reconciled", "note": null }, { "text": "5,068", "box": [ 0.6432708104451498, 0.5272407249168113, 0.6623742421468098, 0.5421296296296296 ], "status": "reconciled", "note": null }, { "text": "6,814", "box": [ 0.9278541564941406, 0.5272407249168113, 0.9469575881958008, 0.5421296296296296 ], "status": "reconciled", "note": null } ], [ { "text": "Borrowings", "box": [ 0.05455000003178914, 0.5454629968713831, 0.09304988384246826, 0.5603519015842013 ], "status": "reconciled", "note": null }, { "text": "1,864,671", "box": [ 0.6287708282470703, 0.5481666282371238, 0.6625054677327474, 0.5630555329499422 ], "status": "reconciled", "note": null }, { "text": "1,544,938", "box": [ 0.9133541742960612, 0.5481666282371238, 0.9470888137817383, 0.5630555329499422 ], "status": "reconciled", "note": null } ], [ { "text": "Lease liabilities", "box": [ 0.05455000003178914, 0.5663555569118923, 0.1053111712137858, 0.5812888816550926 ], "status": "reconciled", "note": null }, { "text": "46,096", "box": [ 0.6390208562215169, 0.5691481413664641, 0.6623788197835286, 0.5840370460792824 ], "status": "reconciled", "note": null }, { "text": "45,942", "box": [ 0.92360413869222, 0.5691481413664641, 0.9469621022542317, 0.5840370460792824 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions payable", "box": [ 0.05455000003178914, 0.5873704133210359, 0.12633211612701417, 0.6022593180338541 ], "status": "reconciled", "note": null }, { "text": "3,423", "box": [ 0.6432708104451498, 0.5900740446867766, 0.6623742421468098, 0.6049629493995949 ], "status": "reconciled", "note": null }, { "text": "3,457", "box": [ 0.9278541564941406, 0.5900740446867766, 0.9469575881958008, 0.6049629493995949 ], "status": "reconciled", "note": null } ], [ { "text": "Accrued tax liability", "box": [ 0.05455000003178914, 0.6082963166413484, 0.1205784797668457, 0.6231852213541667 ], "status": "reconciled", "note": null }, { "text": "75", "box": [ 0.6538958231608073, 0.6110184846100983, 0.6623919804890951, 0.6259073893229167 ], "status": "reconciled", "note": null }, { "text": "8", "box": [ 0.9427499771118164, 0.6110184846100983, 0.9469961166381836, 0.6259073893229167 ], "status": "reconciled", "note": null } ], [ { "text": "Liabilities held for sale", "box": [ 0.05455000003178914, 0.6292407565646702, 0.13008410930633546, 0.6441296612774884 ], "status": "reconciled", "note": null }, { "text": "3,181", "box": [ 0.6432708104451498, 0.6319444444444444, 0.6623742421468098, 0.6468333491572628 ], "status": "reconciled", "note": null }, { "text": "3,131", "box": [ 0.9278541564941406, 0.6319444444444444, 0.9469575881958008, 0.6468333491572628 ], "status": "reconciled", "note": null } ], [ { "text": "Total Liabilities", "box": [ 0.05455000003178914, 0.6501666598849827, 0.10663409233093261, 0.6650555645978009 ], "status": "reconciled", "note": null }, { "text": "1,931,182", "box": [ 0.6287708282470703, 0.6528370609989873, 0.6625303268432617, 0.6677703857421875 ], "status": "reconciled", "note": null }, { "text": "1,611,772", "box": [ 0.9133541742960612, 0.6528370609989873, 0.9471136728922526, 0.6677703857421875 ], "status": "reconciled", "note": null } ], [ { "text": "Equity", "box": [ 0.05455000003178914, 0.671148173014323, 0.07650924523671468, 0.6860370777271412 ], "status": "reconciled", "note": null }, { "text": "", "box": null, "status": null, "note": null }, { "text": "", "box": null, "status": null, "note": null } ], [ { "text": "Series C Preferred stock, par value $0.001", "box": [ 0.05455000003178914, 0.6920740763346355, 0.19536727269490559, 0.7069629810474537 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.6581458409627279, 0.6947963008174189, 0.6623919804890951, 0.7096852055302373 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.9427499771118164, 0.6947963008174189, 0.9469961166381836, 0.7096852055302373 ], "status": "reconciled", "note": null } ], [ { "text": "Series D Preferred stock, par value $0.001", "box": [ 0.05455000003178914, 0.7130185162579572, 0.196003786722819, 0.7279074209707754 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.6581458409627279, 0.715722260651765, 0.6623919804890951, 0.7306111653645834 ], "status": "reconciled", "note": null }, { "text": "5", "box": [ 0.9427499771118164, 0.715722260651765, 0.9469961166381836, 0.7306111653645834 ], "status": "reconciled", "note": null } ], [ { "text": "Common stock, par value $0.001", "box": [ 0.05455000003178914, 0.7339444195782697, 0.16559411684672037, 0.748833324291088 ], "status": "reconciled", "note": null }, { "text": "7", "box": [ 0.6581458409627279, 0.7366481639720776, 0.6623919804890951, 0.7515370686848958 ], "status": "reconciled", "note": null }, { "text": "7", "box": [ 0.9427499771118164, 0.7366481639720776, 0.9469961166381836, 0.7515370686848958 ], "status": "reconciled", "note": null } ], [ { "text": "Additional paid-in capital", "box": [ 0.05455000003178914, 0.7548703794126157, 0.1396261692047119, 0.769759284125434 ], "status": "reconciled", "note": null }, { "text": "1,142,949", "box": [ 0.6287708282470703, 0.7576296205873843, 0.6625054677327474, 0.7725185253002026 ], "status": "reconciled", "note": null }, { "text": "1,142,410", "box": [ 0.9133541742960612, 0.7576296205873843, 0.9470888137817383, 0.7725185253002026 ], "status": "reconciled", "note": null } ], [ { "text": "Accumulated other comprehensive loss", "box": [ 0.05455000003178914, 0.7758518360279224, 0.1883070945739746, 0.7907407407407407 ], "status": "reconciled", "note": null }, { "text": "(1,277)", "box": [ 0.6382708231608073, 0.778574060510706, 0.6624159495035807, 0.7934629652235243 ], "status": "reconciled", "note": null }, { "text": "(1,603)", "box": [ 0.9228541692097981, 0.778574060510706, 0.9469992955525716, 0.7934629652235243 ], "status": "reconciled", "note": null } ], [ { "text": "Distributions in excess of earnings", "box": [ 0.05455000003178914, 0.7967962759512442, 0.16966435114542644, 0.8116851806640625 ], "status": "reconciled", "note": null }, { "text": "(721,051)", "box": [ 0.6300208409627278, 0.7995000203450521, 0.6625494003295899, 0.8143889250578704 ], "status": "reconciled", "note": null }, { "text": "(720,028)", "box": [ 0.9146041870117188, 0.7995000203450521, 0.9471327463785807, 0.8143889250578704 ], "status": "reconciled", "note": null } ], [ { "text": "Total Stockholders' Equity", "box": null, "status": "unverified", "note": "The image prints 'Total Stockholders' Equity' at this position in the leftmost column." }, { "text": "420,638", "box": [ 0.6348958333333333, 0.8204333270037616, 0.6624999364217122, 0.8353222317165798 ], "status": "reconciled", "note": null }, { "text": "420,796", "box": [ 0.9194791793823243, 0.8204333270037616, 0.9470832824707032, 0.8353222317165798 ], "status": "reconciled", "note": null } ], [ { "text": "Non-controlling interests", "box": [ 0.05455000003178914, 0.8386555424442997, 0.139187749226888, 0.8535444471571181 ], "status": "reconciled", "note": null }, { "text": "134,285", "box": [ 0.6348958333333333, 0.8413332903826678, 0.6625233968098958, 0.8562666151258681 ], "status": "reconciled", "note": null }, { "text": "129,796", "box": [ 0.9194791793823243, 0.8413332903826678, 0.9471067428588867, 0.8562666151258681 ], "status": "reconciled", "note": null } ], [ { "text": "Total Equity", "box": [ 0.05455000003178914, 0.8596333256474248, 0.09600625038146973, 0.874522230360243 ], "status": "reconciled", "note": null }, { "text": "554,923", "box": [ 0.6348958333333333, 0.862344416865596, 0.6624999364217122, 0.8772333215784144 ], "status": "reconciled", "note": null }, { "text": "550,592", "box": [ 0.9194791793823243, 0.862344416865596, 0.9470832824707032, 0.8772333215784144 ], "status": "reconciled", "note": null } ], [ { "text": "Total Liabilities and Equity", "box": [ 0.05455000003178914, 0.8805666888201679, 0.14561134974161785, 0.8954555935329861 ], "status": "reconciled", "note": null }, { "text": "$ 2,486,105", "box": [ 0.6063958485921224, 0.8832777800383391, 0.6625082651774089, 0.8981666847511575 ], "status": "reconciled", "note": null }, { "text": "$ 2,162,364", "box": [ 0.8909791946411133, 0.8832777800383391, 0.9470916112263997, 0.8981666847511575 ], "status": "reconciled", "note": null } ] ], "merged_cells": [ { "result": "$ 47,985", "row": 2, "col": 1, "sources": [ "$", "47,985" ], "source_cells": [ "C4" ], "source_boxes": [ [ 0.6021458307902018, 0.17115184642650463, 0.6624071756998698, 0.18608518529821325 ] ], "box": [ 0.6021458307902018, 0.17115184642650463, 0.6624071756998698, 0.18608518529821325 ], "grounded_by": "cell_address" }, { "result": "$ 83,768", "row": 2, "col": 2, "sources": [ "$", "83,768" ], "source_cells": [ "E4" ], "source_boxes": [ [ 0.8867291768391927, 0.17115184642650463, 0.9469905217488607, 0.18608518529821325 ] ], "box": [ 0.8867291768391927, 0.17115184642650463, 0.9469905217488607, 0.18608518529821325 ], 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| 1,631 |\n| Equity compensation - related party | 540 | 815 |\n| Corporate depreciation and amortization | 19 | 18 |\n| (Reversal of) provision for credit losses, net | (967) | (1,717) |\n| Total operating expenses | 13,899 | 17,248 |\n| Other Income (Expense) | | |\n| Equity in earnings (losses) on unconsolidated subsidiaries | 245 | (492) |\n| Gain on sale of investment in real estate | 3,336 | \u2014 |\n| Other income | 23 | 84 |\n| Total other (expense) income | 3,604 | (408) |\n| Income (Loss) before Taxes | $ 7,529 | $ (654) |\n| Income tax expense | (1) | (76) |\n| Net Income (Loss) | $ 7,528 | $ (730) |\n| Net income allocated to preferred shares | (5,114) | (5,313) |\n| Net (income) loss allocable to non-controlling interest, net of taxes | (3,437) | 184 |\n| Net (Loss) Income Allocable to Common Shares | $ (1,023) | $ (5,859) |\n| Net (Loss) Income per Common Share \u2013 Basic | $ (0.16) | $ (0.80) |\n| Net (Loss) Income per Common Share \u2013 Diluted | $ (0.16) | $ (0.80) |\n| Weighted Average Number of Common Shares Outstanding - Basic | 6,558,864 | 7,362,236 |\n| Weighted Average Number of Common Shares Outstanding - Diluted | 6,558,864 | 7,362,236 |", "footnotes": [], "footnote_refs": [], "footnote_marks": [], "units": "(Unaudited, in thousands, except share and per share data)", "header_rows": 1, "page": 16, "bbox": [ 40.2, 80.1, 915.9, 503.7 ], "som_region": [ 0.04192500114440918, 0.06716664632161458, 0.9540591557820638, 0.8515888920536747 ], "content_region": [ 0.04192500114440918, 0.06716664632161458, 0.9540591557820638, 0.8404777809425636 ], "cell_grid": [ [ { "text": "CONSOLIDATED STATEMENTS OF OPERATIONS", "box": [ 0.04817500114440918, 0.07827777777777774, 0.3993060111999512, 0.13005553351508248 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.07827777777777774, 0.5761916666666667, 0.14464814814814816 ], "status": null, "note": null }, { "text": "", "box": [ 0.5761916666666667, 0.07827777777777774, 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"text": "", "box": [ 0.8608791666666666, 0.14464814814814816, 0.9498958333333334, 0.18064814814814817 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.048174999999999996, 0.18064814814814817, 0.41149010416666665, 0.20198148148148146 ], "status": null, "note": null }, { "text": "Mar. 31, 2026", "box": [ 0.5059479077657064, 0.18287037037037038, 0.5596854527791341, 0.19953703703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.5761916666666667, 0.18064814814814817, 0.7279281249999999, 0.20198148148148146 ], "status": null, "note": null }, { "text": "Mar. 31, 2025", "box": [ 0.7906458536783855, 0.18287037037037038, 0.8443833033243815, 0.19953703703703704 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.18064814814814817, 0.9498958333333334, 0.20198148148148146 ], "status": null, "note": null } ], [ { "text": "Revenues", "box": [ 0.05492500066757202, 0.20442595305266203, 0.09251875082651774, 0.2210926197193287 ], "status": null, 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0.3302592592592593 ], "status": null, "note": null }, { "text": "33", "box": [ 0.9378958384195963, 0.3112407543041088, 0.9473989486694336, 0.32790742097077547 ], "status": null, "note": null } ], [ { "text": "Total revenues", "box": [ 0.05492500066757202, 0.332611083984375, 0.11106249491373697, 0.34927775065104166 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.3302592592592593, 0.5761916666666667, 0.3516296296296296 ], "status": null, "note": null }, { "text": "17,824", "box": [ 0.6366041819254558, 0.332611083984375, 0.6627134958902995, 0.34927775065104166 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.3302592592592593, 0.8608791666666666, 0.3516296296296296 ], "status": null, "note": null }, { "text": "17,002", "box": [ 0.9212708155314128, 0.332611083984375, 0.9473801294962565, 0.34927775065104166 ], "status": null, "note": null } ], [ { "text": "Operating Expenses", "box": [ 0.05492500066757202, 0.35398147017867476, 0.13208123842875164, 0.3706481368453414 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.3516296296296296, 0.5761916666666667, 0.37296481481481486 ], "status": null, "note": null }, { "text": "", "box": [ 0.5761916666666667, 0.3516296296296296, 0.7279281249999999, 0.37296481481481486 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.3516296296296296, 0.8608791666666666, 0.37296481481481486 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.3516296296296296, 0.9498958333333334, 0.37296481481481486 ], "status": null, "note": null } ], [ { "text": "General and administrative", "box": [ 0.05492500066757202, 0.37528149640118635, 0.1582122008005778, 0.39199261135525176 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.37296481481481486, 0.5761916666666667, 0.39438888888888896 ], "status": null, "note": null }, { "text": "3,036", "box": [ 0.6413541793823242, 0.3753703929759838, 0.6627103805541992, 0.39203705964265045 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.37296481481481486, 0.8608791666666666, 0.39438888888888896 ], "status": null, "note": null }, { "text": "3,159", "box": [ 0.9260208129882812, 0.3753703929759838, 0.9473770141601563, 0.39203705964265045 ], "status": null, "note": null } ], [ { "text": "Real estate expenses", "box": [ 0.05492500066757202, 0.39674072265625, 0.13408748308817545, 0.41340738932291665 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.39438888888888896, 0.5761916666666667, 0.4157685185185185 ], "status": null, "note": null }, { "text": "9,710", "box": [ 0.6413541793823242, 0.39674072265625, 0.6627103805541992, 0.41340738932291665 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.39438888888888896, 0.8608791666666666, 0.4157685185185185 ], "status": null, "note": null }, { "text": "13,342", "box": [ 0.9212708155314128, 0.39674072265625, 0.9473801294962565, 0.41340738932291665 ], "status": null, "note": null } ], [ { "text": "Management fees - related party", "box": [ 0.05492500066757202, 0.418129645453559, 0.18068857192993165, 0.4347963121202257 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.4157685185185185, 0.5761916666666667, 0.43716666666666676 ], "status": null, "note": null }, { "text": "1,561", "box": [ 0.6413541793823242, 0.418129645453559, 0.6627103805541992, 0.4347963121202257 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.4157685185185185, 0.8608791666666666, 0.43716666666666676 ], "status": null, "note": null }, { "text": "1,631", "box": [ 0.9260208129882812, 0.418129645453559, 0.9473770141601563, 0.4347963121202257 ], "status": null, "note": null } ], [ { "text": "Equity compensation - related party", "box": [ 0.05492500066757202, 0.43953704833984375, 0.19181671142578124, 0.4562037150065104 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.43716666666666676, 0.5761916666666667, 0.4585648148148148 ], "status": null, "note": null }, { "text": "540", "box": [ 0.648479143778483, 0.43953704833984375, 0.6627322514851888, 0.4562037150065104 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.43716666666666676, 0.8608791666666666, 0.4585648148148148 ], "status": null, "note": null }, { "text": "815", "box": [ 0.9331458409627279, 0.43953704833984375, 0.9473989486694336, 0.4562037150065104 ], "status": null, "note": null } ], [ { "text": "Corporate depreciation and amortization", "box": [ 0.05492500066757202, 0.4609259146231192, 0.2111406644185384, 0.4775925812897859 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.4585648148148148, 0.5761916666666667, 0.47983333333333333 ], "status": null, "note": null }, { "text": "19", "box": [ 0.6532291412353516, 0.4609259146231192, 0.6627322514851888, 0.4775925812897859 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.4585648148148148, 0.8608791666666666, 0.47983333333333333 ], "status": null, "note": null }, { "text": "18", "box": [ 0.9378958384195963, 0.4609259146231192, 0.9473989486694336, 0.4775925812897859 ], "status": null, "note": null } ], [ { "text": "(Reversal of) provision for credit losses, net", "box": [ 0.05492500066757202, 0.48207408763744214, 0.21955939928690593, 0.4987407543041088 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.47983333333333333, 0.5761916666666667, 0.5013425925925926 ], "status": null, "note": null }, { "text": "(967)", "box": [ 0.6427291870117188, 0.482296300817419, 0.6626978556315104, 0.49896296748408564 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.47983333333333333, 0.8608791666666666, 0.5013425925925926 ], "status": null, "note": null }, { "text": "(1,717)", "box": [ 0.9202708562215169, 0.482296300817419, 0.9473363876342773, 0.49896296748408564 ], "status": null, "note": null } ], [ { "text": "Total operating expenses", "box": [ 0.05492500066757202, 0.503722240306713, 0.15016560554504393, 0.5203889069733796 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5013425925925926, 0.5761916666666667, 0.5227222222222222 ], "status": null, "note": null }, { "text": "13,899", "box": [ 0.6366041819254558, 0.503722240306713, 0.6627134958902995, 0.5203889069733796 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5013425925925926, 0.8608791666666666, 0.5227222222222222 ], "status": null, "note": null }, { "text": "17,248", "box": [ 0.9212708155314128, 0.503722240306713, 0.9473801294962565, 0.5203889069733796 ], "status": null, "note": null } ], [ { "text": "Other Income (Expense)", "box": [ 0.05492500066757202, 0.5250555532949942, 0.14864686330159504, 0.5417222199616609 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5227222222222222, 0.5761916666666667, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.5761916666666667, 0.5227222222222222, 0.7279281249999999, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5227222222222222, 0.8608791666666666, 0.5439444444444445 ], "status": null, "note": null }, { "text": "", "box": [ 0.8608791666666666, 0.5227222222222222, 0.9498958333333334, 0.5439444444444445 ], "status": null, "note": null } ], [ { "text": "Equity in earnings (losses) on unconsolidated subsidiaries", "box": [ 0.05492500066757202, 0.5463888662832754, 0.27276261647542316, 0.5630555329499422 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5439444444444445, 0.5761916666666667, 0.5652777777777778 ], "status": null, "note": null }, { "text": "245", "box": [ 0.6488229115804036, 0.5461666531032986, 0.6630760192871094, 0.5628333197699653 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5439444444444445, 0.8608791666666666, 0.5652777777777778 ], "status": null, "note": null }, { "text": "(492)", "box": [ 0.9277708053588867, 0.5461666531032986, 0.9477394739786784, 0.5628333197699653 ], "status": null, "note": null } ], [ { "text": "Gain on sale of investment in real estate", "box": [ 0.05492500066757202, 0.567688892505787, 0.20832362174987792, 0.5844000357168692 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5652777777777778, 0.5761916666666667, 0.5866166666666667 ], "status": null, "note": null }, { "text": "3,336", "box": [ 0.6416979471842448, 0.5675000226056134, 0.6630541483561198, 0.5841666892722801 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5652777777777778, 0.8608791666666666, 0.5866166666666667 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.9392708460489909, 0.5675000226056134, 0.947755241394043, 0.5841666892722801 ], "status": null, "note": null } ], [ { "text": "Other income", "box": [ 0.05492500066757202, 0.5890925654658565, 0.10742499033610026, 0.6057592321325231 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.5866166666666667, 0.5761916666666667, 0.6079462962962963 ], "status": null, "note": null }, { "text": "23", "box": [ 0.6535729090372722, 0.5888333355938947, 0.6630760192871094, 0.6055000022605613 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.5866166666666667, 0.8608791666666666, 0.6079462962962963 ], "status": null, "note": null }, { "text": "84", "box": [ 0.9382708231608073, 0.5888333355938947, 0.9477739334106445, 0.6055000022605613 ], "status": null, "note": null } ], [ { "text": "Total other (expense) income", "box": [ 0.05492500066757202, 0.6104259349681713, 0.16688122749328613, 0.6270926016348379 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6079462962962963, 0.5761916666666667, 0.6293148148148148 ], "status": null, "note": null }, { "text": "3,604", "box": [ 0.6416979471842448, 0.6101333053023726, 0.6631112416585286, 0.6268444485134549 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6079462962962963, 0.8608791666666666, 0.6293148148148148 ], "status": null, "note": null }, { "text": "(408)", "box": [ 0.9277708053588867, 0.6101333053023726, 0.9477646509806316, 0.6268444485134549 ], "status": null, "note": null } ], [ { "text": "Income (Loss) before Taxes", "box": [ 0.05492500066757202, 0.6317592479564526, 0.16022499402364096, 0.6484259146231192 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6293148148148148, 0.5761916666666667, 0.6506481481481482 ], "status": null, "note": null }, { "text": "$ 7,529", "box": [ 0.5933229446411132, 0.6315370347764757, 0.6630915959676107, 0.6482037014431423 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6293148148148148, 0.8608791666666666, 0.6506481481481482 ], "status": null, "note": null }, { "text": "$ (654)", "box": [ 0.8793750127156575, 0.6315370347764757, 0.9477280298868815, 0.6482037014431423 ], "status": null, "note": null } ], [ { "text": "Income tax expense", "box": [ 0.05492500066757202, 0.6530925609447338, 0.13031875292460124, 0.6697592276114005 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6506481481481482, 0.5761916666666667, 0.6719814814814815 ], "status": null, "note": null }, { "text": "(1)", "box": [ 0.6525728861490886, 0.6528703477647569, 0.6630353291829427, 0.6695370144314237 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6506481481481482, 0.8608791666666666, 0.6719814814814815 ], "status": null, "note": null }, { "text": "(76)", "box": [ 0.9325208028157552, 0.6528703477647569, 0.9477363586425781, 0.6695370144314237 ], "status": null, "note": null } ], [ { "text": "Net Income (Loss)", "box": [ 0.05492500066757202, 0.6744259304470486, 0.12429063320159912, 0.6910925971137153 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6719814814814815, 0.5761916666666667, 0.6933148148148148 ], "status": null, "note": null }, { "text": "$ 7,528", "box": [ 0.5931978861490885, 0.6742037172670717, 0.6630883534749349, 0.6908703839337385 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6719814814814815, 0.8608791666666666, 0.6933148148148148 ], "status": null, "note": null }, { "text": "$ (730)", "box": [ 0.8792500178019206, 0.6742037172670717, 0.947734260559082, 0.6908703839337385 ], "status": null, "note": null } ], [ { "text": "Net income allocated to preferred shares", "box": [ 0.05492500066757202, 0.6957592999493635, 0.21139373779296874, 0.7124259666160301 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.6933148148148148, 0.5761916666666667, 0.7146481481481481 ], "status": null, "note": null }, { "text": "(5,114)", "box": [ 0.6359479268391927, 0.695537030255353, 0.6630134582519531, 0.7122036969220197 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.6933148148148148, 0.8608791666666666, 0.7146481481481481 ], "status": null, "note": null }, { "text": "(5,313)", "box": [ 0.9206458409627278, 0.695537030255353, 0.9477113723754883, 0.7122036969220197 ], "status": null, "note": null } ], [ { "text": "Net (income) loss allocable to non-controlling interest, net of taxes", "box": [ 0.05492500066757202, 0.7170925564236111, 0.3093011220296224, 0.7337592230902777 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.7146481481481481, 0.5761916666666667, 0.7359814814814815 ], "status": null, "note": null }, { "text": "(3,437)", "box": [ 0.6359479268391927, 0.7168703432436343, 0.6630134582519531, 0.7335370099103009 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.7146481481481481, 0.8608791666666666, 0.7359814814814815 ], "status": null, "note": null }, { "text": "184", "box": [ 0.9335208257039388, 0.7168703432436343, 0.9477739334106445, 0.7335370099103009 ], "status": null, "note": null } ], [ { "text": "Net (Loss) Income Allocable to Common Shares", "box": [ 0.05492500066757202, 0.7384259259259259, 0.23857185045878093, 0.7550925925925925 ], "status": null, "note": null }, { "text": "", "box": [ 0.41149010416666665, 0.7359814814814815, 0.5761916666666667, 0.7573148148148148 ], "status": null, "note": null }, { "text": "$ (1,023)", "box": [ 0.5938229242960612, 0.7382037127459491, 0.6630290349324545, 0.7548703794126157 ], "status": null, "note": null }, { "text": "", "box": [ 0.7279281249999999, 0.7359814814814815, 0.8608791666666666, 0.7573148148148148 ], "status": null, "note": null }, { "text": "$ (5,859)", "box": [ 0.8784999847412109, 0.7382037127459491, 0.9477060953776042, 0.7548703794126157 ], "status": null, "note": null } ], [ { "text": "Net (Loss) Income per Common Share 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"Management fees - related party", "box": [ 0.05492500066757202, 0.418129645453559, 0.18068857192993165, 0.4347963121202257 ], "status": "reconciled", "note": null }, { "text": "1,561", "box": [ 0.6413541793823242, 0.418129645453559, 0.6627103805541992, 0.4347963121202257 ], "status": "reconciled", "note": null }, { "text": "1,631", "box": [ 0.9260208129882812, 0.418129645453559, 0.9473770141601563, 0.4347963121202257 ], "status": "reconciled", "note": null } ], [ { "text": "Equity compensation - related party", "box": [ 0.05492500066757202, 0.43953704833984375, 0.19181671142578124, 0.4562037150065104 ], "status": "reconciled", "note": null }, { "text": "540", "box": [ 0.648479143778483, 0.43953704833984375, 0.6627322514851888, 0.4562037150065104 ], "status": "reconciled", "note": null }, { "text": "815", "box": [ 0.9331458409627279, 0.43953704833984375, 0.9473989486694336, 0.4562037150065104 ], "status": "reconciled", "note": null } ], [ { "text": "Corporate depreciation and amortization", "box": [ 0.05492500066757202, 0.4609259146231192, 0.2111406644185384, 0.4775925812897859 ], "status": "reconciled", "note": null }, { "text": "19", "box": [ 0.6532291412353516, 0.4609259146231192, 0.6627322514851888, 0.4775925812897859 ], "status": "reconciled", "note": null }, { "text": "18", "box": [ 0.9378958384195963, 0.4609259146231192, 0.9473989486694336, 0.4775925812897859 ], "status": "reconciled", "note": null } ], [ { "text": "(Reversal of) provision for credit losses, net", "box": [ 0.05492500066757202, 0.48207408763744214, 0.21955939928690593, 0.4987407543041088 ], "status": "reconciled", "note": null }, { "text": "(967)", "box": [ 0.6427291870117188, 0.482296300817419, 0.6626978556315104, 0.49896296748408564 ], "status": "reconciled", "note": null }, { "text": "(1,717)", "box": [ 0.9202708562215169, 0.482296300817419, 0.9473363876342773, 0.49896296748408564 ], "status": "reconciled", "note": null } ], [ { "text": "Total operating expenses", "box": [ 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0.6630760192871094, 0.5628333197699653 ], "status": "reconciled", "note": null }, { "text": "(492)", "box": [ 0.9277708053588867, 0.5461666531032986, 0.9477394739786784, 0.5628333197699653 ], "status": "reconciled", "note": null } ], [ { "text": "Gain on sale of investment in real estate", "box": [ 0.05492500066757202, 0.567688892505787, 0.20832362174987792, 0.5844000357168692 ], "status": "reconciled", "note": null }, { "text": "3,336", "box": [ 0.6416979471842448, 0.5675000226056134, 0.6630541483561198, 0.5841666892722801 ], "status": "reconciled", "note": null }, { "text": "\u2014", "box": [ 0.9392708460489909, 0.5675000226056134, 0.947755241394043, 0.5841666892722801 ], "status": "reconciled", "note": null } ], [ { "text": "Other income", "box": [ 0.05492500066757202, 0.5890925654658565, 0.10742499033610026, 0.6057592321325231 ], "status": "reconciled", "note": null }, { "text": "23", "box": [ 0.6535729090372722, 0.5888333355938947, 0.6630760192871094, 0.6055000022605613 ], 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"text": "$ (654)", "box": [ 0.8793750127156575, 0.6315370347764757, 0.9477280298868815, 0.6482037014431423 ], "status": "reconciled", "note": null } ], [ { "text": "Income tax expense", "box": [ 0.05492500066757202, 0.6530925609447338, 0.13031875292460124, 0.6697592276114005 ], "status": "reconciled", "note": null }, { "text": "(1)", "box": [ 0.6525728861490886, 0.6528703477647569, 0.6630353291829427, 0.6695370144314237 ], "status": "reconciled", "note": null }, { "text": "(76)", "box": [ 0.9325208028157552, 0.6528703477647569, 0.9477363586425781, 0.6695370144314237 ], "status": "reconciled", "note": null } ], [ { "text": "Net Income (Loss)", "box": [ 0.05492500066757202, 0.6744259304470486, 0.12429063320159912, 0.6910925971137153 ], "status": "reconciled", "note": null }, { "text": "$ 7,528", "box": [ 0.5931978861490885, 0.6742037172670717, 0.6630883534749349, 0.6908703839337385 ], "status": "reconciled", "note": null }, { "text": "$ (730)", "box": [ 0.8792500178019206, 0.6742037172670717, 0.947734260559082, 0.6908703839337385 ], "status": "reconciled", "note": null } ], [ { "text": "Net income allocated to preferred shares", "box": [ 0.05492500066757202, 0.6957592999493635, 0.21139373779296874, 0.7124259666160301 ], "status": "reconciled", "note": null }, { "text": "(5,114)", "box": [ 0.6359479268391927, 0.695537030255353, 0.6630134582519531, 0.7122036969220197 ], "status": "reconciled", "note": null }, { "text": "(5,313)", "box": [ 0.9206458409627278, 0.695537030255353, 0.9477113723754883, 0.7122036969220197 ], "status": "reconciled", "note": null } ], [ { "text": "Net (income) loss allocable to non-controlling interest, net of taxes", "box": [ 0.05492500066757202, 0.7170925564236111, 0.3093011220296224, 0.7337592230902777 ], "status": "reconciled", "note": null }, { "text": "(3,437)", "box": [ 0.6359479268391927, 0.7168703432436343, 0.6630134582519531, 0.7335370099103009 ], "status": "reconciled", "note": null }, { "text": "184", "box": [ 0.9335208257039388, 0.7168703432436343, 0.9477739334106445, 0.7335370099103009 ], "status": "reconciled", "note": null } ], [ { "text": "Net (Loss) Income Allocable to Common Shares", "box": [ 0.05492500066757202, 0.7384259259259259, 0.23857185045878093, 0.7550925925925925 ], "status": "reconciled", "note": null }, { "text": "$ (1,023)", "box": [ 0.5938229242960612, 0.7382037127459491, 0.6630290349324545, 0.7548703794126157 ], "status": "reconciled", "note": null }, { "text": "$ (5,859)", "box": [ 0.8784999847412109, 0.7382037127459491, 0.9477060953776042, 0.7548703794126157 ], "status": "reconciled", "note": null } ], [ { "text": "Net (Loss) Income per Common Share \u2013 Basic", "box": [ 0.05492500066757202, 0.7597592389142072, 0.23023853302001954, 0.7764259055808739 ], "status": "reconciled", "note": null }, { "text": "$ (0.16)", "box": [ 0.5944478988647461, 0.7595370257342303, 0.6630446751912434, 0.776203692400897 ], "status": "reconciled", "note": null }, { "text": "$ (0.80)", "box": [ 0.8791250228881836, 0.7595370257342303, 0.947721799214681, 0.776203692400897 ], "status": "reconciled", "note": null } ], [ { "text": "Net (Loss) Income per Common Share \u2013 Diluted", "box": [ 0.05492500066757202, 0.781092608416522, 0.23884483973185222, 0.7977592750831887 ], "status": "reconciled", "note": null }, { "text": "$ (0.16)", "box": [ 0.5944478988647461, 0.7808703387225115, 0.6630446751912434, 0.7975370053891783 ], "status": "reconciled", "note": null }, { "text": "$ (0.80)", "box": [ 0.8791250228881836, 0.7808703387225115, 0.947721799214681, 0.7975370053891783 ], "status": "reconciled", "note": null } ], [ { "text": "Weighted Average Number of Common Shares Outstanding - Basic", "box": [ 0.05492500066757202, 0.802399981463397, 0.3088337580362956, 0.8191111246744792 ], "status": "reconciled", "note": null }, { "text": "6,558,864", "box": [ 0.6251979192097982, 0.8022037082248263, 0.6630634943644206, 0.8188703748914931 ], "status": "reconciled", "note": null }, { 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"EARNINGS AVAILABLE FOR DISTRIBUTION", "subtitle": "", "markdown": "| (Unaudited, in thousands, except share and per share data) | For the Three Months Ended Mar. 31, 2026 | For the Three Months Ended Mar. 31, 2025 |\n| --- | --- | --- |\n| Net Loss Allocable to Common Shares \u2013 GAAP | $ (1,023) | $ (5,859) |\n| Realized gain on sale of investment in real estate | (3,336) | \u2014 |\n| Net loss allocable to common shares - GAAP, adjusted | $ (4,359) | $ (5,859) |\n| Reconciling Items from Continuing Operations: | | |\n| Non-cash equity compensation expense | 540 | 815 |\n| Non-cash reversal of CRE credit losses 2 | (554) | (1,717) |\n| Realized net gain (loss) on core activities | 3,336 | (700) |\n| Real estate depreciation and amortization | 1,170 | 1,155 |\n| Earnings (Loss) Available for Distribution Allocable to Common Shares 1 | $ 133 | $ (6,306) |\n| Earnings (Loss) Available for Distribution per Common Share \u2013 Diluted 1 | $ 0.02 | $ (0.86) |\n| Weighted Average Number of Common Shares Outstanding - Diluted on EAD Allocable to Common Shares | 6,839,819 | 7,362,236 |", "footnotes": [ { "marker": "1", "text": "See page 20 for additional information on these non- GAAP financial measures" }, { "marker": "2", "text": "Amount presented is net of the amount allocable to the non-controlling interest" } ], "footnote_refs": [ "1", "2" ], "footnote_marks": [ { "marker": "2", "row": 6, "col": 0, "kind": "footnote", "scope": "cell" }, { "marker": "1", "row": 9, "col": 0, "kind": "footnote", "scope": "cell" }, { "marker": "1", "row": 10, "col": 0, "kind": "footnote", "scope": "cell" } ], "units": "(Unaudited, in thousands, except share and per share data)", "header_rows": 1, "page": 17, "bbox": [ 40.2, 15.6, 938.0, 453.7 ], "som_region": [ 0.04192500114440918, 0.15977777551721645, 0.9770674387613932, 0.9710666232638888 ], "content_region": [ 0.04192500114440918, 0.15977777551721645, 0.9770674387613932, 0.9437555383752894 ], "cell_grid": [ [ { "text": "", "box": [ 0.048174999999999996, 0.17088888888888895, 0.5407593333333334, 0.19525 ], "status": null, "note": null }, { "text": "The following table provides a reconciliation from GAAP net income (loss) allocable to common shares to Earnings Available for", "box": [ 0.5481279373168946, 0.17088888888888895, 0.6488364537556967, 0.191333332768193 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.17088888888888895, 0.780802, 0.19525 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.17088888888888895, 0.8950876333333333, 0.19525 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.17088888888888895, 0.9731248333333333, 0.19525 ], "status": null, "note": null } ], [ { "text": "Distribution allocable to common shares, a non-GAAP measure, for the periods presented 1:", "box": [ 0.05912499825159709, 0.19916668644657842, 0.48513406117757163, 0.2206666593198423 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.19525, 0.6497438833333333, 0.24419444444444446 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.19525, 0.780802, 0.24419444444444446 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.19525, 0.8950876333333333, 0.24419444444444446 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.19525, 0.9731248333333333, 0.24419444444444446 ], "status": null, "note": null } ], [ { "text": "(Unaudited, in thousands, except share and per share data)", "box": [ 0.04817500114440918, 0.2677222357855903, 0.3039706230163574, 0.2861666926631221 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.24419444444444446, 0.6497438833333333, 0.2934833333333333 ], "status": null, "note": null }, { "text": "For the Three Months Ended", "box": [ 0.6745000203450521, 0.2677222357855903, 0.7979105631510417, 0.2861666926631221 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.24419444444444446, 0.8950876333333333, 0.2934833333333333 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.24419444444444446, 0.9731248333333333, 0.2934833333333333 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.048174999999999996, 0.2934833333333333, 0.5407593333333334, 0.32663518518518514 ], "status": null, "note": null }, { "text": "Mar. 31, 2026", "box": [ 0.5857500076293946, 0.3008000126591435, 0.645383644104004, 0.3192889178240741 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.2934833333333333, 0.780802, 0.32663518518518514 ], "status": null, "note": null }, { "text": "Mar. 31, 2025", "box": [ 0.8301458358764648, 0.3008000126591435, 0.8897794723510742, 0.3192889178240741 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.2934833333333333, 0.9731248333333333, 0.32663518518518514 ], "status": null, "note": null } ], [ { "text": "Net Loss Allocable to Common Shares \u2013 GAAP", "box": [ 0.04817500114440918, 0.3339814927842882, 0.24546356201171876, 0.35242594966182 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.32663518518518514, 0.6497438833333333, 0.3603148148148148 ], "status": null, "note": null }, { "text": "$ (1,023)", "box": [ 0.6541041692097982, 0.3339814927842882, 0.7291158676147461, 0.35242594966182 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.32663518518518514, 0.8950876333333333, 0.3603148148148148 ], "status": null, "note": null }, { "text": "$ (5,859)", "box": [ 0.9003958384195964, 0.3339814927842882, 0.9707802454630534, 0.35242594966182 ], "status": null, "note": null } ], [ { "text": "Realized gain on sale of investment in real estate", "box": [ 0.05517499844233195, 0.3682036788375289, 0.2609424114227295, 0.38664813571506074 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.3603148148148148, 0.6497438833333333, 0.39453703703703696 ], "status": null, "note": null }, { "text": "(3,336)", "box": [ 0.6992291768391927, 0.3682036788375289, 0.7291507720947266, 0.38664813571506074 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.3603148148148148, 0.8950876333333333, 0.39453703703703696 ], "status": null, "note": null }, { "text": "\u2014", "box": [ 0.9613958358764648, 0.3682036788375289, 0.9707852045694987, 0.38664813571506074 ], "status": null, "note": null } ], [ { "text": "Net loss allocable to common shares - GAAP, adjusted", "box": [ 0.05517499844233195, 0.40242592140480327, 0.2882189432779948, 0.4208703782823351 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.39453703703703696, 0.6497438833333333, 0.44489814814814815 ], "status": null, "note": null }, { "text": "$ (4,359)", "box": [ 0.6541041692097982, 0.40242592140480327, 0.7291158676147461, 0.4208703782823351 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.39453703703703696, 0.8950876333333333, 0.44489814814814815 ], "status": null, "note": null }, { "text": "$ (5,859)", "box": [ 0.9003958384195964, 0.40242592140480327, 0.9707802454630534, 0.4208703782823351 ], "status": null, "note": null } ], [ { "text": "Reconciling Items from Continuing Operations:", "box": [ 0.055675001939137776, 0.46892592818648726, 0.2575620810190837, 0.4873703568070023 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.44489814814814815, 0.6497438833333333, 0.4951481481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.44489814814814815, 0.780802, 0.4951481481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.44489814814814815, 0.8950876333333333, 0.4951481481481481 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.44489814814814815, 0.9731248333333333, 0.4951481481481481 ], "status": null, "note": null } ], [ { "text": "Non-cash equity compensation expense", "box": [ 0.055675001939137776, 0.5031481707537616, 0.22412830988566082, 0.5215925993742766 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.4951481481481481, 0.6497438833333333, 0.5260370370370371 ], "status": null, "note": null }, { "text": "540", "box": [ 0.7133541742960612, 0.5029259010597512, 0.729114278157552, 0.5213703296802662 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.4951481481481481, 0.8950876333333333, 0.5260370370370371 ], "status": null, "note": null }, { "text": "815", "box": [ 0.9550208409627279, 0.5029259010597512, 0.9707809448242187, 0.5213703296802662 ], "status": null, "note": null } ], [ { "text": "2", "box": [ 0.21532292366027833, 0.530481465657552, 0.21887192726135254, 0.5429259123625578 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.5260370370370371, 0.6497438833333333, 0.5400092592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.5260370370370371, 0.780802, 0.5400092592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.5260370370370371, 0.8950876333333333, 0.5400092592592592 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.5260370370370371, 0.9731248333333333, 0.5400092592592592 ], "status": null, "note": null } ], [ { "text": "Non-cash reversal of CRE credit losses", "box": [ 0.055675001939137776, 0.5373148035120081, 0.2153199036916097, 0.5557592321325231 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.5400092592592592, 0.6497438833333333, 0.5635370370370371 ], "status": null, "note": null }, { "text": "(554)", "box": [ 0.7071041742960612, 0.5370925903320313, 0.7290971755981446, 0.5555370189525463 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.5400092592592592, 0.8950876333333333, 0.5635370370370371 ], "status": null, "note": null }, { "text": "(1,717)", "box": [ 0.9408958435058594, 0.5370925903320313, 0.9708174387613933, 0.5555370189525463 ], "status": null, "note": null } ], [ { "text": "Realized net gain (loss) on core activities", "box": [ 0.055675001939137776, 0.5715370460792825, 0.22600138982137044, 0.5899814746997974 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.5635370370370371, 0.6497438833333333, 0.5977592592592593 ], "status": null, "note": null }, { "text": "3,336", "box": [ 0.7054791768391927, 0.571314776385272, 0.729113515218099, 0.589759205005787 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.5635370370370371, 0.8950876333333333, 0.5977592592592593 ], "status": null, "note": null }, { "text": "(700)", "box": [ 0.9487708409627279, 0.571314776385272, 0.9707638422648112, 0.589759205005787 ], "status": null, "note": null } ], [ { "text": "Real estate depreciation and amortization", "box": [ 0.055675001939137776, 0.6057592886465567, 0.23297343254089356, 0.6242037172670718 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.5977592592592593, 0.6497438833333333, 0.6479259259259259 ], "status": null, "note": null }, { "text": "1,170", "box": [ 0.7054791768391927, 0.6055370754665799, 0.729113515218099, 0.623981504087095 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.5977592592592593, 0.8950876333333333, 0.6479259259259259 ], "status": null, "note": null }, { "text": "1,155", "box": [ 0.9471458435058594, 0.6055370754665799, 0.9707801818847657, 0.623981504087095 ], "status": null, "note": null } ], [ { "text": "Earnings (Loss) Available for Distribution Allocable to Common Shares 1", "box": [ 0.04817500114440918, 0.6716480961552372, 0.35565315882364906, 0.6902592411747686 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.6479259259259259, 0.6497438833333333, 0.6980648148148149 ], "status": null, "note": null }, { "text": "$ 133", "box": [ 0.6634791692097982, 0.6718148125542535, 0.7290704091389973, 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measures", "box": [ 0.08870000044504801, 0.9144777651186342, 0.32497243881225585, 0.9281999941225405 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.8440537037037037, 0.6497438833333333, 0.9291166666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.6497438833333333, 0.8440537037037037, 0.780802, 0.9291166666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.780802, 0.8440537037037037, 0.8950876333333333, 0.9291166666666667 ], "status": null, "note": null }, { "text": "", "box": [ 0.8950876333333333, 0.8440537037037037, 0.9731248333333333, 0.9291166666666667 ], "status": null, "note": null } ], [ { "text": "2 Amount presented is net of the amount allocable to the non-controlling interest", "box": [ 0.08870000044504801, 0.9300333093713831, 0.33011070887247723, 0.9437555383752894 ], "status": null, "note": null }, { "text": "", "box": [ 0.5407593333333334, 0.9291166666666667, 0.6497438833333333, 0.9407444444444445 ], 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"box": [ 0.9377291361490886, 0.9392333419234664, 0.948239262898763, 0.9576777705439815 ], "status": null, "note": null } ] ], "corrected_grid": [ [ { "text": "(Unaudited, in thousands, except share and per share data)", "box": [ 0.04817500114440918, 0.2677222357855903, 0.3039706230163574, 0.2861666926631221 ], "status": "reconciled", "note": null }, { "text": "For the Three Months Ended Mar. 31, 2026", "box": [ 0.5857500076293946, 0.2677222357855903, 0.7979105631510417, 0.3192889178240741 ], "status": "reconciled", "note": null }, { "text": "For the Three Months Ended Mar. 31, 2025", "box": [ 0.6745000203450521, 0.2677222357855903, 0.8897794723510742, 0.3192889178240741 ], "status": "reconciled", "note": null } ], [ { "text": "Net Loss Allocable to Common Shares \u2013 GAAP", "box": [ 0.04817500114440918, 0.3339814927842882, 0.24546356201171876, 0.35242594966182 ], "status": "reconciled", "note": null }, { "text": "$ (1,023)", "box": [ 0.6541041692097982, 0.3339814927842882, 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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": 21, "bbox": [ 47.3, 54.3, 911.3, 312.7 ], "som_region": [ 0.04929999907811483, 0.42083333333333334, 0.9492798487345377, 0.8994555438006365 ], "content_region": [ 0.04929999907811483, 0.42083333333333334, 0.9492798487345377, 0.8883444326895255 ], "cell_grid": [ [ { "text": "Rating 1:", "box": [ 0.05554999907811483, 0.43194444444444446, 0.09377150535583496, 0.4503889013219763 ], "status": null, "note": null }, { "text": "", "box": [ 0.11831283333333334, 0.43194444444444446, 0.9453749583333333, 0.4435 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.4435, 0.11831283333333334, 0.4668518518518519 ], "status": null, "note": null }, { "text": "Property performance has surpassed underwritten expectations", "box": [ 0.1428541660308838, 0.43661109076605903, 0.4134549458821615, 0.45505554764359085 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.4668518518518519, 0.11831283333333334, 0.5065648148148147 ], "status": null, "note": null }, { "text": "Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix", "box": [ 0.1428541660308838, 0.4786481504087095, 0.7564732869466145, 0.49709257902922455 ], "status": null, "note": null } ], [ { "text": "Rating 2:", "box": [ 0.05554999907811483, 0.5160370438187211, 0.09377150535583496, 0.5344814724392362 ], "status": null, "note": null }, { "text": "", "box": [ 0.11831283333333334, 0.5065648148148147, 0.9453749583333333, 0.5275648148148148 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.5275648148148148, 0.11831283333333334, 0.5508981481481482 ], "status": null, "note": null }, { "text": "Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded", "box": [ 0.1428541660308838, 0.5206481368453414, 0.7152489344278972, 0.5390925654658565 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.5508981481481482, 0.11831283333333334, 0.5906111111111111 ], "status": null, "note": null }, { "text": "Occupancy is stabilized, near stabilized or is on track with underwriting", "box": [ 0.1428541660308838, 0.5627037330910012, 0.4415090243021647, 0.5811481617115162 ], "status": null, "note": null } ], [ { "text": "Rating 3:", "box": [ 0.05554999907811483, 0.6000740898980035, 0.09377150535583496, 0.6185185185185185 ], "status": null, "note": null }, { "text": "", "box": [ 0.11831283333333334, 0.5906111111111111, 0.9453749583333333, 0.6116296296296296 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.6116296296296296, 0.11831283333333334, 0.6349907407407407 ], "status": null, "note": null }, { "text": "Property performance lags behind underwritten expectations", "box": [ 0.1428541660308838, 0.6047407362196181, 0.40244709650675453, 0.6231851648401331 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.6349907407407407, 0.11831283333333334, 0.6747037037037038 ], "status": null, "note": null }, { "text": "Occupancy is not stabilized and the property has some tenancy rollover", "box": [ 0.1428541660308838, 0.6467962759512442, 0.4440924326578776, 0.6652407045717592 ], "status": null, "note": null } ], [ { "text": "Rating 4:", "box": [ 0.05554999907811483, 0.6841666327582465, 0.09377150535583496, 0.7026110613787616 ], "status": null, "note": null }, { "text": "", "box": [ 0.11831283333333334, 0.6747037037037038, 0.9453749583333333, 0.6957222222222222 ], "status": null, "note": null } ], [ { "text": "", "box": [ 0.05555, 0.6957222222222222, 0.11831283333333334, 0.7190740740740741 ], "status": null, "note": null }, { "text": "Property performance significantly lags behind underwritten expectations. 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