{ "summary": { "value_questions": 48, "value_questions_with_retrieval_hit": 47, "prose_controls": 16, "arms": { "baseline": { "value_exact_as_printed": 0, "value_numeric_match": 0, "found_gold_anywhere": 46, "returned_a_value_field": 0, "prose_leak": 47, "shape_correct_on_values": 0, "shape_correct_on_prose": 16, "cites_any": 47, "errors": 0, "mean_seconds": 3.01 }, "fixed": { "value_exact_as_printed": 45, "value_numeric_match": 47, "found_gold_anywhere": 47, "returned_a_value_field": 47, "prose_leak": 0, "shape_correct_on_values": 47, "shape_correct_on_prose": 14, "cites_any": 47, "errors": 0, "mean_seconds": 3.33 }, "planned": { "value_exact_as_printed": 37, "value_numeric_match": 46, "found_gold_anywhere": 46, "returned_a_value_field": 46, "prose_leak": 0, "shape_correct_on_values": 47, "shape_correct_on_prose": 15, "cites_any": 46, "errors": 0, "mean_seconds": 9.9 }, "declared": { "value_exact_as_printed": 44, "value_numeric_match": 47, "found_gold_anywhere": 47, "returned_a_value_field": 47, "prose_leak": 0, "shape_correct_on_values": 47, "shape_correct_on_prose": 16, "cites_any": 47, "errors": 0, "mean_seconds": 3.33 } } }, "rows": [ { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "Find Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders: Net Income (Loss) Attributable to Common Stockholders. Return three months ended March 31, 2025 value.", "gold_value": "$ (10,550)", "gold_cell_id": "t2-1-5", "chunk_id": "#/tables/2", "page": 3, "unit": "$ in thousands", "period": "Three Months Ended March 31, 2025", "style": "terse", "uniqueness_note": "The Non-GAAP reconciliation table is the only table in the document reporting net income (loss) attributable to common stockholders, and it carries three period columns; naming the three months ended March 31, 2025 selects the single dollar-amount cell in that column's Net Income (Loss) row, distinct from the per diluted share column beside it.", "occurrences_in_document": 1, "retrieved_pages": [ 1, 2, 3, 5 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Net Income (Loss) Attributable to Common Stockholders for the three months ended March 31, 2025 was $(10,550) thousand, or $(0.15) per diluted share.", "cited_ids": [ "t2-1-5", "t2-1-6" ], "seconds": 2.57, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-1-5", "#/tables/2" ], "value": "$ (10,550)", "source_id": "t2-1-5", "seconds": 3.0, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_income_loss_attributable_to_common_stockholders_three_months_ended_march_31_2025", "type": "string", "description": "Net Income (Loss) Attributable to Common Stockholders for the three months ended March 31, 2025, as reported in the Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ (10,550)", "cited_ids": [ "t2-1-5" ], "fields": { "net_income_loss_attributable_to_common_stockholders_three_months_ended_march_31_2025": "$ (10,550)", "cited_ids": [ "t2-1-5" ], "not_found": null }, "seconds": 5.31, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ (10,550)", "unit": "$ in thousands", "period": "Three Months Ended March 31, 2025", "cited_ids": [ "t2-1-5" ], "not_found": null, "seconds": 3.51, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "In the reconciliation of Distributable Earnings to net income attributable to common stockholders, what were the diluted weighted average common shares outstanding for the three months ended March 31, 2026?", "gold_value": "64,673,125", "gold_cell_id": "t2-12-1", "chunk_id": "#/tables/2", "page": 3, "unit": "shares", "period": "Three Months Ended March 31, 2026", "style": "natural", "uniqueness_note": "Diluted weighted average common shares outstanding appears only in the Non-GAAP reconciliation table, on one row with three period columns; specifying the three months ended March 31, 2026 picks a single share count that is different from the December 31, 2025 and March 31, 2025 figures.", "occurrences_in_document": 1, "retrieved_pages": [ 1, 2, 3, 5 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The diluted weighted average common shares outstanding for the three months ended March 31, 2026 were 64,673,125.", "cited_ids": [ "t2-12-1" ], "seconds": 6.41, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-12-1" ], "value": "64,673,125", "source_id": "t2-12-1", "seconds": 5.07, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "diluted_weighted_average_common_shares_outstanding", "type": "number", "description": "The diluted weighted average common shares outstanding for the three months ended March 31, 2026, as reported in the reconciliation of Distributable Earnings to net income attributable to common stockholders.", "required": true } ] }, "shape": "value", "value": "64673125.0", "cited_ids": [ "t2-12-1" ], "fields": { "diluted_weighted_average_common_shares_outstanding": 64673125.0, "cited_ids": [ "t2-12-1" ], "not_found": null }, "seconds": 4.86, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "64,673,125", "unit": "diluted weighted average common shares outstanding", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t2-12-1" ], "not_found": null, "seconds": 5.74, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "Find Non-GAAP reconciliation: Distributable Earnings (Loss) per diluted share. Return three months ended March 31, 2026 value.", "gold_value": "$ (0.06)", "gold_cell_id": "t2-11-2", "chunk_id": "#/tables/2", "page": 3, "unit": "$ per diluted share", "period": "Three Months Ended March 31, 2026", "style": "terse", "uniqueness_note": "Only the Non-GAAP reconciliation table reports Distributable Earnings (Loss), and the per diluted share column for the three months ended March 31, 2026 has one cell on that row. It is distinct from the same quarter's dollar amount and from the separate Distributable Earnings before realized losses row above it.", "occurrences_in_document": 1, "retrieved_pages": [ 1, 3, 5 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Distributable Earnings (Loss) per diluted share for the three months ended March 31, 2026 was $(0.06). (In absolute terms, Distributable Loss was $(4,106) thousand.)", "cited_ids": [ "t2-11-2", "t2-11-1" ], "seconds": 2.7, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-11-2" ], "value": "$ (0.06)", "source_id": "t2-11-2", "seconds": 3.16, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "distributable_earnings_loss_per_diluted_share_q1_2026", "type": "string", "description": "The Distributable Earnings (Loss) per diluted share for the three months ended March 31, 2026, exactly as printed in the Non-GAAP reconciliation.", "required": true } ] }, "shape": "value", "value": "$ (0.06)", "cited_ids": [ "t2-11-2" ], "fields": { "distributable_earnings_loss_per_diluted_share_q1_2026": "$ (0.06)", "cited_ids": [ "t2-11-2" ], "not_found": null }, "seconds": 6.88, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ (0.06)", "unit": "per diluted share", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t2-11-2" ], "not_found": null, "seconds": 3.74, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "According to the Portfolio Summary, what was the total net equity across all investments as of the reporting date?", "gold_value": "$ 2,038.5", "gold_cell_id": "t1-5-4", "chunk_id": "#/tables/1", "page": 2, "unit": "$ in millions", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Net Equity is a column only in the Portfolio Summary table, and only the Total/Weighted Average row aggregates it; the other Net Equity cells are the individual senior loan, real estate, CMBS and other investment lines.", "occurrences_in_document": 1, "retrieved_pages": [ 1, 2, 3, 4 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The total net equity across all investments (Total/Weighted Average) was $2,038.5 million. This comprised Senior Loans ($1,568.1M), Real Estate Assets ($368.9M), CMBS Investments ($86.5M), and Other Investments ($14.9M).", "cited_ids": [ "t1-5-4", "t1-1-4", "t1-2-4", "t1-3-4", "t1-4-4" ], "seconds": 3.39, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t1-5-4", "#/tables/1" ], "value": "$ 2,038.5", "source_id": "t1-5-4", "seconds": 7.69, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_net_equity", "type": "string", "description": "The total net equity across all investments as of the reporting date, exactly as printed in the Portfolio Summary.", "required": true } ] }, "shape": "value", "value": "$ 2,038.5", "cited_ids": [ "t1-5-4" ], "fields": { "total_net_equity": "$ 2,038.5", "cited_ids": [ "t1-5-4" ], "not_found": null }, "seconds": 4.93, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 2,038.5", "unit": "$ in millions", "period": null, "cited_ids": [ "t1-5-4" ], "not_found": null, "seconds": 3.29, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "Find Portfolio Summary: Senior Loans outstanding principal / investment amount. Return the reported value.", "gold_value": "$ 5,118.9", "gold_cell_id": "t1-1-2", "chunk_id": "#/tables/1", "page": 2, "unit": "$ in millions", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "Outstanding Principal / Investment Amount is a column unique to the Portfolio Summary table, and the Senior Loans row intersects it once. It differs from the committed amount and carrying value in the same row and from the total row below.", "occurrences_in_document": 1, "retrieved_pages": [ 1, 2 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Senior Loans outstanding principal / investment amount is $5,118.9 million.", "cited_ids": [ "t1-1-2" ], "seconds": 2.24, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t1-1-2", "#/tables/1" ], "value": "$ 5,118.9", "source_id": "t1-1-2", "seconds": 3.16, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "senior_loans_outstanding_principal", "type": "string", "description": "The outstanding principal or investment amount for Senior Loans in the Portfolio Summary, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ 5,118.9", "cited_ids": [ "t1-1-2" ], "fields": { "senior_loans_outstanding_principal": "$ 5,118.9", "cited_ids": [ "t1-1-2" ], "not_found": null }, "seconds": 6.42, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 5,118.9", "unit": "$ in millions", "period": null, "cited_ids": [ "t1-1-2" ], "not_found": null, "seconds": 4.27, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "value", "question": "What was the committed principal amount of the UK industrial senior loan that the Company originated in March 2026?", "gold_value": "$ 184,130", "gold_cell_id": "t0-1-3", "chunk_id": "#/tables/0", "page": 2, "unit": "$ in thousands", "period": "First Quarter 2026", "style": "natural", "uniqueness_note": "The First Quarter 2026 Loan Originations table lists a single originated loan, so only one committed principal amount is reported for it; the total row restates that same single figure rather than introducing a second one, and the Portfolio Summary reports committed amounts only in millions at the portfolio level.", "occurrences_in_document": 2, "retrieved_pages": [ 1, 2 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The committed principal amount was $184,130 thousand (approximately $184.1 million). This related to the UK Industrial senior loan (Various, UK) originated in March 2026, of which $177,863 thousand was initially funded, at a coupon of +2.6%, LTV of 72%, and maturity of May 2031.", "cited_ids": [ "t0-1-3", "t0-1-0", "t0-1-1", "t0-1-2", "#/texts/8" ], "seconds": 3.77, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t0-1-3", "t0-line-1" ], "value": "$ 184,130", "source_id": "t0-1-3", "seconds": 3.62, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "committed_principal_amount", "type": "string", "description": "The committed principal amount of the UK industrial senior loan originated in March 2026, reported exactly as printed in the source document.", "required": true } ] }, "shape": "value", "value": "$ 184,130", "cited_ids": [ "t0-1-3" ], "fields": { "committed_principal_amount": "$ 184,130", "cited_ids": [ "t0-1-3" ], "not_found": null }, "seconds": 29.77, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 184,130", "unit": "thousands", "period": "March 2026", "cited_ids": [ "t0-1-3" ], "not_found": null, "seconds": 2.42, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "prose", "question": "Which reconciling items moved the Company from positive Distributable Earnings in the fourth quarter of 2025 to a Distributable Loss in the first quarter of 2026, and how did they interact with the deeper GAAP net loss reported for the quarter?", "gold_value": null, "gold_cell_id": null, "why_prose": "Answering requires comparing several adjustment lines across two period columns \u2014 the credit loss provision, the realized loan write-off, and the offsetting foreign currency items \u2014 and explaining their combined effect. No single printed cell states the drivers or their interaction.", "retrieved_pages": [ 1, 3, 4, 5 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Company swung from Distributable Earnings of $14.4 million ($0.22/share) in Q4 2025 to a Distributable Loss of ($4.1) million ($0.06/share) in Q1 2026, even though GAAP net loss attributable to common stockholders deepened from ($32.0) million (($0.49)/share) to ($61.9) million (($0.96)/share). The key drivers of this divergence were:\n\n1. Provision for credit losses, net \u2014 This is the largest add-back. In Q1 2026 the provision was $73.5 million ($1.14/share), up sharply from $43.7 million ($0.67/share) in Q4 2025. Because this non-cash provision is added back in computing Distributable Earnings, it drove the much deeper GAAP net loss but was largely excluded from the distributable measure. Before realized losses, this add-back (together with the other non-cash items) still produced positive \"Distributable Earnings before realized losses\" of $13.2 million ($0.20/share) in Q1 2026 \u2014 only modestly below the $14.4 million ($0.22/share) in Q4 2025.\n\n2. Realized loss on loan write-off \u2014 The item that actually pushed distributable results negative was a $17.3 million ($0.27/share) realized loss on a loan write-off, which appeared in Q1 2026 but was zero in Q4 2025. Unlike the credit loss provision, this realized loss is included in Distributable Earnings, so subtracting it from the $13.2 million \"Distributable Earnings before realized losses\" produced the ($4.1) million Distributable Loss.\n\nOther, smaller adjustments also shifted between quarters: non-cash equity compensation ($1.8M in Q1 2026 vs. $1.5M), depreciation and amortization ($1.4M vs. $1.2M), unrealized loss on foreign currency translation of $5.4M ($0.08/share) in Q1 2026 (vs. a $1.2M gain in Q4), and an unrealized gain on foreign currency forward contracts of ($6.9M) (($0.11)/share) in Q1 2026 (vs. a $1.3M loss in Q4). These FX items largely offset one another.\n\nIn short: the ballooning non-cash provision for credit losses explains why the GAAP net loss deepened while distributable results held up before realized losses, and it was the new $17.3 million realized loan write-off \u2014 a realized item included in Distributable Earnings \u2014 that tipped the Company into a Distributable Loss for Q1 2026.", "cited_ids": [ "t2-8-1", "t2-8-3", "t2-9-1", "t2-9-3", "t2-10-1", "t2-11-1", "t2-11-3", "t2-1-1", "t2-1-3", "t2-6-1", "t2-6-3", "t2-7-1", "t2-7-3", "t2-3-1", "t2-4-1", "#/texts/3", "#/texts/2", "#/texts/56" ], "seconds": 13.55, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/tables/2", "t2-8-1", "t2-9-1", "t2-10-1", "t2-11-1", "t2-11-3", "t2-1-1", "t2-1-3", "#/texts/3" ], "value": null, "prose": "The swing from positive Distributable Earnings of $14,417 thousand in Q4 2025 to a Distributable Loss of ($4,106) thousand in Q1 2026 was driven principally by a $17,292 thousand realized loss on loan write-off recorded in Q1 2026 (no such loss in Q4 2025). Before this realized loss, Distributable Earnings before realized losses was still positive at $13,186 thousand in Q1 2026 (versus $14,417 thousand in Q4 2025), so absent the write-off the measure would have remained positive. The realized loss more than erased that base, producing the ($4,106) thousand Distributable Loss. Notably, this movement contrasts with the much deeper GAAP net loss of ($61,881) thousand in Q1 2026 (versus ($31,989) thousand in Q4 2025): the largest GAAP-only item, the provision for credit losses of $73,541 thousand, is added back in the reconciliation because it is a non-cash reserve, so it does not depress Distributable Earnings. Distributable Earnings only recognizes the actual realized $17,292 thousand write-off rather than the full non-cash credit provision, which is why the Distributable Loss ($4.1 million) is far shallower than the GAAP net loss ($61.9 million). Other reconciling adjustments\u2014non-cash equity compensation ($1,808), depreciation and amortization ($1,358), unrealized investment gains ($164), unrealized foreign currency translation loss ($5,377), and unrealized foreign currency forward contract gain ($6,853)\u2014were comparatively minor and roughly offsetting.", "seconds": 11.67, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "Between Q4 2025 and Q1 2026, the Company swung from Distributable Earnings of $14,417 thousand ($0.22 per diluted share) to a Distributable Loss of $(4,106) thousand ($(0.06) per diluted share). Two forces drove this. First, GAAP net loss attributable to common stockholders deepened from $(31,989) thousand ($(0.49)) to $(61,881) thousand ($(0.96)). A large part of that deeper GAAP loss was a bigger, non-cash provision for credit losses, which rose from $43,686 thousand ($0.67) to $73,541 thousand ($1.14). Because the provision for credit losses is an add-back in the Distributable Earnings reconciliation, this larger provision was excluded, which actually cushioned Distributable Earnings against the deeper GAAP loss. In fact, on that basis Distributable Earnings before realized losses remained positive at $13,186 thousand ($0.20), only modestly below the prior quarter's $14,417 thousand ($0.22). Second, and decisively, the item that pushed the measure negative was a realized loss on loan write-off of $(17,292) thousand ($(0.27)), which appeared in Q1 2026 but was zero in Q4 2025. Unlike the credit-loss provision, this realized loss is included in Distributable Earnings, so subtracting it from the $13,186 thousand of earnings before realized losses produced the $(4,106) thousand Distributable Loss. Other reconciling adjustments were comparatively minor: non-cash equity compensation ($1,808 vs $1,485), depreciation and amortization ($1,358 vs $1,167), and the foreign currency items, where an unrealized loss on foreign currency translation of $5,377 thousand ($0.08) was largely offset by an unrealized gain on foreign currency forward contracts of $(6,853) thousand ($(0.11)). In short, the deeper GAAP loss was mostly a non-cash credit-loss provision that gets added back, so it did not by itself create the Distributable Loss; rather, the newly recognized realized loan write-off was the reconciling item that converted otherwise-positive distributable results into a loss.", "cited_ids": [ "t2-1-1", "t2-1-2", "t2-1-3", "t2-1-4", "t2-8-1", "t2-8-2", "t2-8-3", "t2-8-4", "t2-9-1", "t2-9-2", "t2-9-3", "t2-9-4", "t2-10-1", "t2-10-2", "t2-10-3", "t2-11-1", "t2-11-2", "t2-11-3", "t2-11-4", "t2-3-1", "t2-3-3", "t2-4-1", "t2-4-3", "t2-6-1", "t2-6-2", "t2-7-1", "t2-7-2", "#/texts/3", "#/texts/2" ], "seconds": 17.29, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "Between Q4 2025 and Q1 2026, the Company swung from Distributable Earnings of $14,417 thousand ($0.22 per diluted share) to a Distributable Loss of $(4,106) thousand ($(0.06) per diluted share). Two forces drove this. First, the GAAP starting point deteriorated sharply: net loss attributable to common stockholders deepened from $(31,989) thousand ($(0.49)) to $(61,881) thousand ($(0.96)). This deeper GAAP loss was largely absorbed by a much larger add-back for provision for credit losses, net, which rose from $43,686 thousand ($0.67) to $73,541 thousand ($1.14). That is, the primary reason GAAP net loss widened (a bigger non-cash credit loss provision) is exactly the item excluded to arrive at Distributable Earnings, so on a 'before realized losses' basis the two quarters were broadly comparable \u2014 Distributable Earnings before realized losses was $13,186 thousand ($0.20) in Q1 2026 versus $14,417 thousand ($0.22) in Q4 2025. Second, and decisively, the item that actually pushed Distributable Earnings negative was the realized loss on loan write-off of $(17,292) thousand ($(0.27)), which had no counterpart in Q4 2025 (\u2014). Because realized losses are included in Distributable Earnings (unlike unrealized items), this $(17,292) thousand write-off turned the $13,186 thousand of Distributable Earnings before realized losses into the $(4,106) thousand Distributable Loss. Smaller offsetting swings in the currency-related unrealized adjustments also occurred \u2014 unrealized loss on foreign currency translation moved from $(1,190) to $5,377, and unrealized gain on foreign currency forward contracts moved from $1,305 to $(6,853) \u2014 but these largely offset one another and are excluded as non-cash items. In sum, the deeper GAAP net loss was mostly a non-cash credit-provision effect that Distributable Earnings adds back, while the realized loan write-off (a realized loss included in the measure) is what converted positive Distributable Earnings into a Distributable Loss.", "cited_ids": [ "t2-1-1", "t2-1-3", "t2-8-1", "t2-8-3", "t2-9-1", "t2-9-3", "t2-10-1", "t2-10-3", "t2-11-1", "t2-11-3", "t2-6-1", "t2-6-3", "t2-7-1", "t2-7-3", "#/texts/3", "#/texts/2", "#/texts/56" ], "seconds": 11.81, "shape_correct": true, "cites_any": true } ] }, { "slug": "kref-q1-26-earnings-release", "kind": "prose", "question": "How does the Company define Net Equity in its Portfolio Summary, and how does that definition differ in treatment across senior loans, real estate assets, CMBS investments, and equity method investments?", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer is a definitional explanation drawn from footnote text covering four different measurement bases, not a figure. Any number in the Net Equity column is a result of the definition, not the definition itself.", "retrieved_pages": [ 1, 2, 5 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Company defines Net Equity in its Portfolio Summary as reflecting four components, each treated differently by investment type: (i) for senior loans, the amortized cost basis of the loans, net of borrowings; (ii) for real estate assets, the real estate assets net of borrowings and noncontrolling interests; (iii) for CMBS investments, the fair value of the CMBS investments; and (iv) for equity method investments, the investment amount of those equity method investments, net of borrowings.\n\nThus, the treatment differs as follows:\n- Senior loans are measured on an amortized cost basis (net of borrowings).\n- Real estate assets are measured on their asset value, net of both borrowings and noncontrolling interests.\n- CMBS investments are measured at fair value (with no explicit net-of-borrowings adjustment stated).\n- Equity method investments are measured at the investment amount, net of borrowings.", "cited_ids": [ "#/texts/66", "t1-line-1" ], "seconds": 5.85, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/texts/66", "#/tables/1" ], "value": null, "prose": "The Company defines Net Equity as reflecting: (i) the amortized cost basis of its loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests; (iii) fair value of CMBS investments; and (iv) the investment amount of equity method investments, net of borrowings. The treatment differs by investment type: for senior loans, net equity is based on the amortized cost basis (net of borrowings); for real estate assets, it is the asset value net of both borrowings and noncontrolling interests; for CMBS investments, it is measured at fair value; and for equity method investments, it is the investment amount, net of borrowings.", "seconds": 4.0, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The Company defines Net Equity as reflecting: (i) the amortized cost basis of its loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests; (iii) fair value of CMBS investments; and (iv) the investment amount of equity method investments, net of borrowings. The treatment differs across the categories in the following ways: for senior loans, it uses the amortized cost basis (net of borrowings); for real estate assets, it uses the asset value net of borrowings and noncontrolling interests (an additional deduction not applied to the others); for CMBS investments, it uses fair value (rather than cost or investment amount); and for equity method investments, it uses the investment amount, net of borrowings.", "cited_ids": [ "#/texts/66", "t1-line-1" ], "seconds": 14.69, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The Company defines Net Equity as reflecting (i) the amortized cost basis of its loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests; (iii) fair value of CMBS investments; and (iv) the investment amount of equity method investments, net of borrowings. The treatment therefore differs by asset class: senior loans are measured at their amortized cost basis net of borrowings, real estate assets are measured net of both borrowings and noncontrolling interests, CMBS investments are measured at fair value, and equity method investments are measured at their investment amount net of borrowings.", "cited_ids": [ "#/texts/66", "#/tables/1" ], "seconds": 5.23, "shape_correct": true, "cites_any": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "Find Consolidated Balance Sheets: Credit facilities. Return March 31, 2026 value", "gold_value": "772,327", "gold_cell_id": "t2-15-1", "chunk_id": "#/tables/2", "page": 4, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "Credit facilities appears once as a liability line on the consolidated balance sheet, and the March 31, 2026 column gives one figure. The only other credit facilities balance in the document is the VIE-only supplemental balance sheet (45,145), which is a different table and is excluded by naming the consolidated balance sheet.", "occurrences_in_document": 9, "retrieved_pages": [ 2, 4, 21, 24, 30, 56 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Credit facilities on the Consolidated Balance Sheets were $772,327 thousand as of March 31, 2026.", "cited_ids": [ "t2-15-1" ], "seconds": 2.35, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-15-1" ], "value": "772,327", "source_id": "t2-15-1", "seconds": 2.62, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "credit_facilities_march_31_2026", "type": "string", "description": "The credit facilities value from the Consolidated Balance Sheets as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "772,327", "cited_ids": [ "t2-15-1" ], "fields": { "credit_facilities_march_31_2026": "772,327", "cited_ids": [ "t2-15-1" ], "not_found": null }, "seconds": 8.64, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "772,327", "unit": "Credit facilities (in Thousands)", "period": "March 31, 2026 (Unaudited)", "cited_ids": [ "t2-15-1" ], "not_found": null, "seconds": 2.67, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "On the supplemental balance sheet of the consolidated securitization vehicles and real estate VIEs, what were total assets as of March 31, 2026?", "gold_value": "$ 1,816,908", "gold_cell_id": "t3-9-1", "chunk_id": "#/tables/3", "page": 5, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Only the VIE supplemental balance sheet reports a total assets figure for the consolidated variable interest entities. The consolidated total assets figure at the same date sits in a different, explicitly named table, so naming the VIE table pins a single cell.", "occurrences_in_document": 1, "retrieved_pages": [ 4, 5, 10, 22, 56 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total assets of the consolidated securitization vehicles and real estate VIEs were $1,816,908 thousand (approximately $1.82 billion) as of March 31, 2026.", "cited_ids": [ "t3-9-1" ], "seconds": 2.57, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t3-9-1", "t3-line-9" ], "value": "$ 1,816,908", "source_id": "t3-9-1", "seconds": 2.6, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_assets", "type": "string", "description": "The total assets figure as of March 31, 2026 from the supplemental balance sheet of consolidated securitization vehicles and real estate VIEs, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ 1,816,908", "cited_ids": [ "t3-9-1" ], "fields": { "total_assets": "$ 1,816,908", "cited_ids": [ "t3-9-1" ], "not_found": null }, "seconds": 10.41, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 1,816,908", "unit": "in Thousands", "period": "March 31, 2026 (Unaudited)", "cited_ids": [ "t3-9-1" ], "not_found": null, "seconds": 2.72, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "Find Statement of Operations: Weighted average shares of common stock outstanding - basic. Return three months ended March 31, 2026 value", "gold_value": "125,934", "gold_cell_id": "t4-27-1", "chunk_id": "#/tables/4", "page": 6, "unit": "thousands of shares", "period": "Three months ended March 31, 2026", "style": "terse", "uniqueness_note": "Basic weighted average share count is reported only on the consolidated statement of operations, and only two columns exist there. Specifying basic (not diluted) and the 2026 quarter leaves exactly one cell; no other table in the document repeats this figure.", "occurrences_in_document": 2, "retrieved_pages": [ 1, 6, 21, 43, 56, 63, 65 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Weighted average shares of common stock outstanding - basic for the three months ended March 31, 2026 was 125,934 (in thousands).", "cited_ids": [ "t4-27-1" ], "seconds": 2.52, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t4-27-1" ], "value": "125,934", "source_id": "t4-27-1", "seconds": 3.11, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "weighted_average_shares_basic_three_months_march_31_2026", "type": "string", "description": "The weighted average shares of common stock outstanding - basic for the three months ended March 31, 2026, exactly as printed in the Statement of Operations.", "required": true } ] }, "shape": "value", "value": "125,934", "cited_ids": [ "t4-27-1" ], "fields": { "weighted_average_shares_basic_three_months_march_31_2026": "125,934", "cited_ids": [ "t4-27-1" ], "not_found": null }, "seconds": 9.22, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "125,934", "unit": "shares (in thousands)", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t4-27-1" ], "not_found": null, "seconds": 3.52, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "How much cash did BrightSpire pay out as distributions on common stock in the financing activities section of the cash flow statement for the three months ended March 31, 2026?", "gold_value": "(21,914)", "gold_cell_id": "t7-28-1", "chunk_id": "#/tables/7", "page": 9, "unit": "USD thousands", "period": "Three months ended March 31, 2026", "style": "natural", "uniqueness_note": "Distributions paid on common stock is a single financing-activities line in the cash flow statement with one 2026 column. It is distinct from dividends declared in the statement of equity and from the dividends payable balance, both of which are different amounts in different tables.", "occurrences_in_document": 1, "retrieved_pages": [ 2, 9, 10, 70 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "BrightSpire paid $21,914 thousand (approximately $21.9 million) in distributions on common stock during the three months ended March 31, 2026, as reported in the financing activities section of the consolidated statements of cash flows.", "cited_ids": [ "t7-28-1" ], "seconds": 2.61, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": false }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t7-28-1" ], "value": "(21,914)", "source_id": "t7-28-1", "seconds": 3.14, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "distributions_on_common_stock", "type": "string", "description": "The amount of cash paid out as distributions on common stock in the financing activities section of the cash flow statement for the three months ended March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "(21,914)", "cited_ids": [ "t7-28-1" ], "fields": { "distributions_on_common_stock": "(21,914)", "cited_ids": [ "t7-28-1" ], "not_found": null }, "seconds": 21.38, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "(21,914)", "unit": "thousands USD", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t7-28-1" ], "not_found": null, "seconds": 2.74, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "Find Loans and Preferred Equity Held for Investment: securitized loans weighted average coupon. Return March 31, 2026 value", "gold_value": "6.7 %", "gold_cell_id": "t11-3-3", "chunk_id": "#/tables/11", "page": 21, "unit": "percent", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The loan portfolio table gives one weighted average coupon per loan category per date. The securitized loans row at March 31, 2026 carries a coupon that appears nowhere else in the table or the document; the December 31, 2025 securitized coupon is a different value.", "occurrences_in_document": 1, "retrieved_pages": [ 21, 52, 53, 54 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Securitized loans (variable rate) weighted average coupon as of March 31, 2026 was 6.7%.", "cited_ids": [ "t11-3-3" ], "seconds": 2.29, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t11-3-3" ], "value": "6.7 %", "source_id": "t11-3-3", "seconds": 2.89, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "securitized_loans_weighted_average_coupon", "type": "string", "description": "The weighted average coupon for Loans and Preferred Equity Held for Investment: securitized loans as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "6.7 %", "cited_ids": [ "t11-3-3" ], "fields": { "securitized_loans_weighted_average_coupon": "6.7 %", "cited_ids": [ "t11-3-3" ], "not_found": null }, "seconds": 12.53, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "6.7 %", "unit": "weighted average coupon", "period": "March 31, 2026", "cited_ids": [ "t11-3-3" ], "not_found": null, "seconds": 2.65, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "value", "question": "In the aging summary of loans held for investment, what was the carrying value before CECL reserve of loans 90 days or more past due at March 31, 2026?", "gold_value": "$ 46,425", "gold_cell_id": "t13-1-4", "chunk_id": "#/tables/13", "page": 23, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "The aging table has one 90-days-or-more past due cell for the March 31, 2026 row. The mezzanine loan balance in the portfolio table shows the same digits but without the dollar sign and under a different line item, and naming the aging summary and the past-due bucket selects a single cell.", "occurrences_in_document": 4, "retrieved_pages": [ 21, 22, 23, 52, 53, 54 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "At March 31, 2026, the carrying value (before CECL reserve) of loans 90 days or more past due was $46,425 thousand (approximately $46.4 million). This included one multifamily mezzanine loan placed on nonaccrual status during the three months ended March 31, 2026 (carrying value of $31.5 million) and one office mezzanine loan placed on nonaccrual status on April 1, 2024 (carrying value of $14.9 million).", "cited_ids": [ "t13-1-4", "t13-line-1" ], "seconds": 3.64, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t13-1-4", "#/tables/13" ], "value": "$ 46,425", "source_id": "t13-1-4", "seconds": 3.23, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "carrying_value_before_cecl_reserve", "type": "number", "description": "The carrying value before CECL reserve of loans 90 days or more past due at March 31, 2026, as shown in the aging summary of loans held for investment.", "required": true } ] }, "shape": "value", "value": "46425.0", "cited_ids": [ "t13-1-4" ], "fields": { "carrying_value_before_cecl_reserve": 46425.0, "cited_ids": [ "t13-1-4" ], "not_found": null }, "seconds": 6.08, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 46,425", "unit": "dollars in thousands", "period": "March 31, 2026", "cited_ids": [ "t13-1-4" ], "not_found": null, "seconds": 3.32, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "brsp-q126-10q", "kind": "prose", "question": "How did the funding mix of BrightSpire's borrowings shift between December 31, 2025 and March 31, 2026, and what does the cash flow statement show about how that shift was executed during the quarter?", "gold_value": null, "gold_cell_id": null, "why_prose": "Answering requires comparing several liability lines on the balance sheet against several financing-activity lines in the cash flow statement and describing the substitution of one funding source for another. No single printed cell states the shift.", "retrieved_pages": [ 2, 4, 9, 10, 21, 37 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "BrightSpire's borrowing mix shifted markedly toward securitization financing and away from credit-facility (master repurchase) borrowing during the quarter.\n\nBalance sheet positions (net carrying value):\n- Securitization bonds payable rose from $977,082K (Dec 31, 2025) to $1,406,860K (Mar 31, 2026), an increase of roughly $430 million.\n- Credit facilities fell from $1,078,098K to $772,327K, a decrease of roughly $306 million.\n- Mortgage and other notes payable were essentially flat, edging down from $414,060K to $412,814K.\n\nAs a result, securitization bonds went from being the smaller of the two large funding sources to the largest, while credit facilities dropped from the largest to a smaller position.\n\nHow the shift was executed (per the Consolidated Statements of Cash Flows for the three months ended March 31, 2026):\n- New securitization issuance drove the growth: Borrowing from securitization bonds provided $833,237K, partially offset by Repayment of securitization bonds of $(398,215)K \u2014 a net securitization inflow of about $435 million.\n- On the credit facilities, the company was a net repayer: Borrowings from master repurchase and credit facilities of $594,427K were more than offset by Repayment of master repurchase and credit facilities of $(900,198)K \u2014 a net paydown of about $306 million.\n- Mortgage notes were reduced modestly via Repayment of mortgage notes of $(1,403)K.\n- Executing this refinancing carried costs: Payment of deferred financing costs was $(7,123)K (versus $(500)K a year earlier).\n\nOverall, these financing activities produced net cash provided by financing activities of $94,021K for the quarter (versus $(183,406)K used in the prior-year period). In short, BrightSpire used a large new securitization to term out/replace shorter-term credit-facility (repo) borrowings, growing securitization debt by ~$430M while paying down credit facilities by ~$306M.", "cited_ids": [ "t2-13-1", "t2-13-2", "t2-15-1", "t2-15-2", "t2-14-1", "t2-14-2", "t7-31-1", "t7-32-1", "t7-33-1", "t7-34-1", "t7-30-1", "t7-35-1", "t7-35-2", "t7-36-1", "t7-36-2" ], "seconds": 11.68, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "t2-13-1", "t2-13-2", "t2-15-1", "t2-15-2", "t2-14-1", "t2-14-2", "t2-19-1", "t2-19-2", "t7-31-1", "t7-32-1", "t7-33-1", "t7-34-1", "t7-30-1", "t7-35-1", "t7-36-1", "t7-36-2" ], "value": null, "prose": "BrightSpire's borrowing mix shifted markedly toward securitization financing and away from repurchase/credit facilities between year-end 2025 and Q1 2026. On the balance sheet, securitization bonds payable, net rose from $977,082 thousand at December 31, 2025 to $1,406,860 thousand at March 31, 2026 (an increase of roughly $430 million), while credit facilities fell from $1,078,098 thousand to $772,327 thousand (a decrease of roughly $306 million). Mortgage and other notes payable were roughly flat, edging down from $414,060 thousand to $412,814 thousand. As a result, total liabilities grew modestly from $2,636,425 thousand to $2,741,679 thousand, with the composition tilting from short-term facility funding to longer-term securitization debt.\n\nThe cash flow statement shows how this was executed during the quarter. Within financing activities, the company issued new securitization bonds of $833,237 thousand while repaying $398,215 thousand of existing securitization bonds \u2014 a net increase in securitization borrowing of about $435 million. At the same time it borrowed $594,427 thousand under master repurchase and credit facilities but repaid a larger $900,198 thousand, a net paydown of roughly $306 million on those facilities. Mortgage note repayments were a smaller $1,403 thousand. The company also paid $7,123 thousand of deferred financing costs, consistent with executing a large new securitization. Net cash provided by financing activities was $94,021 thousand, versus $(183,406) thousand used a year earlier, reflecting this refinancing that swapped facility borrowings for securitization bonds.", "seconds": 9.62, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "BrightSpire's funding mix shifted away from short-term credit facilities toward securitization bonds over the quarter. On the balance sheet, securitization bonds payable, net grew from $977,082 at December 31, 2025 to $1,406,860 at March 31, 2026, while credit facilities fell from $1,078,098 to $772,327. Mortgage and other notes payable, net were roughly flat ($414,060 to $412,814). The fair-value table confirms the same direction: securitization bonds carrying value rose from $977,082 to $1,406,860 and master repurchase facilities dropped from $1,078,098 to $772,327.\n\nThe cash flow statement (three months ended March 31, 2026) shows how this was executed. On the securitization side, the company recorded $833,237 of borrowings from securitization bonds (versus $0 in the prior-year quarter) against $398,215 of repayments of securitization bonds \u2014 a large net new issuance. On the repurchase/credit-facility side, it drew $594,427 of borrowings but repaid $900,198, a net paydown. It also paid $7,123 of deferred financing costs (up from $500 a year earlier), consistent with putting new securitization financing in place. In short, the quarter's financing activity used fresh securitization bond proceeds to substantially reduce reliance on master repurchase/credit facilities.", "cited_ids": [ "t2-13-1", "t2-13-2", "t2-15-1", "t2-15-2", "t2-14-1", "t2-14-2", "t33-4-2", "t33-4-5", "t33-6-2", "t33-6-5", "t7-31-1", "t7-31-2", "t7-32-1", "t7-32-2", "t7-33-1", "t7-33-2", "t7-34-1", "t7-34-2", "t7-35-1", "t7-35-2" ], "seconds": 10.69, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "BrightSpire's borrowing mix shifted away from credit facilities and toward securitization bonds over the quarter. On the balance sheet, securitization bonds payable, net rose from $977,082 (thousand) at December 31, 2025 to $1,406,860 at March 31, 2026, while credit facilities fell from $1,078,098 to $772,327. Mortgage and other notes payable, net was roughly flat ($414,060 down to $412,814). The cash flow statement shows how this was executed during Q1 2026: the company raised $833,237 in new securitization bond borrowings (versus $0 a year earlier) and repaid $398,215 of securitization bonds, for net securitization issuance. At the same time, it drew $594,427 from master repurchase and credit facilities but repaid substantially more, $900,198, resulting in a net paydown of those facilities. It also paid $7,123 of deferred financing costs (up from $500) \u2014 consistent with a new securitization \u2014 and made a small repayment of mortgage notes of $1,403. In short, the company issued a large new securitization and used the proceeds to pay down its repurchase/credit facilities, shifting its funding from short-term facility borrowings to securitized debt.", "cited_ids": [ "t2-13-1", "t2-13-2", "t2-15-1", "t2-15-2", "t2-14-1", "t2-14-2", "t7-31-1", "t7-31-2", "t7-32-1", "t7-32-2", "t7-33-1", "t7-33-2", "t7-34-1", "t7-34-2", "t7-35-1", "t7-35-2", "t7-30-1" ], "seconds": 9.22, "shape_correct": true, "cites_any": true } ] }, { "slug": "brsp-q126-10q", "kind": "prose", "question": "What do the disclosures say about the loans that were on nonaccrual status at each reported date, including how those situations arose and how they were subsequently resolved?", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer lives in narrative footnotes describing multiple loans, the dates they were placed on nonaccrual, their property types, and post-period resolutions. It is a multi-part explanation, not a figure.", "retrieved_pages": [ 1, 14, 23, 53 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The disclosures identify the specific nonaccrual loans at each reporting date, how they arose, and their subsequent resolution as follows:\n\n**At March 31, 2026** \u2014 Two loans were on nonaccrual status (included within the $46,425 thousand of loans 90 days or more past due):\n1. One multifamily mezzanine loan, in maturity default, which was placed on nonaccrual status during the three months ended March 31, 2026, with a carrying value of $31.5 million. Subsequent to March 31, 2026, this multifamily mezzanine loan was resolved. (This corresponds to \"Loan 23,\" which was placed on nonaccrual status in January 2026, with no income being recognized, and was resolved following repayment subsequent to March 31, 2026.)\n2. One office mezzanine loan, which was placed on nonaccrual status on April 1, 2024, with a carrying value of $14.9 million. (This corresponds to \"Loan 88,\" a Baltimore, MD mezzanine loan with a carrying value of $14,895 thousand, placed on nonaccrual status in April 2024, with no income being recognized.)\n\n**At December 31, 2025** \u2014 Two loans were on nonaccrual status (included within the $36,692 thousand of loans 90 days or more past due):\n1. One industrial senior loan, which was placed on nonaccrual status on September 9, 2025, with a carrying value of $22.0 million. Subsequent to December 31, 2025, this industrial loan was resolved.\n2. One office mezzanine loan, which was placed on nonaccrual status on April 1, 2024, with a carrying value of $14.7 million (the same office mezzanine loan noted at March 31, 2026, unresolved as of these dates).\n\nMore generally, loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are considered nonperforming and placed on nonaccrual status; interest receivable is reversed against interest income when placed on nonaccrual, and loans may be restored to accrual status when all principal and interest are current and full repayment is probable. For the three months ended March 31, 2026 and 2025, no single debt investment contributed more than 10.0% of interest income.\n[\"#/texts/969\", \"#/texts/970\", \"#/texts/1072\", \"#/texts/274\", \"#/texts/273\", \"#/texts/165\", \"t13-1-4\", \"t13-2-4\", \"t50-17-0\", \"t50-17-4\"]", "cited_ids": [], "seconds": 10.05, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/texts/969", "#/texts/970", "#/texts/274", "#/texts/1072", "#/texts/273", "#/texts/165", "#/tables/50" ], "value": null, "prose": "At March 31, 2026, two loans were on nonaccrual status. The first was a multifamily mezzanine loan placed on nonaccrual status during the three months ended March 31, 2026 (it was in maturity default), with a carrying value of $31.5 million; subsequent to March 31, 2026, this multifamily mezzanine loan was resolved. The second was an office mezzanine loan (Loan 88) placed on nonaccrual status on April 1, 2024 (April 2024), with a carrying value of $14.9 million, for which no income is being recognized. At December 31, 2025, two loans were on nonaccrual status: an industrial senior loan placed on nonaccrual status on September 9, 2025, with a carrying value of $22.0 million, and the same office mezzanine loan placed on nonaccrual status on April 1, 2024, with a carrying value of $14.7 million; subsequent to December 31, 2025, the industrial loan was resolved. Separately, Loan 23 was placed on nonaccrual status in January 2026 (no income being recognized) and was resolved following repayment subsequent to March 31, 2026. Under the company's policy, loans past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are considered nonperforming and placed on nonaccrual status, with interest income accrual suspended.", "seconds": 7.12, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "At March 31, 2026, the aging summary shows $46,425 thousand of loans 90 days or more past due out of $2,730,072 thousand total loans. As of that date, all loans were performing except for two nonaccrual loans: one multifamily mezzanine loan (in maturity default) placed on nonaccrual status during the three months ended March 31, 2026, with a carrying value of $31.5 million, and one office mezzanine loan placed on nonaccrual status on April 1, 2024, with a carrying value of $14.9 million. Subsequent to March 31, 2026, the multifamily mezzanine loan was resolved. The office mezzanine loan corresponds to Loan 88 (Mezzanine, Baltimore, MD, carrying value $14,895 thousand), which was placed on nonaccrual status in April 2024 and on which no income is being recognized.\n\nAt December 31, 2025, the aging summary shows $36,692 thousand of loans 90 days or more past due out of $2,678,315 thousand total loans. As of that date, all loans were performing except for two nonaccrual loans: one industrial senior loan placed on nonaccrual status on September 9, 2025, with a carrying value of $22.0 million, and an office mezzanine loan placed on nonaccrual status on April 1, 2024, with a carrying value of $14.7 million. Subsequent to December 31, 2025, the industrial loan was resolved.\n\nThe context also notes Loan 23 was placed on nonaccrual status in January 2026 (no income being recognized) and was resolved following repayment subsequent to March 31, 2026.\n\nRegarding how nonaccrual status arises: loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Accrual of interest income is suspended, interest receivable is reversed against interest income, and loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual amounts is probable.", "cited_ids": [ "#/texts/165", "#/texts/969", "#/texts/970", "#/texts/1072", "#/texts/274", "#/texts/273", "t13-line-1", "t13-line-2", "t50-17-0", "t50-17-4" ], "seconds": 11.05, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "At March 31, 2026, two loans were on nonaccrual status. The first was one multifamily mezzanine loan placed on nonaccrual status during the three months ended March 31, 2026, with a carrying value of $31.5 million; this loan was in maturity default, and subsequent to March 31, 2026 it was resolved. The second was one office mezzanine loan placed on nonaccrual status on April 1, 2024, with a carrying value of $14.9 million. The 90-days-or-more past due total at March 31, 2026 was $46,425 thousand.\n\nAt December 31, 2025, two loans were on nonaccrual status. The first was one industrial senior loan placed on nonaccrual status on September 9, 2025, with a carrying value of $22.0 million; subsequent to December 31, 2025, this industrial loan was resolved. The second was one office mezzanine loan placed on nonaccrual status on April 1, 2024, with a carrying value of $14.7 million. The 90-days-or-more past due total at December 31, 2025 was $36,692 thousand.\n\nSeparately, the loan-level disclosures indicate that Loan 88 (an office mezzanine loan in Baltimore, MD, carrying value $14,895 thousand) was placed on nonaccrual status in April 2024, with no income being recognized. Loan 23 was placed on nonaccrual status in January 2026, with no income being recognized, and was resolved following repayment subsequent to March 31, 2026.\n\nGenerally, loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are considered nonperforming and placed on nonaccrual status. Accrual of interest income is suspended, interest receivable is reversed against interest income, and loans may be restored to accrual status when all principal and interest are current and full repayment is probable.", "cited_ids": [ "#/texts/969", "#/texts/970", "#/texts/274", "#/texts/273", "#/texts/1072", "t13-line-1", "t13-line-2", "t50-17-0", "#/texts/165" ], "seconds": 9.01, "shape_correct": true, "cites_any": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "Find Balance Sheet: adjusted book value per common share. Return Q1 2026 value.", "gold_value": "14.90", "gold_cell_id": "t1-8-2", "chunk_id": "#/tables/1", "page": 5, "unit": "USD per share", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The Balance Sheet table on page 5 is the only table reporting per-share book value, and it carries two distinct lines: 'Book value per common share' (14.47) and 'Adjusted book value per common share' (14.90). Naming the adjusted line pins the single cell t1-8-2.", "occurrences_in_document": 1, "retrieved_pages": [ 5, 18, 20, 21 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Balance Sheet's Adjusted book value per common share for Q1 2026 (as of March 31, 2026) is $14.90.", "cited_ids": [ "t1-8-2", "t16-6-1" ], "seconds": 2.53, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t16-6-1", "t1-8-2", "t16-line-6" ], "value": "$ 14.90", "source_id": "t16-6-1", "seconds": 6.93, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "adjusted_book_value_per_common_share_q1_2026", "type": "string", "description": "The adjusted book value per common share for Q1 2026, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ 14.90", "cited_ids": [ "t1-8-1", "t1-8-2", "t16-6-1" ], "fields": { "adjusted_book_value_per_common_share_q1_2026": "$ 14.90", "cited_ids": [ "t1-8-1", "t1-8-2", "t16-6-1" ], "not_found": null }, "seconds": 7.02, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$14.90", "unit": "per common share", "period": "As of March 31, 2026", "cited_ids": [ "t1-8-2", "t16-6-1" ], "not_found": null, "seconds": 3.76, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "In the Income Statement for the three months ended March 31, 2026, what was net income?", "gold_value": "$ 4,385", "gold_cell_id": "t0-5-1", "chunk_id": "#/tables/0", "page": 5, "unit": "USD thousands", "period": "Three Months Ended March 31, 2026", "style": "natural", "uniqueness_note": "Only one table in the document is an income statement, it has a single period column (Three Months Ended March 31, 2026), and 'Net income' appears as a line item exactly once across the whole file.", "occurrences_in_document": 3, "retrieved_pages": [ 4, 5, 19, 20 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Net income for the three months ended March 31, 2026 was $4,385 thousand.", "cited_ids": [ "t0-5-1" ], "seconds": 2.1, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t0-5-1", "t0-line-5" ], "value": "$ 4,385", "source_id": "t0-5-1", "seconds": 4.22, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_income", "type": "string", "description": "The net income figure for the three months ended March 31, 2026, exactly as printed in the Income Statement.", "required": true } ] }, "shape": "value", "value": "$ 4,385", "cited_ids": [ "t0-5-1" ], "fields": { "net_income": "$ 4,385", "cited_ids": [ "t0-5-1" ], "not_found": null }, "seconds": 6.34, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 4,385", "unit": "thousands", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t0-5-1" ], "not_found": null, "seconds": 4.12, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "Find Loan Portfolio Summary: weighted average All In Yield, As of March 31, 2026 column. Return the value.", "gold_value": "7.84%", "gold_cell_id": "t3-7-2", "chunk_id": "#/tables/3", "page": 7, "unit": "percent", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The Loan Portfolio Summary table has two columns, First Quarter Originations (8.02%) and As of March 31, 2026 (7.84%). Naming the as-of column selects one cell. The per-loan All in Yield figures in the loan detail schedules are quoted as spreads over S, not as an aggregate percentage.", "occurrences_in_document": 1, "retrieved_pages": [ 7, 9, 10, 12, 16, 17 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The weighted average All In Yield as of March 31, 2026 was 7.84%.", "cited_ids": [ "t3-7-2" ], "seconds": 2.13, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t3-7-2", "#/tables/3" ], "value": "7.84%", "source_id": "t3-7-2", "seconds": 2.54, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "weighted_average_all_in_yield", "type": "string", "description": "The weighted average All In Yield value from the Loan Portfolio Summary as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "7.84%", "cited_ids": [ "t3-7-2" ], "fields": { "weighted_average_all_in_yield": "7.84%", "cited_ids": [ "t3-7-2" ], "not_found": null }, "seconds": 5.74, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "7.84%", "unit": "weighted average All In Yield", "period": "As of March 31, 2026", "cited_ids": [ "t3-7-2" ], "not_found": null, "seconds": 3.59, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "In the Secured Financing Facilities table as of March 31, 2026, what was total unused capacity across all facilities in the Total/Weighted Average column?", "gold_value": "397,531", "gold_cell_id": "t9-4-10", "chunk_id": "#/tables/9", "page": 12, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "'Unused capacity' appears as a row only in the Secured Financing Facilities table, and the Total/Weighted Average column holds one aggregate value; the other cells in that row are the four individual lender columns (UBS, Citibank, BMO, Wells Fargo).", "occurrences_in_document": 1, "retrieved_pages": [ 4, 5, 7, 12, 17, 18, 22 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total unused capacity across all Secured Financing Facilities as of March 31, 2026 was $397,531 thousand (approximately $397.5 million), as shown in the Total/Weighted Average column.", "cited_ids": [ "t9-4-10", "t9-4-9", "#/texts/41" ], "seconds": 3.48, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t9-4-10", "#/tables/9" ], "value": "397,531", "source_id": "t9-4-10", "seconds": 2.99, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_unused_capacity", "type": "string", "description": "The total unused capacity across all facilities in the Total/Weighted Average column of the Secured Financing Facilities table as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$397,531", "cited_ids": [ "t9-4-9", "t9-4-10" ], "fields": { "total_unused_capacity": "$397,531", "cited_ids": [ "t9-4-9", "t9-4-10" ], "not_found": null }, "seconds": 8.25, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$397,531", "unit": "dollars in thousands", "period": "As of March 31, 2026", "cited_ids": [ "t9-4-9", "t9-4-10" ], "not_found": null, "seconds": 3.47, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "Find First Quarter 2026 Loan Portfolio Activity: principal balance, Q4 2025 Loan Portfolio column. Return the value.", "gold_value": "$687.6", "gold_cell_id": "t17-3-1", "chunk_id": "#/tables/17", "page": 7, "unit": "USD millions", "period": "Q4 2025", "style": "terse", "uniqueness_note": "The loan portfolio activity roll-forward on page 7 is the only table reporting a Q4 2025 beginning principal balance; every other principal balance in the document is either an as-of March 31, 2026 figure or a per-loan or per-facility amount.", "occurrences_in_document": 1, "retrieved_pages": [ 7, 8, 9 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Principal Balance in the Q4 2025 Loan Portfolio column is $687.6 million.", "cited_ids": [ "t17-3-1" ], "seconds": 3.04, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t17-3-1" ], "value": "$687.6", "source_id": "t17-3-1", "seconds": 2.61, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "q4_2025_principal_balance", "type": "string", "description": "The principal balance value from the Q4 2025 Loan Portfolio column for First Quarter 2026 Loan Portfolio Activity, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$687.6", "cited_ids": [ "t17-3-1" ], "fields": { "q4_2025_principal_balance": "$687.6", "cited_ids": [ "t17-3-1" ], "not_found": null }, "seconds": 6.67, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$687.6", "unit": "principal balance of loans (dollars in millions)", "period": "Q4 2025 Loan Portfolio", "cited_ids": [ "t17-3-1" ], "not_found": null, "seconds": 3.49, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "value", "question": "In the Loan Investment Details schedule of first mortgage loans as of March 31, 2026, what was the outstanding principal balance on the Palm Desert, CA retail loan?", "gold_value": "15,190", "gold_cell_id": "t11-8-5", "chunk_id": "#/tables/11", "page": 16, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Only one loan in the schedule is located in Palm Desert, CA (loan 22, retail), and its Principal Balance column holds a single value. The new-origination table on page 8 reports only its commitment ($19.5 million), not a principal balance, so no other cell answers this.", "occurrences_in_document": 1, "retrieved_pages": [ 8, 9, 15, 16 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Palm Desert, CA retail loan (#22) had an outstanding principal balance of $15,190 thousand (approximately $15.19 million) as of March 31, 2026.", "cited_ids": [ "t11-8-5", "t11-8-1", "t11-8-2" ], "seconds": 5.12, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t11-8-5", "t11-8-1" ], "value": "15,190", "source_id": "t11-8-5", "seconds": 3.14, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "outstanding_principal_balance", "type": "string", "description": "The outstanding principal balance on the Palm Desert, CA retail loan as shown in the Loan Investment Details schedule, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "15,190", "cited_ids": [ "t11-8-5" ], "fields": { "outstanding_principal_balance": "15,190", "cited_ids": [ "t11-8-5" ], "not_found": null }, "seconds": 28.55, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "15,190", "unit": "dollars in thousands", "period": "as of March 31, 2026", "cited_ids": [ "t11-8-5" ], "not_found": null, "seconds": 2.29, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "prose", "question": "How does the presentation characterize the credit quality of SEVN's office loan exposure, and what mitigating factors does it cite for the loans carrying a risk rating of 4?", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer is a qualitative summary drawn from many bullets in the office risk rating table -- leased occupancy levels, weighted average lease terms, class and market of each property, and sponsor equity contributions -- plus how those loans split between risk ratings 3 and 4. No single printed figure captures it.", "retrieved_pages": [ 3, 10, 11, 23 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Office loans represent 23% of SEVN's total loan portfolio (Office Risk Rating 3 at 7% plus Office Risk Rating 4 at 16%, with the remaining 77% in other property types), all measured by principal balance of loans held for investment as of March 31, 2026. Within the office segment, the exposure is characterized by risk rating: Risk Rating 3 (\"Acceptable Risk\") accounts for 30% of office loans and Risk Rating 4 (\"Higher Risk\") accounts for 70% of office loans.\n\nThe four loans carrying a risk rating of 4 are:\n- $44.2 million / Class B / suburban Dallas, TX \u2014 77% leased occupancy, 4.2-year WALT\n- $26.6 million / Class B / Plano, TX \u2014 78% leased occupancy, 3.1-year WALT\n- $24.4 million / Class A / Carlsbad, CA \u2014 89% leased occupancy, 3.7-year WALT\n- $20.8 million / Class B / Bellevue, WA \u2014 83% leased occupancy, 6.1-year WALT\n\nThe mitigating factor most prominently cited for the Risk Rating 4 loans is demonstrated commitment from the sponsors in the form of additional equity contributions: $7.1 million for the suburban Dallas loan, $1.1 million for the Carlsbad loan, and $1.6 million for the Bellevue loan. The presentation also highlights supporting credit characteristics such as the leased occupancy levels (ranging from 77% to 89%) and weighted average lease terms (WALT ranging from 3.1 to 6.1 years) for these properties. (No additional equity contribution is noted for the Plano, TX loan.)", "cited_ids": [ "#/pictures/15", "#/tables/8", "t8-6-1", "t8-8-1", "t8-9-1", "t8-11-1", "t8-13-1", "t8-14-1", "t8-16-1", "#/pictures/31" ], "seconds": 9.13, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/pictures/15", "#/tables/8", "t8-6-1", "t8-8-1", "t8-9-1", "t8-11-1", "t8-13-1", "t8-14-1", "t8-16-1" ], "value": null, "prose": "SEVN's office loan exposure represents 23% of the total loan portfolio (Office Risk Rating 3 at 7% and Office Risk Rating 4 at 16%, with all other property types making up 77%). Within the office segment, credit quality is split into two risk-rating buckets based on principal balance: Risk Rating 3 comprises 30% of office loans and Risk Rating 4 comprises 70% of office loans. The Risk Rating 4 loans (the higher-risk office exposure) consist of four loans: a $44.2 million Class B loan in suburban Dallas, TX (77% leased occupancy, 4.2-year WALT); a $26.6 million Class B loan in Plano, TX (78% leased occupancy, 3.1-year WALT); a $24.4 million Class A loan in Carlsbad, CA (89% leased occupancy, 3.7-year WALT); and a $20.8 million Class B loan in Bellevue, WA (83% leased occupancy, 6.1-year WALT). The mitigating factor the presentation cites for several of these Risk Rating 4 loans is demonstrated commitment from the sponsor through additional equity contributions: $7.1 million of additional equity for the suburban Dallas loan, $1.1 million for the Carlsbad loan, and $1.6 million for the Bellevue loan.", "seconds": 7.36, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The presentation characterizes SEVN's office loans as a relatively small portion of the total loan portfolio and splits its office exposure into two risk-rating buckets. Office loans make up 23% of the total portfolio (Office Risk Rating 3 at 7% and Office Risk Rating 4 at 16%), while other property types account for 77%. Within the office segment, Risk Rating 3 loans represent 30% of office and Risk Rating 4 loans represent 70% of office (all based on principal balance of loans held for investment as of March 31, 2026).\n\nFor the Risk Rating 4 office loans, the mitigating factors cited are demonstrated sponsor commitment through additional equity contributions and, in some cases, sustained leased occupancy and remaining lease term (WALT). Specifically:\n- $44.2 million / Class B / suburban Dallas, TX: leased occupancy of 77% and a WALT of 4.2 years, with demonstrated commitment from the sponsor via $7.1 million of additional equity contributions to date.\n- $26.6 million / Class B / Plano, TX: leased occupancy of 78% and a WALT of 3.1 years.\n- $24.4 million / Class A / Carlsbad, CA: leased occupancy of 89% and a WALT of 3.7 years, with demonstrated commitment from the sponsor via $1.1 million of additional equity contributions to date.\n- $20.8 million / Class B / Bellevue, WA: leased occupancy of 83% and a WALT of 6.1 years, with demonstrated commitment from the sponsor via $1.6 million of additional equity contributions to date.\n\nMore broadly, the loan portfolio's credit quality is shown with a weighted average risk rating of 2.8, no loans rated 5 (Impaired/Loss Likely), and a weighted average LTV of 66%.", "cited_ids": [ "#/pictures/15", "t8-6-1", "t8-8-1", "t8-9-1", "t8-10-1", "t8-11-1", "t8-13-1", "t8-14-1", "t8-15-1", "t8-16-1", "#/pictures/31" ], "seconds": 15.55, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The presentation frames SEVN's office exposure as a relatively small and monitored portion of the overall book. Office loans represent 23% of the total loan portfolio (Office Risk Rating 3: 7% and Office Risk Rating 4: 16%, with Other Property Types making up 77%), measured by principal balance of loans held for investment as of March 31, 2026. Within the office segment, the credit quality is split between Risk Rating 3, which accounts for 30% of office, and Risk Rating 4 (\"Higher Risk\"), which accounts for 70% of office.\n\nThe five Risk Rating 4 office loans and their cited mitigating factors are: (1) $44.2 million principal balance / Class B / suburban Dallas, TX \u2014 leased occupancy of 77% and a WALT of 4.2 years, with demonstrated commitment from the sponsor via $7.1 million of additional equity contributions to date; (2) $26.6 million principal balance / Class B / Plano, TX \u2014 leased occupancy of 78% and a WALT of 3.1 years; (3) $24.4 million principal balance / Class A / Carlsbad, CA \u2014 leased occupancy of 89% and a WALT of 3.7 years, with demonstrated sponsor commitment via $1.1 million of additional equity contributions to date; and (4) $20.8 million principal balance / Class B / Bellevue, WA \u2014 leased occupancy of 83% and a WALT of 6.1 years, with demonstrated sponsor commitment via $1.6 million of additional equity contributions to date.\n\nThus the presentation emphasizes as mitigants: continued leased occupancy levels, meaningful weighted-average lease terms (WALT), and demonstrated sponsor support through additional equity contributions on several of the higher-risk loans.", "cited_ids": [ "b67efab9-8a03-4b0a-b62f-6cb0cf0bac23", "t8-6-1", "t8-8-1", "t8-9-1", "t8-11-1", "t8-13-1", "t8-14-1", "t8-16-1", "t8-7-1", "t8-10-1", "t8-12-1", "t8-15-1" ], "seconds": 10.55, "shape_correct": true, "cites_any": true } ] }, { "slug": "sevn-q1-2026-aarnings-pres", "kind": "prose", "question": "Compare the three loans SEVN originated during the first quarter of 2026: how do they differ in collateral type, market, size, pricing spread, and maturity?", "gold_value": null, "gold_cell_id": null, "why_prose": "This requires reading across an entire multi-column table and describing the differences among three separate loans on five dimensions. Any single cell answers only one attribute of one loan, so the response has to be a comparative narrative.", "retrieved_pages": [ 3, 7, 8, 9, 16, 23 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "During Q1 2026, SEVN originated three floating-rate first mortgage loans that differ as follows:\n\n1. **Medical Office \u2014 Atlanta, GA**: Originated February 2026; commitment of $30.5 million (the largest of the three); coupon rate of S + 3.95% (the widest/highest spread); initial maturity February 2029.\n\n2. **Retail \u2014 Palm Desert, CA**: Originated February 2026; commitment of $19.5 million; coupon rate of S + 3.60% (the tightest/lowest spread); initial maturity February 2029.\n\n3. **Hotel \u2014 Scottsdale, AZ**: Originated March 2026; commitment of $17.5 million (the smallest of the three); coupon rate of S + 3.85%; initial maturity March 2029.\n\nSummary of differences:\n- **Collateral type**: Medical office vs. retail vs. hotel.\n- **Market**: Atlanta, GA vs. Palm Desert, CA vs. Scottsdale, AZ.\n- **Size (commitment)**: $30.5M (largest) > $19.5M > $17.5M (smallest).\n- **Pricing spread**: S + 3.95% (highest) > S + 3.85% > S + 3.60% (lowest).\n- **Maturity**: The two February 2026 loans mature February 2029, while the March 2026 hotel loan matures March 2029 \u2014 all carry a 3-year initial term.", "cited_ids": [ "t4-0-1", "t4-0-2", "t4-0-3", "t4-1-1", "t4-1-2", "t4-1-3", "t4-2-1", "t4-2-2", "t4-2-3", "t4-3-1", "t4-3-2", "t4-3-3", "t4-4-1", "t4-4-2", "t4-4-3" ], "seconds": 7.75, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "grid", "cited_ids": [ "#/tables/4", "t4-0-1", "t4-0-2", "t4-0-3", "t4-1-1", "t4-1-2", "t4-1-3", "t4-2-1", "t4-2-2", "t4-2-3", "t4-3-1", "t4-3-2", "t4-3-3", "t4-4-1", "t4-4-2", "t4-4-3" ], "value": null, "payload": { "kind": "grid", "columns": [ "Attribute", "Loan 1", "Loan 2", "Loan 3" ], "rows": [ [ "Collateral Type", "Medical Office", "Retail", "Hotel" ], [ "Location", "Atlanta, GA", "Palm Desert, CA", "Scottsdale, AZ" ], [ "Origination Date", "February 2026", "February 2026", "March 2026" ], [ "Commitment", "$30.5 million", "$19.5 million", "$17.5 million" ], [ "Coupon Rate", "S + 3.95%", "S + 3.60%", "S + 3.85%" ], [ "Initial Maturity Date", "February 2029", "February 2029", "March 2029" ] ], "unit": null }, "seconds": 6.42, "shape_correct": false, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "SEVN originated three loans in Q1 2026, each differing across the requested dimensions:\n\n1. Medical Office in Atlanta, GA \u2014 Commitment $30.5 million, Coupon Rate S + 3.95%, originated February 2026 with an Initial Maturity Date of February 2029.\n\n2. Retail in Palm Desert, CA \u2014 Commitment $19.5 million, Coupon Rate S + 3.60%, originated February 2026 with an Initial Maturity Date of February 2029.\n\n3. Hotel in Scottsdale, AZ \u2014 Commitment $17.5 million, Coupon Rate S + 3.85%, originated March 2026 with an Initial Maturity Date of March 2029.\n\nComparison: The Medical Office loan is the largest ($30.5 million) and carries the highest pricing spread (S + 3.95%); the Retail loan is mid-sized ($19.5 million) with the lowest spread (S + 3.60%); the Hotel loan is the smallest ($17.5 million) at S + 3.85%. The two February 2026 originations (Medical Office and Retail) mature in February 2029, while the March 2026 Hotel loan matures in March 2029.", "cited_ids": [ "#/tables/4" ], "seconds": 12.92, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "SEVN originated three loans in Q1 2026, each distinct across every dimension:\n\n1. Medical Office in Atlanta, GA \u2014 originated February 2026, commitment of $30.5 million, coupon of S + 3.95%, with an initial maturity date of February 2029.\n2. Retail in Palm Desert, CA \u2014 originated February 2026, commitment of $19.5 million, coupon of S + 3.60%, with an initial maturity date of February 2029.\n3. Hotel in Scottsdale, AZ \u2014 originated March 2026, commitment of $17.5 million, coupon of S + 3.85%, with an initial maturity date of March 2029.\n\nSo the loans differ as follows: by collateral type (Medical Office vs. Retail vs. Hotel); by market (Atlanta, GA vs. Palm Desert, CA vs. Scottsdale, AZ); by size, with the Medical Office loan largest at $30.5 million, the Retail loan at $19.5 million, and the Hotel loan smallest at $17.5 million; by pricing spread, ranging from the lowest at S + 3.60% (Retail) to S + 3.85% (Hotel) to the highest at S + 3.95% (Medical Office); and by maturity, with the two February 2026 originations maturing February 2029 and the March 2026 hotel loan maturing March 2029.", "cited_ids": [ "t4-0-1", "t4-0-2", "t4-0-3", "t4-1-1", "t4-1-2", "t4-1-3", "t4-2-1", "t4-2-2", "t4-2-3", "t4-3-1", "t4-3-2", "t4-3-3", "t4-4-1", "t4-4-2", "t4-4-3" ], "seconds": 7.21, "shape_correct": true, "cites_any": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "Find Securities Portfolio Key Metrics: securities portfolio assets. Return the value.", "gold_value": "$2,074M", "gold_cell_id": "t9-1-1", "chunk_id": "#/tables/9", "page": 15, "unit": "USD millions", "period": "As presented in the deck (current portfolio snapshot)", "style": "terse", "uniqueness_note": "Only the Securities Portfolio Key Metrics table on page 15 states the securities portfolio asset balance in dollars; the page 6 overview shows an approximate ($2.1B) bubble for CRE Securities but no line item labeled 'Securities portfolio assets', so exactly one cell answers this.", "occurrences_in_document": 1, "retrieved_pages": [ 13, 15, 29, 31, 41 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Securities portfolio assets: $2,074M.", "cited_ids": [ "t9-1-1" ], "seconds": 2.7, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t9-1-1", "#/tables/9" ], "value": "$2,074M", "source_id": "t9-1-1", "seconds": 2.45, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "securities_portfolio_assets", "type": "string", "description": "The total value of securities portfolio assets as printed in the document, with no surrounding words.", "required": true } ] }, "shape": "value", "value": "$2,074M", "cited_ids": [ "t9-1-1" ], "fields": { "securities_portfolio_assets": "$2,074M", "cited_ids": [ "t9-1-1" ], "not_found": null }, "seconds": 5.29, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$2,074M", "unit": "Securities portfolio assets", "period": null, "cited_ids": [ "t9-1-1" ], "not_found": null, "seconds": 2.33, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "Find CRE Equity Portfolio Key Metrics: net equity invested. Return the value.", "gold_value": "$663M", "gold_cell_id": "t6-2-1", "chunk_id": "#/tables/6", "page": 13, "unit": "USD millions", "period": "As presented in the deck (current portfolio snapshot)", "style": "terse", "uniqueness_note": "'Net equity invested' appears as a line item only in the CRE Equity Portfolio Key Metrics table on page 13; the other CRE equity figures in that table are gross asset value, square feet and NOI, and no other table in the document reports net equity invested.", "occurrences_in_document": 1, "retrieved_pages": [ 6, 13, 31 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The CRE Equity Portfolio's net equity invested is $663M (reported as $663 million, undepreciated, as of 03/31/2026).", "cited_ids": [ "t6-2-1", "t18-3-5", "#/texts/367" ], "seconds": 3.91, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t6-2-1", "t6-2-0" ], "value": "$663M", "source_id": "t6-2-1", "seconds": 2.62, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_equity_invested", "type": "string", "description": "The net equity invested figure for the CRE Equity Portfolio, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$663M", "cited_ids": [ "t6-2-1" ], "fields": { "net_equity_invested": "$663M", "cited_ids": [ "t6-2-1" ], "not_found": null }, "seconds": 7.18, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$663M", "unit": "net equity invested", "period": "As of 03/31/2026", "cited_ids": [ "t6-2-1" ], "not_found": null, "seconds": 2.01, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "Find Bondholder attachment point comparison, Ladder column: illustrative loan investment LTV. Return the value.", "gold_value": "65%", "gold_cell_id": "t4-0-1", "chunk_id": "#/tables/4", "page": 10, "unit": "percent", "period": "Illustrative, as presented", "style": "terse", "uniqueness_note": "The page 10 comparison has one Ladder-side table with a single 'Illustrative Loan Investment LTV' cell; the parallel Equity REIT table on the same page shows 'n/a' for that line, so only one figure answers this question.", "occurrences_in_document": 1, "retrieved_pages": [ 10, 22, 41 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "In the Bondholder Attachment Point comparison (Senior Secured Attachment Point, page 10), the Ladder column's Illustrative Loan Investment LTV is 65%.", "cited_ids": [ "t4-0-1", "t4-0-0", "#/pictures/21" ], "seconds": 2.94, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t4-0-1", "#/tables/4" ], "value": "65%", "source_id": "t4-0-1", "seconds": 2.52, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "illustrative_loan_investment_ltv", "type": "string", "description": "The illustrative loan investment LTV value from the Bondholder attachment point comparison Ladder column, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "65%", "cited_ids": [ "t4-0-1" ], "fields": { "illustrative_loan_investment_ltv": "65%", "cited_ids": [ "t4-0-1" ], "not_found": null }, "seconds": 12.06, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "65%", "unit": "Illustrative Loan Investment LTV", "period": null, "cited_ids": [ "t4-0-1" ], "not_found": null, "seconds": 3.06, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "In the net lease portfolio summary on the CRE equity page, how many properties are reported?", "gold_value": "149", "gold_cell_id": "t7-1-1", "chunk_id": "#/tables/7", "page": 13, "unit": "properties (count)", "period": "As presented in the deck (current portfolio snapshot)", "style": "natural", "uniqueness_note": "Only the Net Lease Portfolio table on page 13 reports a property count; the CRE equity sales table on page 14 reports numbers of property sales by year, which is a different line item, so exactly one cell gives the number of net lease properties held.", "occurrences_in_document": 1, "retrieved_pages": [ 13, 31, 32, 41 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The net lease portfolio summary on the CRE equity page reports 149 properties.", "cited_ids": [ "t18-1-0", "t7-1-1" ], "seconds": 3.4, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t7-1-1", "t7-line-1" ], "value": "149", "source_id": "t7-1-1", "seconds": 2.73, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "number_of_properties", "type": "number", "description": "The total number of properties reported in the net lease portfolio summary on the CRE equity page, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "149.0", "cited_ids": [ "t7-1-1", "t18-1-0" ], "fields": { "number_of_properties": 149.0, "cited_ids": [ "t7-1-1", "t18-1-0" ], "not_found": null }, "seconds": 6.19, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "149", "unit": "properties", "period": null, "cited_ids": [ "t7-1-1" ], "not_found": null, "seconds": 2.26, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "In the CRE equity sales table covering sales since 2020, what were the total net sales proceeds for properties sold in 2022, excluding REO assets?", "gold_value": "$311", "gold_cell_id": "t8-5-2", "chunk_id": "#/tables/8", "page": 14, "unit": "USD millions", "period": "FY 2022", "style": "natural", "uniqueness_note": "The CRE equity sales table is the only table with net sales proceeds by year, and the 2022 row in the 'Excl. REO Assets' section has a single Total Net Sales Proceeds cell, distinct from the 2022 undepreciated carrying value and from the total and REO rows.", "occurrences_in_document": 1, "retrieved_pages": [ 14, 29, 31, 32, 38, 39 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The total net sales proceeds for properties sold in 2022 (excluding REO assets) were $311 million, across 8 property sales.", "cited_ids": [ "t8-5-2", "t8-5-0", "t8-5-1" ], "seconds": 5.61, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t8-5-2" ], "value": "$311", "source_id": "t8-5-2", "seconds": 4.22, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_net_sales_proceeds_2022_excluding_reo", "type": "string", "description": "The total net sales proceeds for properties sold in 2022, excluding REO assets, as shown in the CRE equity sales table. Report the figure exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$311", "cited_ids": [ "t8-5-2" ], "fields": { "total_net_sales_proceeds_2022_excluding_reo": "$311", "cited_ids": [ "t8-5-2" ], "not_found": null }, "seconds": 12.26, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$311", "unit": "total net sales proceeds ($ in millions)", "period": "2022", "cited_ids": [ "t8-5-2" ], "not_found": null, "seconds": 4.98, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "value", "question": "For the July 2025 unsecured bond issuance shown in the bond issuance history, what was the total GAAP leverage ratio at the time of issuance?", "gold_value": "2.1x", "gold_cell_id": "t28-2-8", "chunk_id": "#/tables/28", "page": 18, "unit": "ratio (turns of debt to equity)", "period": "Jul. 2025 issuance", "style": "natural", "uniqueness_note": "The bond issuance history table on page 18 has one Total GAAP Leverage Ratio row with one cell per issuance date, and the July 2025 column is the only one for that date; the adjusted leverage ratio row for the same column is a separately labeled measure.", "occurrences_in_document": 1, "retrieved_pages": [ 17, 18, 29, 38, 39, 40 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "For the July 2025 unsecured bond issuance, the Total GAAP Leverage Ratio at the time of issuance was 2.1x.", "cited_ids": [ "t28-2-8", "t28-line-2" ], "seconds": 2.91, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t28-2-8", "#/tables/28" ], "value": "2.1x", "source_id": "t28-2-8", "seconds": 2.7, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_gaap_leverage_ratio", "type": "string", "description": "The total GAAP leverage ratio at the time of the July 2025 unsecured bond issuance, reported exactly as shown in the source document.", "required": true } ] }, "shape": "value", "value": "2.1x", "cited_ids": [ "t28-2-8" ], "fields": { "total_gaap_leverage_ratio": "2.1x", "cited_ids": [ "t28-2-8" ], "not_found": null }, "seconds": 6.06, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "2.1x", "unit": "Total GAAP Leverage Ratio", "period": "Jul. 2025", "cited_ids": [ "t28-2-8" ], "not_found": null, "seconds": 6.11, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "prose", "question": "How does the deck differentiate Ladder from equity REITs and from mortgage REITs? Summarize the differences it claims across management structure, insider ownership, liability structure and leverage.", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer spans eight comparison rows and three columns of largely descriptive text, so it requires a synthesized explanation of stated positioning rather than any single printed figure.", "retrieved_pages": [ 9, 10, 22, 41 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The \"Ladder vs. Traditional REITs\" comparison (slide 9) differentiates Ladder Capital from both Equity REITs and Mortgage REITs across several dimensions:\n\n**Management structure:** Ladder is internally managed, the same as Equity REITs. Mortgage REITs, by contrast, are externally managed.\n\n**Level of inside ownership:** Ladder claims significant insider ownership of ~$165M / >12% (based on the $10.17 LADR closing price on 05/04/2026). This contrasts with Equity REITs, which have only \"modest\" inside ownership, and Mortgage REITs, which have \"low\" inside ownership.\n\n**Liability structure:** Ladder is financed predominantly with unsecured debt, like Equity REITs. Mortgage REITs, by contrast, rely primarily on secured and recourse leverage.\n\n**Total leverage:** Ladder targets ~2.0x\u20133.0x Debt/Equity, based on ~65% LTV loans with an equity cushion, equating to ~45%\u201350% Debt/Assets. Equity REITs run lower leverage of ~1.5x\u20132.0x Debt/Equity (though their first-loss exposure assets carry ~60%\u201365% Debt/Assets), while Mortgage REITs run higher leverage of ~3.0x\u20134.0x Debt/Equity.\n\nAdditional distinguishing points the deck makes: Ladder holds an investment-grade credit rating (like Equity REITs, unlike below-investment-grade/unrated Mortgage REITs); has a diversified mix of loans, leases and securities (versus Equity REITs' long-term leases or Mortgage REITs' short-term loans); has 15%\u201320% equity assets with a history of consistent gains (NAV upside); and offers a high single-digit dividend yield of currently 9.0%.\n\nThe deck also emphasizes Ladder's senior secured attachment point: as a first-mortgage lender, third-party owners bear first-loss exposure, giving Ladder bondholders multiple layers of equity cushion (Ladder's bondholder attachment point of 49% / <50% versus 60% for an Equity REIT that owns property and has first-loss exposure).\n[\"#/tables/2\", \"t2-1-3\", \"t2-2-3\", \"t2-6-3\", \"t2-7-3\", \"t2-8-3\", \"t2-1-1\", \"t2-1-5\", \"t2-2-1\", \"t2-2-5\", \"t2-6-1\", \"t2-6-5\", \"t2-7-1\", \"t2-7-5\", \"#/pictures/21\"]", "cited_ids": [], "seconds": 11.58, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "t2-1-0", "t2-1-1", "t2-1-3", "t2-1-5", "t2-2-0", "t2-2-1", "t2-2-3", "t2-2-5", "t2-6-0", "t2-6-1", "t2-6-3", "t2-6-5", "t2-7-0", "t2-7-1", "t2-7-3", "t2-7-5" ], "value": null, "prose": "The deck's \"Ladder vs. Traditional REITs\" comparison positions Ladder as sharing the favorable characteristics of investment-grade equity REITs while avoiding the weaker traits of mortgage REITs. Management structure: Ladder is internally managed (like equity REITs), whereas mortgage REITs are externally managed. Insider ownership: Ladder claims significant inside ownership of roughly $165M / >12%, described as more than the \"modest\" ownership of equity REITs and well above the \"low\" ownership of mortgage REITs. Liability structure: Ladder uses predominantly unsecured debt (like equity REITs), in contrast to mortgage REITs, which rely primarily on secured and recourse leverage. Total leverage: Ladder targets roughly 2.0x\u20133.0x Debt/Equity (~65% LTV loans with an equity cushion, ~45%\u201350% Debt/Assets), positioning it below mortgage REITs at ~3.0x\u20134.0x Debt/Equity, while equity REITs run ~1.5x\u20132.0x Debt/Equity (~60%\u201365% Debt/Assets). In short, the deck argues Ladder matches equity REITs on internal management and unsecured funding, carries higher insider ownership than both peer groups, and maintains more conservative leverage than mortgage REITs.", "seconds": 7.94, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "On the \"Ladder vs. Traditional REITs\" slide (page 9), the deck positions Ladder Capital between Equity REITs and Mortgage REITs across four attributes:\n\n- Management structure: Ladder is Internal, the same as Equity REITs, whereas Mortgage REITs are External.\n- Level of inside ownership: Ladder is Significant (~$165M / >12%), versus Modest for Equity REITs and Low for Mortgage REITs.\n- Liability structure: Ladder is Predominantly unsecured debt, matching Equity REITs, while Mortgage REITs are Primarily secured & recourse leverage.\n- Total leverage: Ladder runs ~2.0x \u2013 3.0x Debt/Equity (~65% LTV loans with equity cushion, ~45% \u2013 50% Debt/Assets), compared with Equity REITs at ~1.5x \u2013 2.0x Debt/Equity (~60% \u2013 65% Debt/Assets) and Mortgage REITs at ~3.0x \u2013 4.0x Debt/Equity.\n\nSo the deck claims Ladder resembles investment-grade Equity REITs on internal management and unsecured debt while having higher insider ownership than either peer group and leverage that sits between Equity REITs (lower) and Mortgage REITs (higher).", "cited_ids": [ "t2-1-0", "t2-1-1", "t2-1-3", "t2-1-5", "t2-2-0", "t2-2-1", "t2-2-3", "t2-2-5", "t2-6-0", "t2-6-1", "t2-6-3", "t2-6-5", "t2-7-0", "t2-7-1", "t2-7-3", "t2-7-5" ], "seconds": 10.16, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "On its \"Ladder vs. Traditional REITs\" slide (page 9), the deck positions Ladder against Investment Grade Equity REITs and Mortgage REITs across several dimensions:\n\nManagement structure: Both Equity REITs and Ladder are shown as \"Internal,\" while Mortgage REITs are \"External.\"\n\nLevel of inside ownership: Equity REITs have \"Modest\" inside ownership, Ladder is \"Significant: ~$165M / >12%,\" and Mortgage REITs are \"Low.\"\n\nLiability structure: Both Equity REITs and Ladder are described as \"Predominantly unsecured debt,\" while Mortgage REITs are \"Primarily secured & recourse leverage.\"\n\nTotal leverage: Equity REITs are shown at ~1.5x\u20132.0x Debt/Equity (with first-loss exposure assets, ~60%\u201365% Debt/Assets); Ladder at ~2.0x\u20133.0x Debt/Equity (~65% LTV loans with equity cushion, ~45%\u201350% Debt/Assets); and Mortgage REITs at the highest, ~3.0x\u20134.0x Debt/Equity.\n\nOverall the deck frames Ladder as combining the more favorable traits of equity REITs (internal management, unsecured debt) with even stronger insider ownership, while carrying lower asset-level leverage and a lower first-loss/attachment profile than mortgage REITs.", "cited_ids": [ "t2-1-1", "t2-1-3", "t2-1-5", "t2-2-1", "t2-2-3", "t2-2-5", "t2-6-1", "t2-6-3", "t2-6-5", "t2-7-1", "t2-7-3", "t2-7-5" ], "seconds": 8.21, "shape_correct": true, "cites_any": true } ] }, { "slug": "ladr-2026-investor-pres-charted", "kind": "prose", "question": "What characteristics of the office loan portfolio does the presentation highlight to argue that this exposure is lower risk, and why does the deck say those characteristics matter?", "gold_value": null, "gold_cell_id": null, "why_prose": "The office page lists several distinct attributes and the reasoning tying them to credit quality; answering requires assembling the stated drivers and their rationale, which no one cell contains.", "retrieved_pages": [ 1, 6, 12, 29, 30, 41 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The presentation highlights several characteristics of the office loan portfolio to frame the exposure as lower risk (all from the \"Office Loan Portfolio Metrics\" panel):\n\n- Office loans represent only 11% of total assets \u2014 a relatively small/limited exposure.\n- 66% weighted-average LTV (W.A. LTV) \u2014 a moderate loan-to-value, implying a meaningful equity cushion beneath the loans.\n- 89% Class A properties \u2014 the collateral is predominantly higher-quality, premium office assets.\n- 68% acquisition loans \u2014 a majority financed property acquisitions (rather than refinancings).\n- 86% post-COVID loans \u2014 most of the loans were originated after the onset of COVID-19, meaning they were underwritten with more recent, post-pandemic valuations and market assumptions.\n\nWhy the deck says these matter: taken together, the small share of total assets limits overall office risk; the 66% W.A. LTV means there is substantial borrower/property owner equity absorbing losses before the lender is affected; the high Class A concentration points to better-quality, more resilient collateral; and the high proportion of acquisition and post-COVID loans indicates underwriting based on updated, post-pandemic pricing and value expectations rather than pre-COVID assumptions.\n\nNote: The provided context does not include additional explanatory narrative text spelling out the rationale beyond these metric labels, so the \"why\" is inferred directly from the metrics presented (e.g., LTV indicating equity cushion, post-COVID timing indicating updated underwriting). The specific figures themselves are drawn verbatim from the source.", "cited_ids": [ "t5-1-0", "t5-3-0", "t5-4-0", "t5-5-0", "t5-6-0" ], "seconds": 9.86, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/tables/5", "t5-1-0", "t5-3-0", "t5-4-0", "t5-5-0", "t5-6-0", "t0-10-0" ], "value": null, "prose": "The presentation highlights several characteristics of the office loan portfolio to frame it as lower risk. First, office loans represent only 11% of total assets, indicating limited overall exposure. Second, the portfolio carries a 66% weighted-average loan-to-value (LTV), implying a meaningful equity cushion from property owners beneath the loans. Third, 89% of the exposure is to Class A properties, the highest-quality office segment. Fourth, 68% are acquisition loans (as opposed to refinancings). Finally, 86% are post-COVID loans, meaning they were underwritten with knowledge of the post-pandemic office environment and at repriced, more conservative valuations. Taken together, these metrics \u2014 a small share of assets, a conservative LTV with substantial credit cushion, high-quality collateral, and recent underwriting after the office market reset \u2014 are presented to argue that the office exposure is modest in size and well-protected against loss. The broader deck reinforces this by noting that the loan portfolio consists predominantly of senior secured first mortgages protected by property-owner equity.", "seconds": 8.22, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The Office Loan Portfolio Metrics on page 12 highlight several characteristics used to frame this exposure as lower risk. Office loans represent only 11% of total assets, keeping the overall concentration modest. The portfolio carries a 66% weighted-average LTV, meaning loans sit below the property values with meaningful equity cushion beneath them. It is skewed toward higher-quality real estate, with 89% Class A properties, and 68% are acquisition loans (financing newly purchased assets rather than legacy positions). Additionally, 86% are post-COVID loans, i.e., originated after the pandemic reset office valuations and underwriting standards. The deck does not provide explicit narrative sentences explaining why each metric matters \u2014 beyond the metrics themselves and their labels \u2014 so the rationale (low concentration limits downside; low LTV provides protection; Class A quality, acquisition financing, and post-COVID vintage imply better-quality, more conservatively underwritten collateral) is implied by the presentation rather than stated in the retrieved context.", "cited_ids": [ "t5-1-0", "t5-3-0", "t5-4-0", "t5-5-0", "t5-6-0" ], "seconds": 8.27, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The Office Loan Portfolio Metrics table highlights several characteristics used to frame this exposure as lower risk: office loans represent only 11% of total assets (a modest share of the overall book); the portfolio carries a 66% weighted-average LTV (leaving a substantial equity cushion below the loans); 89% are Class A properties (higher-quality, more resilient assets); 68% are acquisition loans (financing new purchases rather than refinancings/recapitalizations); and 86% are post-COVID loans (originated after the pandemic reset office valuations and underwriting standards). Note that the deck presents these as data points in the table without accompanying explanatory text in the provided context \u2014 it does not spell out in prose why each characteristic matters. The implied argument, based on how the metrics are grouped, is that a low LTV provides downside protection through borrower equity, Class A quality supports leasing and value stability, acquisition financing implies fresh basis, and post-COVID origination means the loans reflect current, more conservative office valuations. However, the context does not contain narrative language stating this rationale explicitly.", "cited_ids": [ "t5-1-0", "t5-3-0", "t5-4-0", "t5-5-0", "t5-6-0" ], "seconds": 8.93, "shape_correct": true, "cites_any": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "Find Balance Sheet Overview: Summary of Changes to Book Value per Share. Return the Book Value - March '26 value.", "gold_value": "$29.98", "gold_cell_id": "t0-2-6", "chunk_id": "#/tables/0", "page": 6, "unit": "USD per share", "period": "March 31, 2026", "style": "terse", "uniqueness_note": "The book value per share walk on page 6 states an ending book value only once. The other figures on that row are the December 2025 starting book value of $30.01 and the three per-share change components. No other table in the document reports a book value per share.", "occurrences_in_document": 1, "retrieved_pages": [ 5, 6, 15, 19, 20 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Book Value per Share as of March '26 was $29.98.", "cited_ids": [ "t0-2-6", "#/pictures/10", "#/texts/68" ], "seconds": 2.94, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t0-2-6", "#/tables/0", "#/pictures/10" ], "value": "$29.98", "source_id": "t0-2-6", "seconds": 2.91, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "book_value_march_26", "type": "string", "description": "The Book Value per Share value for March '26 as shown in the Balance Sheet Overview Summary of Changes to Book Value per Share, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$29.98", "cited_ids": [ "t0-2-6", "#/pictures/10" ], "fields": { "book_value_march_26": "$29.98", "cited_ids": [ "t0-2-6", "#/pictures/10" ], "not_found": null }, "seconds": 14.99, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$29.98", "unit": "book value per share", "period": "March '26", "cited_ids": [ "t0-2-6" ], "not_found": null, "seconds": 2.03, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "Find W.A. Risk Rating by Collateral Type: Office. Return 1Q26 $ at par.", "gold_value": "$241.4M", "gold_cell_id": "t2-2-4", "chunk_id": "#/tables/2", "page": 9, "unit": "USD millions", "period": "1Q26", "style": "terse", "uniqueness_note": "The collateral-type table carries one 4Q25 par balance and one 1Q26 par balance per collateral type. Naming Office and the 1Q26 column selects a single cell; the 4Q25 Office balance is a different figure and no other table breaks the portfolio out by collateral type.", "occurrences_in_document": 1, "retrieved_pages": [ 9, 21, 22 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The 1Q26 $ at par for Office collateral type is $241.4M.", "cited_ids": [ "t2-2-4" ], "seconds": 2.51, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-2-4", "#/tables/2" ], "value": "$241.4M", "source_id": "t2-2-4", "seconds": 2.77, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "wa_risk_rating_office_1q26_par", "type": "string", "description": "The W.A. Risk Rating for Office collateral type in 1Q26 at par, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$241.4M", "cited_ids": [ "t2-2-4" ], "fields": { "wa_risk_rating_office_1q26_par": "$241.4M", "cited_ids": [ "t2-2-4" ], "not_found": null }, "seconds": 7.38, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$241.4M", "unit": "Office collateral at par", "period": "1Q26", "cited_ids": [ "t2-2-4" ], "not_found": null, "seconds": 2.33, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "Find Capitalization Overview: Total Capitalization ($ in Millions). Return 1Q26 value.", "gold_value": "$2,419.6", "gold_cell_id": "t5-1-1", "chunk_id": "#/tables/5", "page": 11, "unit": "USD millions", "period": "March 31, 2026", "style": "terse", "uniqueness_note": "Total capitalization stated in millions appears once, in the capitalization overview table on page 11. The balance sheet overview on page 6 shows only a rounded $2.4B capitalization label inside the pie chart, not a figure in millions.", "occurrences_in_document": 1, "retrieved_pages": [ 6, 11 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total Capitalization (1Q26) was $2,419.6 million (approximately $2.4 billion).", "cited_ids": [ "t5-1-1", "t5-line-1" ], "seconds": 3.31, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t5-1-1", "#/tables/5" ], "value": "$2,419.6", "source_id": "t5-1-1", "seconds": 2.58, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_capitalization_1q26", "type": "number", "description": "Total Capitalization value for 1Q26 in millions of dollars, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "2419.6", "cited_ids": [ "t5-1-1" ], "fields": { "total_capitalization_1q26": 2419.6, "cited_ids": [ "t5-1-1" ], "not_found": null }, "seconds": 6.45, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$2,419.6", "unit": "$ in Millions", "period": "1Q26", "cited_ids": [ "t5-1-1" ], "not_found": null, "seconds": 2.1, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "On the consolidated balance sheet, what was Total Stockholders' Equity as of March 31, 2026?", "gold_value": "420,638", "gold_cell_id": "t9-33-1", "chunk_id": "#/tables/9", "page": 15, "unit": "USD thousands", "period": "March 31, 2026", "style": "natural", "uniqueness_note": "The consolidated balance sheet presents Total Stockholders' Equity for two dates; the December 31, 2025 column shows 420,796. Total Equity including non-controlling interests is a separate line (554,923), so the March 31, 2026 stockholders' equity line is a single cell.", "occurrences_in_document": 1, "retrieved_pages": [ 5, 6, 15, 16 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total Stockholders' Equity as of March 31, 2026 was $420,638 thousand (approximately $420.6 million).", "cited_ids": [ "t9-33-1" ], "seconds": 2.58, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t9-33-1" ], "value": "420,638", "source_id": "t9-33-1", "seconds": 3.21, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_stockholders_equity", "type": "string", "description": "The Total Stockholders' Equity amount as of March 31, 2026, exactly as printed on the consolidated balance sheet.", "required": true } ] }, "shape": "value", "value": "420,638", "cited_ids": [ "t9-33-1" ], "fields": { "total_stockholders_equity": "420,638", "cited_ids": [ "t9-33-1" ], "not_found": null }, "seconds": 5.36, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "420,638", "unit": "thousands USD", "period": "March 31, 2026", "cited_ids": [ "t9-33-1" ], "not_found": null, "seconds": 2.7, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "What was net income for the three months ended March 31, 2026 in the consolidated statements of operations?", "gold_value": "$ 7,528", "gold_cell_id": "t10-23-1", "chunk_id": "#/tables/10", "page": 16, "unit": "USD thousands", "period": "Three months ended March 31, 2026", "style": "natural", "uniqueness_note": "The statements of operations report Net Income (Loss) for two comparative quarters; the March 31, 2025 column is a loss of (730). Income before taxes (7,529) and net loss allocable to common shares (1,023) are separate lines, so only one cell answers for the 2026 quarter's net income.", "occurrences_in_document": 1, "retrieved_pages": [ 5, 10, 15, 16, 17 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Net income for the three months ended March 31, 2026 was $7,528 thousand (compared to a net loss of $(730) thousand for the same period in 2025).", "cited_ids": [ "t10-23-1", "t10-23-2" ], "seconds": 2.68, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t10-23-1" ], "value": "$ 7,528", "source_id": "t10-23-1", "seconds": 4.8, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_income_three_months_march_31_2026", "type": "string", "description": "Net income for the three months ended March 31, 2026 from the consolidated statements of operations, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ 7,528", "cited_ids": [ "t10-23-1" ], "fields": { "net_income_three_months_march_31_2026": "$ 7,528", "cited_ids": [ "t10-23-1" ], "not_found": null }, "seconds": 7.41, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 7,528", "unit": "thousands", "period": "For the Three Months Ended Mar. 31, 2026", "cited_ids": [ "t10-23-1" ], "not_found": null, "seconds": 2.36, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "value", "question": "In the Earnings Available for Distribution reconciliation, what was EAD per common share on a diluted basis for the three months ended March 31, 2026?", "gold_value": "$ 0.02", "gold_cell_id": "t11-10-1", "chunk_id": "#/tables/11", "page": 17, "unit": "USD per share", "period": "Three months ended March 31, 2026", "style": "natural", "uniqueness_note": "The EAD reconciliation states diluted EAD per common share once per period; the March 31, 2025 column shows (0.86). GAAP diluted loss per share of (0.16) is reported in a different statement, so the 2026 quarter's EAD per share is a single cell.", "occurrences_in_document": 1, "retrieved_pages": [ 5, 15, 16, 17, 20 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "EAD (Earnings Available for Distribution) per common share on a diluted basis for the three months ended March 31, 2026 was $0.02.", "cited_ids": [ "t11-10-1" ], "seconds": 2.68, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t11-10-1", "#/tables/11" ], "value": "$ 0.02", "source_id": "t11-10-1", "seconds": 2.8, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "ead_per_common_share_diluted", "type": "string", "description": "The Earnings Available for Distribution (EAD) per common share on a diluted basis for the three months ended March 31, 2026, exactly as printed in the reconciliation.", "required": true } ] }, "shape": "value", "value": "$ 0.02", "cited_ids": [ "t11-10-1" ], "fields": { "ead_per_common_share_diluted": "$ 0.02", "cited_ids": [ "t11-10-1" ], "not_found": null }, "seconds": 27.77, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 0.02", "unit": "per common share (diluted)", "period": "For the Three Months Ended Mar. 31, 2026", "cited_ids": [ "t11-10-1" ], "not_found": null, "seconds": 2.46, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "prose", "question": "What accounted for the change in book value per share between December 31, 2025 and March 31, 2026, and how did the individual components work against each other?", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer requires naming and interpreting three separate per-share movements (net loss, other comprehensive income, equity compensation and vested shares) and explaining how they net out. No single printed cell states the explanation.", "retrieved_pages": [ 6, 15, 16, 17, 19 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Book value per share declined slightly from $30.01 at December 31, 2025 (\"Dec '25\") to $29.98 at March 31, 2026 (\"March '26\"), a net decrease of $0.03 per share. The change was driven by the following components:\n\n- Net Loss: -$0.16 per share (the largest negative driver)\n- Other Comprehensive Income: +$0.05 per share (positive)\n- Equity Compensation and Vested Shares: +$0.08 per share (positive)\n\nThe components worked against each other: the $0.16 per share reduction from the net loss was the sole negative factor, and it was largely \u2014 but not fully \u2014 offset by the two positive contributors, other comprehensive income (+$0.05) and equity compensation and vested shares (+$0.08), which together added $0.13 per share. As a result, the net effect was a modest $0.03 per share decline (($0.16) + $0.05 + $0.08 = -$0.03). These per-share adjustments are calculated based on the 6,558,865 shares outstanding used in the book value calculation at March 31, 2026.\n[\"#/pictures/10\", \"t0-2-2\", \"t0-2-3\", \"t0-2-4\", \"t0-2-5\", \"t0-2-6\"]", "cited_ids": [], "seconds": 6.45, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/pictures/10", "t0-2-2", "t0-2-3", "t0-2-4", "t0-2-5", "t0-2-6" ], "value": null, "prose": "Book value per share declined from $30.01 at December 31, 2025 to $29.98 at March 31, 2026, a net decrease of $0.03. The single negative component was a Net Loss of $(0.16) per share, which pulled book value down. Working against this were two positive contributors: Other Comprehensive Income added $0.05 per share, and Equity Compensation and Vested Shares added $0.08 per share. Together these positive items (+$0.13) partially offset the $0.16 drag from the net loss, leaving a modest overall decline of $0.03 per share.", "seconds": 4.16, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "Book value per share declined slightly from $30.01 at December 31, 2025 to $29.98 at March 31, 2026 \u2014 a net decrease of $0.03. This small change was the result of offsetting components: a Net Loss reduced book value by $0.16, while two positive items partially offset that decline \u2014 Other Comprehensive Income added $0.05 and Equity Compensation and Vested Shares added $0.08. Thus, the $0.16 negative impact from the net loss was largely counterbalanced by the combined $0.13 of positive contributions, leaving book value per share nearly flat quarter-over-quarter. (Per share adjustments are calculated based on the share count outstanding of 6,558,865 used in the book value calculation at March 31, 2026.)", "cited_ids": [ "t0-2-2", "t0-2-3", "t0-2-4", "t0-2-5", "t0-2-6", "t0-1-2", "t0-1-3", "t0-1-4", "t0-1-5", "t0-1-6", "772fe54b-46a8-4ab3-97a1-548392b12138" ], "seconds": 7.72, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "Book value per share declined from $30.01 at December '25 to $29.98 at March '26, a net decrease of $0.03. Three components drove the change and partly offset one another: a Net Loss reduced book value by $0.16, while Other Comprehensive Income added $0.05 and Equity Compensation and Vested Shares added $0.08. The two positive contributions ($0.05 + $0.08 = $0.13) partially offset the $0.16 negative impact of the net loss, resulting in the small net reduction to $29.98. (Per share adjustments are based on the 6,558,865 shares outstanding used in the March 31, 2026 book value calculation.)", "cited_ids": [ "t0-2-2", "t0-2-3", "t0-2-4", "t0-2-5", "t0-2-6", "772fe54b-46a8-4ab3-97a1-548392b12138" ], "seconds": 5.83, "shape_correct": true, "cites_any": true } ] }, { "slug": "acr-1q2026-earnings-presentation-final-charted", "kind": "prose", "question": "How does the company define its commercial real estate loan risk ratings, and what distinguishes a Rating 4 loan from a Rating 5 loan?", "gold_value": null, "gold_cell_id": null, "why_prose": "The risk rating definitions are narrative criteria about property performance, covenant compliance, occupancy and appraisal requirements. Answering requires comparing two multi-sentence definitions, not retrieving a figure.", "retrieved_pages": [ 9, 21, 22 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "**How CRE loan risk ratings are defined:** The Company's commercial real estate (CRE) loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: collateral performance relative to the underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure, and exit plan. Depending on the loan's performance against these factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing the highest credit quality and loans rated 5 representing the lowest credit quality. A loan's rating may improve or worsen as new information is received.\n\n**Rating 4:** Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. Occupancy is not stabilized and the property has a large amount of tenancy rollover.\n\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. The property has a material vacancy rate and significant rollover of remaining tenants, and an updated appraisal is required upon designation (updated on an as-needed basis).\n\n**Key distinction:** A Rating 4 loan is still performing\u2014albeit significantly below plan\u2014requiring only occasional covenant waivers, whereas a Rating 5 loan is in the worst condition: it is not in compliance with covenants, may be in default, and its expected sale proceeds would be insufficient to pay off the loan at maturity (i.e., an anticipated loss), triggering the requirement for an updated appraisal.\n[\"#/texts/205\", \"t12-7-1\", \"t12-8-1\", \"t12-9-1\", \"t12-10-1\", \"t12-11-1\"]", "cited_ids": [], "seconds": 10.19, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/texts/205", "t12-line-7", "t12-line-9", "#/tables/12" ], "value": null, "prose": "The Company assesses CRE loans for credit quality using a collective evaluation of several factors, including collateral performance relative to the underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure, and exit plan. Based on performance against these factors, loans are rated on a scale from 1 to 5, with 1 representing the highest credit quality and 5 the lowest. A loan's rating may improve or worsen as new information is received.\n\nA Rating 4 loan is one whose property performance significantly lags behind underwritten expectations, where performance criteria and loan covenants have required occasional waivers, and where occupancy is not stabilized and the property has a large amount of tenancy rollover.\n\nA Rating 5 loan is more severely distressed: 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, and expected sale proceeds would not be sufficient to pay off the loan at maturity. Additionally, the property has a material vacancy rate and significant rollover of remaining tenants, and an updated appraisal is required upon designation (and updated as needed). Thus the key distinction is that a Rating 5 loan is in or near default with insufficient collateral value to repay the loan, whereas a Rating 4 loan is underperforming but still expected to remain viable with occasional covenant waivers.", "seconds": 8.18, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The Company rates CRE loans on a scale from 1 to 5 based on a collective evaluation of several factors, including collateral performance relative to the underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure, and exit plan. Loans rated 1 represent the highest credit quality and loans rated 5 represent the lowest credit quality; a loan's rating may improve or worsen as new information is received.\n\nA Rating 4 loan is one where property performance significantly lags behind underwritten expectations, performance criteria and loan covenants have required occasional waivers, and occupancy is not stabilized with a large amount of tenancy rollover.\n\nA Rating 5 loan is distinguished by property performance that is significantly worse than underwritten expectations, with the loan not in compliance with loan covenants and performance criteria and possibly in default. For a Rating 5, expected sale proceeds would not be sufficient to pay off the loan at maturity, the property has a material vacancy rate and significant rollover of remaining tenants, and an updated appraisal is required upon designation and updated on an as-needed basis. Thus, the key difference is that a Rating 4 loan is underperforming with occasional covenant waivers, while a Rating 5 loan is in covenant non-compliance/possible default where sale proceeds would not cover the loan at maturity.", "cited_ids": [ "#/texts/205", "t12-7-1", "t12-8-1", "t12-9-1", "t12-10-1", "t12-11-1" ], "seconds": 9.88, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The Company rates its commercial real estate (CRE) loans on a scale from 1 to 5, based on a collective evaluation of several factors including collateral performance relative to the underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure and exit plan. Loans rated 1 represent the highest credit quality and loans rated 5 the lowest; a loan's rating may improve or worsen as new information is received.\n\nA Rating 4 loan is one whose property performance significantly lags behind underwritten expectations, where performance criteria and loan covenants have required occasional waivers, and where occupancy is not stabilized with a large amount of tenancy rollover.\n\nA Rating 5 loan is more severe: 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, and expected sale proceeds would not be sufficient to pay off the loan at maturity. Such properties have a material vacancy rate and significant rollover of remaining tenants, and an updated appraisal is required upon designation and updated on an as-needed basis. Thus, the key distinction is that a Rating 4 involves occasional covenant waivers and significant underperformance, whereas a Rating 5 involves covenant non-compliance/potential default and sale proceeds insufficient to repay the loan.", "cited_ids": [ "#/texts/205", "t12-7-1", "t12-8-1", "t12-9-1", "t12-10-1", "t12-11-1" ], "seconds": 8.39, "shape_correct": true, "cites_any": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "Find Balance Sheet: Secured financing facilities, net. Return March 31, 2026 value", "gold_value": "465,817", "gold_cell_id": "t2-13-1", "chunk_id": "#/tables/2", "page": 3, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The condensed consolidated balance sheet is the only table in the document with a 'Secured financing facilities, net' line, and it shows two columns; naming March 31, 2026 selects the single left-hand figure. The value appears in exactly one cell in the file.", "occurrences_in_document": 1, "retrieved_pages": [ 3, 12, 13, 21 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Secured financing facilities, net as of March 31, 2026 was $465,817 thousand.", "cited_ids": [ "t2-13-1" ], "seconds": 2.31, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-13-1" ], "value": "465,817", "source_id": "t2-13-1", "seconds": 2.6, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "secured_financing_facilities_net", "type": "string", "description": "The Balance Sheet value for Secured financing facilities, net as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "465,817", "cited_ids": [ "t2-13-1" ], "fields": { "secured_financing_facilities_net": "465,817", "cited_ids": [ "t2-13-1" ], "not_found": null }, "seconds": 8.98, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "465,817", "unit": "dollars in thousands", "period": "March 31, 2026", "cited_ids": [ "t2-13-1" ], "not_found": null, "seconds": 9.07, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "Find loan portfolio statistics: weighted average all in yield. Return the as of March 31, 2026 value", "gold_value": "7.84%", "gold_cell_id": "t6-7-1", "chunk_id": "#/tables/6", "page": 7, "unit": "percent", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "Only the Note 3 loan portfolio statistics table reports a 'Weighted average all in yield' line, with columns for March 31, 2026 and December 31, 2025; naming the as-of date picks one of the two, and no other cell in the document holds this figure.", "occurrences_in_document": 2, "retrieved_pages": [ 7, 8, 19 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The weighted average all in yield as of March 31, 2026 was 7.84%.", "cited_ids": [ "t6-7-1", "t21-8-2" ], "seconds": 2.21, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t6-7-1", "t21-8-2" ], "value": "7.84%", "source_id": "t6-7-1", "seconds": 4.6, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "weighted_average_all_in_yield", "type": "string", "description": "The weighted average all in yield for the loan portfolio as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "7.84%", "cited_ids": [ "t6-7-1", "t21-8-2" ], "fields": { "weighted_average_all_in_yield": "7.84%", "cited_ids": [ "t6-7-1", "t21-8-2" ], "not_found": null }, "seconds": 5.65, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "7.84%", "unit": "weighted average all in yield", "period": "As of March 31, 2026", "cited_ids": [ "t6-7-1", "t21-8-2" ], "not_found": null, "seconds": 3.8, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "Find allowance for credit losses rollforward: unfunded loan commitments balance. Return March 31, 2026 value", "gold_value": "219", "gold_cell_id": "t13-3-4", "chunk_id": "#/tables/13", "page": 10, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "Only one table rolls the allowance for credit losses forward, and only its 'Unfunded Loan Commitments' column has an ending balance at March 31, 2026. The loans-held-for-investment and total columns carry different figures, so the row plus column pins a single cell.", "occurrences_in_document": 1, "retrieved_pages": [ 7, 10, 23 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The allowance for credit losses on unfunded loan commitments was $219 thousand as of March 31, 2026.", "cited_ids": [ "t13-3-4" ], "seconds": 2.24, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t13-3-4", "#/tables/13", "t13-line-3" ], "value": "$ 219", "source_id": "t13-3-4", "seconds": 3.01, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "unfunded_loan_commitments_balance_march_31_2026", "type": "string", "description": "The allowance for credit losses rollforward unfunded loan commitments balance as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$219", "cited_ids": [ "t13-3-3", "t13-3-4" ], "fields": { "unfunded_loan_commitments_balance_march_31_2026": "$219", "cited_ids": [ "t13-3-3", "t13-3-4" ], "not_found": null }, "seconds": 6.12, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$219", "unit": "allowance for credit losses on unfunded loan commitments (in thousands)", "period": "Balance at March 31, 2026", "cited_ids": [ "t13-3-3", "t13-3-4" ], "not_found": null, "seconds": 3.2, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "In the condensed consolidated statements of operations, what were weighted average common shares outstanding, basic and diluted, for the three months ended March 31, 2026?", "gold_value": "22,398", "gold_cell_id": "t3-19-2", "chunk_id": "#/tables/3", "page": 4, "unit": "thousands of shares", "period": "Three months ended March 31, 2026", "style": "natural", "uniqueness_note": "Weighted average shares outstanding is reported only in the statement of operations, which shows the 2026 and 2025 quarters side by side; naming the three months ended March 31, 2026 selects one figure. Share counts elsewhere in the document are period-end balances, not weighted averages.", "occurrences_in_document": 4, "retrieved_pages": [ 2, 4, 16, 22, 25 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Weighted average common shares outstanding \u2014 basic and diluted \u2014 for the three months ended March 31, 2026 were 22,398 thousand.", "cited_ids": [ "t3-19-2" ], "seconds": 3.01, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t3-19-2" ], "value": "22,398", "source_id": "t3-19-2", "seconds": 3.06, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "weighted_average_common_shares_outstanding_basic", "type": "number", "description": "The weighted average common shares outstanding, basic, for the three months ended March 31, 2026, exactly as printed in the condensed consolidated statements of operations.", "required": true }, { "name": "weighted_average_common_shares_outstanding_diluted", "type": "number", "description": "The weighted average common shares outstanding, diluted, for the three months ended March 31, 2026, exactly as printed in the condensed consolidated statements of operations.", "required": true } ] }, "shape": "value", "value": "22398.0", "cited_ids": [ "t3-19-2" ], "fields": { "weighted_average_common_shares_outstanding_basic": 22398.0, "weighted_average_common_shares_outstanding_diluted": 22398.0, "cited_ids": [ "t3-19-2" ], "not_found": null }, "seconds": 5.46, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "22,398", "unit": "common shares (in thousands)", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t3-19-2" ], "not_found": null, "seconds": 2.94, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "In the condensed consolidated statements of shareholders' equity, what was the total shareholders' equity balance at March 31, 2025?", "gold_value": "268,945", "gold_cell_id": "t4-13-11", "chunk_id": "#/tables/4", "page": 5, "unit": "USD thousands", "period": "As of March 31, 2025", "style": "natural", "uniqueness_note": "The shareholders' equity statement is the only table with a prior-year rollforward ending at March 31, 2025, and the Total column has one balance row for that date. The balance sheet reports equity only at March 31, 2026 and December 31, 2025, so no other cell answers this.", "occurrences_in_document": 1, "retrieved_pages": [ 2, 3, 5, 8 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The total shareholders' equity balance at March 31, 2025 was $268,945 thousand.", "cited_ids": [ "t4-13-11" ], "seconds": 2.16, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t4-13-11", "t4-line-13" ], "value": "268,945", "source_id": "t4-13-11", "seconds": 2.9, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_shareholders_equity_march_31_2025", "type": "string", "description": "The total shareholders' equity balance at March 31, 2025, as reported in the condensed consolidated statements of shareholders' equity. Report the figure exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$268,945", "cited_ids": [ "t4-13-11", "t4-13-10" ], "fields": { "total_shareholders_equity_march_31_2025": "$268,945", "cited_ids": [ "t4-13-11", "t4-13-10" ], "not_found": null }, "seconds": 11.58, "shape_correct": true, "cites_any": true, "exact": false, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "268,945", "unit": "thousands", "period": "Balance at March 31, 2025", "cited_ids": [ "t4-13-11" ], "not_found": null, "seconds": 3.85, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "value", "question": "In the note that breaks the loan portfolio down by property type, what was the amortized cost of student housing loans as of March 31, 2026?", "gold_value": "116,680", "gold_cell_id": "t9-3-2", "chunk_id": "#/tables/9", "page": 8, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Student housing appears only in the property type concentration table, which reports amortized cost at March 31, 2026 and December 31, 2025; naming the as-of date and the amortized cost column pins one cell. The geographic location table uses regions, not property types.", "occurrences_in_document": 1, "retrieved_pages": [ 7, 8, 20 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "As of March 31, 2026, the amortized cost of Student Housing loans was $116,680 (across 4 loans, representing 16% of value).", "cited_ids": [ "t9-3-2", "t9-3-1", "t9-3-3" ], "seconds": 2.61, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t9-3-2", "#/tables/9" ], "value": "116,680", "source_id": "t9-3-2", "seconds": 2.91, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "student_housing_amortized_cost", "type": "string", "description": "The amortized cost of student housing loans as of March 31, 2026, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "116,680", "cited_ids": [ "t9-3-2" ], "fields": { "student_housing_amortized_cost": "116,680", "cited_ids": [ "t9-3-2" ], "not_found": null }, "seconds": 35.96, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "116,680", "unit": "amortized cost (Student Housing loans)", "period": "March 31, 2026", "cited_ids": [ "t9-3-2" ], "not_found": null, "seconds": 3.7, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "sevn-q126-10q", "kind": "prose", "question": "Cash and cash equivalents fell during the first quarter of 2026. Walk through what drove that decline across operating, investing and financing activities.", "gold_value": null, "gold_cell_id": null, "why_prose": "Answering requires narrating several cash flow lines together \u2014 loan originations and additional fundings against a repayment, proceeds versus repayments on the secured financing facilities, deferred financing costs and distributions \u2014 and explaining how they net out. No single printed figure conveys the drivers.", "retrieved_pages": [ 6, 17, 22, 25, 26 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "During Q1 2026, cash and cash equivalents decreased by $66,865 thousand, falling from $123,471 thousand at the beginning of the period to $56,606 thousand at the end.\n\nThe decline was driven by the following three activity categories:\n\n- Operating activities: provided cash of $5,022 thousand (a positive contribution). This was up from $3,686 thousand in Q1 2025, primarily due to higher net interest income from an increased loan portfolio size and favorable changes in working capital.\n\n- Investing activities: used cash of $(43,633) thousand (the primary use). This reflected loan origination of $(57,380) thousand and additional funding of loans of $(2,181) thousand, partially offset by $16,000 thousand of loan repayments (and $(72) thousand of real estate owned improvements). Compared with $(49,901) thousand used in Q1 2025, the cash used decreased due to higher loan repayment activity, partially offset by higher loan origination activity.\n\n- Financing activities: used cash of $(28,254) thousand. This was a swing from cash provided of $17,102 thousand in Q1 2025, primarily due to higher repayments on the Secured Financing Facilities. Financing outflows included repayments under secured financing facilities of $(52,531) thousand, deferred financing costs of $(1,114) thousand, share repurchases of $(7) thousand, and distributions of $(6,327) thousand, partially offset by proceeds from secured financing facilities of $31,725 thousand.\n\nNetting these together: $5,022 (operating) \u2212 $43,633 (investing) \u2212 $28,254 (financing) = a $66,865 thousand decrease in cash. In short, positive operating cash flow was more than offset by heavy investing outflows (net loan originations) and a shift to net financing outflows driven by large repayments of the Secured Financing Facilities.\n[\"#/texts/230\", \"#/tables/5\", \"#/tables/28\", \"t5-17-1\", \"t5-19-1\", \"t5-20-1\", \"t5-21-1\", \"t5-23-1\", \"t5-25-1\", \"t5-26-1\", \"t5-27-1\", \"t5-28-1\", \"t5-29-1\", \"t5-30-1\", \"t5-31-1\", \"t5-32-1\", \"t5-33-1\", \"t28-4-2\", \"t28-5-2\", \"t28-6-2\"]", "cited_ids": [], "seconds": 12.61, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/tables/5", "#/tables/28", "#/texts/230", "t5-line-31" ], "value": null, "prose": "Cash and cash equivalents fell $66,865 thousand during Q1 2026, ending at $56,606 thousand versus $123,471 thousand at the start of the period. The decline was driven by the interplay of the three activity categories. Operating activities were a positive contributor, providing $5,022 thousand of cash (up from $3,686 thousand a year earlier), reflecting higher net interest income from a larger loan portfolio and favorable working capital changes. Investing activities consumed $43,633 thousand, primarily due to loan origination of $57,380 thousand plus $2,181 thousand of additional loan funding, only partially offset by $16,000 thousand of loan repayments. The largest drag was financing activities, which used $28,254 thousand (versus providing $17,102 thousand in 2025); this swing was driven by heavy repayments under the Secured Financing Facilities of $52,531 thousand, against $31,725 thousand of proceeds, along with $6,327 thousand of distributions and $1,114 thousand of deferred financing costs. In sum, operating inflows of $5,022 thousand were far outweighed by investing outflows of $43,633 thousand and financing outflows of $28,254 thousand, producing the $66,865 thousand overall decrease in cash.", "seconds": 7.26, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "During the three months ended March 31, 2026, cash and cash equivalents decreased by $(66,865), falling from $123,471 at the beginning of the period to $56,606 at period end. The decline was driven by the following three activity categories: Operating activities provided cash of $5,022 (a positive contribution), reflecting net income of $4,385 plus non-cash adjustments and favorable working capital changes. Investing activities used cash of $(43,633), driven primarily by origination of loans held for investment of $(57,380) and additional funding of loans of $(2,181), partially offset by repayment of loans held for investment of $16,000. Financing activities used cash of $(28,254), driven principally by repayments under secured financing facilities of $(52,531) and distributions of $(6,327), partially offset by proceeds from secured financing facilities of $31,725. The net effect of these three categories \u2014 modest operating inflows more than offset by large investing and financing outflows \u2014 produced the $(66,865) decline in cash. Management notes that the shift from cash provided to cash used in financing activities was primarily due to higher repayments on the Secured Financing Facilities in the 2026 period.", "cited_ids": [ "t5-31-1", "t5-33-1", "t5-32-1", "t5-17-1", "t5-23-1", "t5-30-1", "t5-19-1", "t5-20-1", "t5-21-1", "t5-25-1", "t5-26-1", "t5-29-1", "t5-2-1", "#/texts/230" ], "seconds": 9.18, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "During the three months ended March 31, 2026, cash and cash equivalents decreased by $(66,865), falling from $123,471 at the beginning of the period to $56,606 at the end. The three activity categories drove this as follows: Operating activities provided cash of $5,022 (up from $3,686 in 2025), driven primarily by higher net interest income from a larger loan portfolio and favorable changes in working capital. Investing activities used cash of $(43,633), reflecting loan originations of $(57,380) and additional loan funding of $(2,181), partially offset by loan repayments of $16,000 (an improvement from $(49,901) used in 2025 due to higher repayment activity). Financing activities used cash of $(28,254), a swing from cash provided of $17,102 in 2025, driven mainly by higher repayments under secured financing facilities of $(52,531) versus proceeds of $31,725, along with deferred financing cost payments of $(1,114) and distributions of $(6,327). The large financing outflow, together with the investing outflow exceeding operating inflows, produced the overall $(66,865) decline in cash.", "cited_ids": [ "t5-33-1", "t5-32-1", "t5-31-1", "t5-17-1", "t5-23-1", "t5-30-1", "t5-19-1", "t5-20-1", "t5-21-1", "t5-25-1", "t5-26-1", "t5-27-1", "t5-29-1", "#/texts/230" ], "seconds": 7.3, "shape_correct": true, "cites_any": true } ] }, { "slug": "sevn-q126-10q", "kind": "prose", "question": "How did the composition of the loan portfolio change between December 31, 2025 and March 31, 2026, both by property type and by risk rating?", "gold_value": null, "gold_cell_id": null, "why_prose": "This calls for a comparison across many rows in two different tables \u2014 which property categories gained loans and amortized cost, how the concentration percentages shifted, and how loans moved among risk rating buckets \u2014 which is a summary, not a lookup of one cell.", "retrieved_pages": [ 7, 8, 9, 19, 20 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Between December 31, 2025 and March 31, 2026, the loan portfolio grew from 24 loans with $685,707 in amortized cost to 26 loans with $730,096 in amortized cost.\n\nBy property type (amortized cost and % of value):\n- Office: unchanged at 6 loans; $165,745 (24%) \u2192 $166,344 (23%).\n- Hotel: unchanged at 4 loans; $121,393 (18%) \u2192 $122,996 (17%).\n- Student Housing: unchanged at 4 loans; $115,575 (17%) \u2192 $116,680 (16%).\n- Industrial: unchanged at 4 loans; $112,792 (16%) \u2192 $113,404 (15%).\n- Multifamily: unchanged at 3 loans; $87,920 (13%) \u2192 $87,975 (12%).\n- Other: grew from 1 loan ($34,292, 5%) to 3 loans ($74,524, 10%) \u2014 the largest increase and the primary driver of the two added loans.\n- Self Storage: unchanged at 2 loans; $47,990 (7%) \u2192 $48,173 (7%).\n\nSo the increase in the portfolio was concentrated in the \"Other\" category (up two loans and ~$40 million), while all other property types held their loan counts steady with only small balance changes; most categories' percentage of value declined by about 1 point as the \"Other\" share rose.\n\nBy risk rating (number of loans and total balance):\n- Rating 1: 3 loans ($112,581, 16%) \u2192 2 loans ($96,727, 13%) \u2014 decreased.\n- Rating 2: 2 loans ($56,980, 8%) \u2192 3 loans ($91,945, 13%) \u2014 increased.\n- Rating 3: 15 loans ($400,633, 59%) \u2192 16 loans ($380,189, 52%) \u2014 one more loan but lower balance and a lower share of portfolio.\n- Rating 4: 4 loans ($115,513, 17%) \u2192 5 loans ($161,235, 22%) \u2014 increased; five loans (~22% of amortized cost) were rated '4' or higher risk at March 31, 2026.\n- Rating 5: 0 loans in both periods \u2014 no '5' or 'loss likely' loans in either period.\n\nThe weighted average risk rating remained unchanged at 2.8 in both periods.", "cited_ids": [ "#/tables/9", "#/tables/11", "#/tables/12", "t9-line-8", "#/texts/179", "t6-line-10", "t21-line-11", "t22-line-28" ], "seconds": 10.98, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/tables/9", "#/tables/11", "#/tables/12", "t6-line-10", "#/texts/179" ], "value": null, "prose": "Between December 31, 2025 and March 31, 2026, the total loan portfolio grew from $685,707 (24 loans) to $730,096 (26 loans) in amortized cost. By property type, the most notable change was in the 'Other' category, which increased from 1 loan ($34,292, 5%) to 3 loans ($74,524, 10%). Most other property types held roughly steady in loan count with slight increases in amortized cost: Office remained at 6 loans ($165,745/24% to $166,344/23%), Hotel at 4 loans ($121,393/18% to $122,996/17%), Student Housing at 4 loans ($115,575/17% to $116,680/16%), Industrial at 4 loans ($112,792/16% to $113,404/15%), Multifamily at 3 loans ($87,920/13% to $87,975/12%), and Self Storage at 2 loans ($47,990 to $48,173, both 7%). By risk rating, Rating 1 dropped from 3 loans ($112,581, 16%) to 2 loans ($96,727, 13%); Rating 2 rose from 2 loans ($56,980, 8%) to 3 loans ($91,945, 13%); Rating 3 went from 15 loans ($400,633, 59%) to 16 loans ($380,189, 52%); and Rating 4 increased from 4 loans ($115,513, 17%) to 5 loans ($161,235, 22%). There were no Rating 5 ('loss likely') loans in either period. The weighted average risk rating stayed unchanged at 2.8.", "seconds": 9.1, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "loan_portfolio_by_property_type_december_2025", "type": "string", "description": "The composition of the loan portfolio by property type as of December 31, 2025, exactly as presented in the source document.", "required": true }, { "name": "loan_portfolio_by_property_type_march_2026", "type": "string", "description": "The composition of the loan portfolio by property type as of March 31, 2026, exactly as presented in the source document.", "required": true }, { "name": "loan_portfolio_by_risk_rating_december_2025", "type": "string", "description": "The composition of the loan portfolio by risk rating as of December 31, 2025, exactly as presented in the source document.", "required": true }, { "name": "loan_portfolio_by_risk_rating_march_2026", "type": "string", "description": "The composition of the loan portfolio by risk rating as of March 31, 2026, exactly as presented in the source document.", "required": true } ] }, "shape": "value", "value": "Office: 6 loans, $ 165,745, 24%; Hotel: 4 loans, 121,393, 18%; Student Housing: 4 loans, 115,575, 17%; Industrial: 4 loans, 112,792, 16%; Multifamily: 3 loans, 87,920, 13%; Other: 1 loan, 34,292, 5%; Self Storage: 2 loans, 47,990, 7%; Total: 24 loans, $ 685,707, 100%", "cited_ids": [ "#/tables/9", "#/tables/11", "#/tables/12" ], "fields": { "loan_portfolio_by_property_type_december_2025": "Office: 6 loans, $ 165,745, 24%; Hotel: 4 loans, 121,393, 18%; Student Housing: 4 loans, 115,575, 17%; Industrial: 4 loans, 112,792, 16%; Multifamily: 3 loans, 87,920, 13%; Other: 1 loan, 34,292, 5%; Self Storage: 2 loans, 47,990, 7%; Total: 24 loans, $ 685,707, 100%", "loan_portfolio_by_property_type_march_2026": "Office: 6 loans, $ 166,344, 23%; Hotel: 4 loans, 122,996, 17%; Student Housing: 4 loans, 116,680, 16%; Industrial: 4 loans, 113,404, 15%; Multifamily: 3 loans, 87,975, 12%; Other: 3 loans, 74,524, 10%; Self Storage: 2 loans, 48,173, 7%; Total: 26 loans, $ 730,096, 100%", "loan_portfolio_by_risk_rating_december_2025": "Risk Rating 1: 3 loans, 16%, $ 112,581; Risk Rating 2: 2 loans, 8%, 56,980; Risk Rating 3: 15 loans, 59%, 400,633; Risk Rating 4: 4 loans, 17%, 115,513; Risk Rating 5: \u2014 loans, \u2014%, \u2014; Total: 24 loans, 100%, $ 685,707", "loan_portfolio_by_risk_rating_march_2026": "Risk Rating 1: 2 loans, 13%, $ 96,727; Risk Rating 2: 3 loans, 13%, 91,945; Risk Rating 3: 16 loans, 52%, 380,189; Risk Rating 4: 5 loans, 22%, 161,235; Risk Rating 5: \u2014 loans, \u2014%, \u2014; Total: 26 loans, 100%, $ 730,096", "cited_ids": [ "#/tables/9", "#/tables/11", "#/tables/12" ], "not_found": null }, "seconds": 14.13, "shape_correct": false, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "By property type (amortized cost basis, per the Property Type table), the portfolio grew from 24 loans totaling $685,707 at December 31, 2025 to 26 loans totaling $730,096 at March 31, 2026. Most categories held steady in loan count: Office (6, from $165,745/24% to $166,344/23%), Hotel (4, from $121,393/18% to $122,996/17%), Student Housing (4, from $115,575/17% to $116,680/16%), Industrial (4, from $112,792/16% to $113,404/15%), Multifamily (3, from $87,920/13% to $87,975/12%), and Self Storage (2, from $47,990/7% to $48,173/7%). The largest change was in the \"Other\" category, which rose from 1 loan at $34,292 (5%) to 3 loans at $74,524 (10%) \u2014 accounting for the two additional loans in the portfolio.\n\nBy risk rating (Credit Quality tables), the total went from $685,707 across 24 loans to $730,096 across 26 loans, while the weighted average risk rating remained unchanged at 2.8. Rating '1' declined from 3 loans/$112,581 (16%) to 2 loans/$96,727 (13%). Rating '2' rose from 2 loans/$56,980 (8%) to 3 loans/$91,945 (13%). Rating '3' decreased from 15 loans/$400,633 (59%) to 16 loans/$380,189 (52%). Rating '4' increased from 4 loans/$115,513 (17%) to 5 loans/$161,235 (22%). There were no rating '5' (loss likely) loans at either date.", "cited_ids": [ "#/tables/9", "#/tables/11", "#/tables/12", "t6-line-10" ], "seconds": 8.57, "shape_correct": true, "cites_any": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "Find Condensed Consolidated Balance Sheets: Total Liabilities. Return March 31, 2026 value", "gold_value": "5,797,207", "gold_cell_id": "t2-23-1", "chunk_id": "#/tables/2", "page": 5, "unit": "USD thousands", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "Total Liabilities is reported only in the Condensed Consolidated Balance Sheets, which carries two columns (March 31, 2026 and December 31, 2025). Naming the March 31, 2026 column pins one cell, and the string 5,797,207 occurs exactly once in the document.", "occurrences_in_document": 1, "retrieved_pages": [ 2, 5, 6, 27, 34 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total Liabilities as of March 31, 2026 were $5,797,207 thousand (approximately $5.80 billion).", "cited_ids": [ "t2-23-1" ], "seconds": 2.39, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t2-23-1" ], "value": "5,797,207", "source_id": "t2-23-1", "seconds": 4.0, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_liabilities_march_31_2026", "type": "string", "description": "The Total Liabilities figure from the Condensed Consolidated Balance Sheets as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "5,797,207", "cited_ids": [ "t2-23-1" ], "fields": { "total_liabilities_march_31_2026": "5,797,207", "cited_ids": [ "t2-23-1" ], "not_found": null }, "seconds": 8.2, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "5,797,207", "unit": "thousands", "period": "March 31, 2026", "cited_ids": [ "t2-23-1" ], "not_found": null, "seconds": 2.28, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "In the Condensed Consolidated Statements of Income, what was net income (loss) attributable to common stockholders for the three months ended March 31, 2026?", "gold_value": "$ (61,881)", "gold_cell_id": "t3-26-1", "chunk_id": "#/tables/3", "page": 6, "unit": "USD thousands", "period": "Three Months Ended March 31, 2026", "style": "natural", "uniqueness_note": "Only the income statement reports the line 'Net Income (Loss) Attributable to Common Stockholders', and it has just two period columns. Specifying the three months ended March 31, 2026 selects one cell; the prior-year column is $ (10,550).", "occurrences_in_document": 6, "retrieved_pages": [ 6, 42, 53, 65, 67 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Net income (loss) attributable to common stockholders for the three months ended March 31, 2026 was $(61,881) thousand.", "cited_ids": [ "t3-26-1" ], "seconds": 2.31, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t3-26-1" ], "value": "$ (61,881)", "source_id": "t3-26-1", "seconds": 3.0, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_income_loss_attributable_to_common_stockholders_three_months_ended_march_31_2026", "type": "string", "description": "The net income (loss) attributable to common stockholders for the three months ended March 31, 2026, as reported in the Condensed Consolidated Statements of Income. Report the figure exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ (61,881)", "cited_ids": [ "t3-26-1" ], "fields": { "net_income_loss_attributable_to_common_stockholders_three_months_ended_march_31_2026": "$ (61,881)", "cited_ids": [ "t3-26-1" ], "not_found": null }, "seconds": 6.15, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ (61,881)", "unit": "thousands", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t3-26-1" ], "not_found": null, "seconds": 2.21, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "Find Statement of Changes in Equity: common stock shares. Return balance at March 31, 2026", "gold_value": "64,275,643", "gold_cell_id": "t4-10-3", "chunk_id": "#/tables/4", "page": 7, "unit": "shares", "period": "Balance at March 31, 2026", "style": "terse", "uniqueness_note": "The Condensed Consolidated Statements of Changes in Equity roll forward common stock share counts, and only the closing 'Balance at March 31, 2026' row carries the period-end count. The Q1 2025 rollforward table ends at March 31, 2025 (67,824,496), so no other value cell answers this.", "occurrences_in_document": 2, "retrieved_pages": [ 2, 5, 7, 27, 65, 67 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "On the Condensed Consolidated Statements of Changes in Equity, the Common Stock Shares balance at March 31, 2026 was 64,275,643 shares.", "cited_ids": [ "t4-10-3" ], "seconds": 2.85, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t4-10-3", "t4-line-10" ], "value": "64,275,643", "source_id": "t4-10-3", "seconds": 3.79, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "common_stock_shares_balance_march_31_2026", "type": "string", "description": "The balance of common stock shares at March 31, 2026 from the Statement of Changes in Equity, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "64,275,643", "cited_ids": [ "t4-10-3" ], "fields": { "common_stock_shares_balance_march_31_2026": "64,275,643", "cited_ids": [ "t4-10-3" ], "not_found": null }, "seconds": 10.2, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "64,275,643", "unit": "Common Stock Shares", "period": "Balance at March 31, 2026", "cited_ids": [ "t4-10-3" ], "not_found": null, "seconds": 2.14, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "According to the Condensed Consolidated Statements of Cash Flows, how much did the company receive in proceeds from principal repayments of commercial real estate loans during the three months ended March 31, 2026?", "gold_value": "489,651", "gold_cell_id": "t6-23-1", "chunk_id": "#/tables/6", "page": 8, "unit": "USD thousands", "period": "Three Months Ended March 31, 2026", "style": "natural", "uniqueness_note": "This investing-activities line appears only in the cash flow statement, which has two period columns; the 2026 column is the sole match. The loan rollforward table's repayments figure is a different line ('Proceeds from loan repayments', 478,263), so 489,651 occurs once in the document.", "occurrences_in_document": 1, "retrieved_pages": [ 2, 8, 9, 21, 56, 57 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "During the three months ended March 31, 2026, the company received $489,651 thousand (approximately $489.7 million) in proceeds from principal repayments of commercial real estate loans.", "cited_ids": [ "t6-23-1" ], "seconds": 2.88, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t6-23-1" ], "value": "489,651", "source_id": "t6-23-1", "seconds": 3.29, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "proceeds_from_principal_repayments_cre_loans_q1_2026", "type": "string", "description": "The amount of proceeds from principal repayments of commercial real estate loans during the three months ended March 31, 2026, as reported in the Condensed Consolidated Statements of Cash Flows. Report the figure exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "489,651", "cited_ids": [ "t6-23-1" ], "fields": { "proceeds_from_principal_repayments_cre_loans_q1_2026": "489,651", "cited_ids": [ "t6-23-1" ], "not_found": null }, "seconds": 9.09, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "489,651", "unit": "thousands USD", "period": "Three Months Ended March 31, 2026", "cited_ids": [ "t6-23-1" ], "not_found": null, "seconds": 8.93, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "Find Loan Portfolio Summary: Total/Weighted Average life (years). Return March 31, 2026 value", "gold_value": "1.7", "gold_cell_id": "t8-6-7", "chunk_id": "#/tables/8", "page": 20, "unit": "years", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The loan summary table reports weighted average life only in its 'Life (Years)' column, and only the March 31, 2026 'Total/Weighted Average' row carries the portfolio-level figure. The individual loan rows and the December 31, 2025 section show 1.8 or a dash, so 1.7 appears once.", "occurrences_in_document": 7, "retrieved_pages": [ 27, 55, 56, 57 ], "retrieval_hit": false, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The loan portfolio's Total/Weighted Average maximum maturity (life) as of March 31, 2026 was 1.7 years (Weighted average maximum maturity for total outstanding principal).", "cited_ids": [ "t52-7-1", "t52-line-7" ], "seconds": 2.84, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t52-7-1", "#/tables/52" ], "value": "1.7", "source_id": "t52-7-1", "seconds": 3.05, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "weighted_average_life_years", "type": "number", "description": "The weighted average life in years for the total loan portfolio as of March 31, 2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "1.7", "cited_ids": [ "t52-7-1" ], "fields": { "weighted_average_life_years": 1.7, "cited_ids": [ "t52-7-1" ], "not_found": null }, "seconds": 13.79, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "1.7", "unit": "years", "period": "March 31, 2026", "cited_ids": [ "t52-7-1" ], "not_found": null, "seconds": 2.39, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "value", "question": "In the allowance for credit losses rollforward, what was the closing balance attributable to unfunded loan commitments at March 31, 2026?", "gold_value": "$ 1,655", "gold_cell_id": "t13-5-2", "chunk_id": "#/tables/13", "page": 22, "unit": "USD thousands", "period": "Balance at March 31, 2026", "style": "natural", "uniqueness_note": "Only the allowance rollforward table splits the reserve into commercial real estate loans, unfunded loan commitments, and total. The unfunded-commitments column's ending balance row is a single cell, and 1,655 appears nowhere else in the document.", "occurrences_in_document": 1, "retrieved_pages": [ 22, 27, 34, 56, 57, 73 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The closing balance of the allowance for credit losses attributable to unfunded loan commitments at March 31, 2026 was $1,655 thousand (approximately $1.7 million).", "cited_ids": [ "t13-5-2" ], "seconds": 2.71, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t13-5-2", "t13-line-5" ], "value": "$ 1,655", "source_id": "t13-5-2", "seconds": 3.61, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "closing_balance_unfunded_loan_commitments", "type": "string", "description": "The closing balance attributable to unfunded loan commitments at March 31, 2026, as reported in the allowance for credit losses rollforward, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$ 1,655", "cited_ids": [ "t13-5-2" ], "fields": { "closing_balance_unfunded_loan_commitments": "$ 1,655", "cited_ids": [ "t13-5-2" ], "not_found": null }, "seconds": 5.71, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 1,655", "unit": "Unfunded Loan Commitments allowance for credit losses (in thousands)", "period": "Balance at March 31, 2026", "cited_ids": [ "t13-5-2" ], "not_found": null, "seconds": 3.31, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "prose", "question": "What does the filing give as the reason for the increase in the allowance for credit losses during the first quarter of 2026?", "gold_value": null, "gold_cell_id": null, "why_prose": "The answer is a stated cause, not a figure: the document attributes the CECL provision to additional reserves on specific risk-rated 5 office and life science loans. Naming a dollar amount would not answer the question of why the reserve rose.", "retrieved_pages": [ 1, 15, 20, 22, 65, 66, 73, 74 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The increase in the allowance for credit losses during Q1 2026 was driven by the CECL provision of $73.5 million recorded for the three months ended March 31, 2026, which was due primarily to additional reserves for risk-rated 5 office and life science loans. (The allowance rose from $204.1 million at December 31, 2025 to $260.3 million at March 31, 2026.)", "cited_ids": [ "#/tables/13", "#/texts/797", "#/texts/637" ], "seconds": 4.57, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/tables/13", "#/texts/797", "#/texts/637" ], "value": null, "prose": "The increase in the allowance for credit losses during the first quarter of 2026 was due primarily to additional reserves for risk-rated 5 office and life science loans. The CECL provision of $73.5 million for the three months ended March 31, 2026 drove the allowance up to $260.3 million as of March 31, 2026.", "seconds": 7.41, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The filing attributes the increase in the allowance for credit losses (via the CECL provision of $73.5 million for the three months ended March 31, 2026) primarily to additional reserves for risk-rated 5 office and life science loans.", "cited_ids": [ "#/tables/13", "#/texts/797", "#/texts/637" ], "seconds": 8.39, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The filing attributes the CECL provision of $73.5 million for the three months ended March 31, 2026 primarily to additional reserves for risk-rated 5 office and life science loans.", "cited_ids": [ "#/tables/13", "#/texts/797", "#/texts/637" ], "seconds": 2.82, "shape_correct": true, "cites_any": true } ] }, { "slug": "kref-q1-26-10-q", "kind": "prose", "question": "How did the risk-rating composition of the commercial real estate loan portfolio change between December 31, 2025 and March 31, 2026?", "gold_value": null, "gold_cell_id": null, "why_prose": "This requires comparing loan counts, carrying values, and outstanding principal percentages across five risk-rating buckets at two dates and summarizing the migration. No single cell captures the shift.", "retrieved_pages": [ 21, 56, 57, 59 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Between December 31, 2025 and March 31, 2026, the risk-rating composition of KREF's commercial real estate loan portfolio shifted modestly toward higher (riskier) ratings, and the overall portfolio shrank. Details by risk rating (Number of Loans; Outstanding Principal; % of outstanding principal):\n\n- Rating 1: No loans in either period (\u2014 / $\u2014 / \u2014% at both dates).\n- Rating 2: Unchanged at 2 loans, $283,906K outstanding principal, but the % rose from 5% (Dec 31, 2025) to 6% (Mar 31, 2026).\n- Rating 3: Decreased from 46 loans / $4,415,095K / 82% to 41 loans / $3,847,751K / 74% \u2014 the largest reduction.\n- Rating 4: Increased from 1 loan / $90,671K / 2% to 4 loans / $283,774K / 6%.\n- Rating 5: Number of loans unchanged at 4, but outstanding principal grew from $572,191K (11%) to $703,510K (14%).\n\nTotal loans declined from 53 to 51, and total outstanding principal fell from $5,361,863K to $5,118,941K (carrying value from $5,347,756K to $5,105,896K). Consistent with the shift out of rating 3 into ratings 4 and 5, the average risk rating (weighted by outstanding loan principal) rose from 3.2 at December 31, 2025 to 3.3 at March 31, 2026. The allowance for credit losses also increased from $(201,924)K to $(258,679)K.", "cited_ids": [ "t10-1-1", "t10-2-1", "t10-2-3", "t10-2-4", "t10-2-5", "t10-2-7", "t10-2-8", "t10-3-1", "t10-3-3", "t10-3-4", "t10-3-5", "t10-3-7", "t10-3-8", "t10-4-1", "t10-4-3", "t10-4-4", "t10-4-5", "t10-4-7", "t10-4-8", "t10-5-1", "t10-5-3", "t10-5-4", "t10-5-5", "t10-5-7", "t10-5-8", "t10-6-1", "t10-6-2", "t10-6-3", "t10-6-5", "t10-6-6", "t10-6-7", "t10-7-2", "t10-7-6", "#/texts/245" ], "seconds": 10.5, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "grid", "cited_ids": [ "#/tables/10", "#/tables/55", "#/texts/245" ], "value": null, "payload": { "kind": "grid", "columns": [ "Risk Rating", "Mar 31, 2026 Number of Loans", "Mar 31, 2026 Outstanding Principal %", "Dec 31, 2025 Number of Loans", "Dec 31, 2025 Outstanding Principal %" ], "rows": [ [ "1", "\u2014", "\u2014 %", "\u2014", "\u2014 %" ], [ "2", "2", "6", "2", "5" ], [ "3", "41", "74", "46", "82" ], [ "4", "4", "6", "1", "2" ], [ "5", "4", "14", "4", "11" ], [ "Total loan receivable", "51", "100 %", "53", "100 %" ] ], "unit": "Outstanding Principal %" }, "seconds": 9.88, "shape_correct": false, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "The portfolio shifted toward higher (riskier) risk ratings between December 31, 2025 and March 31, 2026, as reflected in the weighted average risk rating rising from 3.2 to 3.3 (weighted by outstanding loan principal). By risk rating (based on outstanding principal % of total loan receivable): Rating 1 remained at \u2014% in both periods. Rating 2 held at 2 loans, with its share rising slightly from 5% ($283,906) to 6% ($283,906). Rating 3 (the largest category) declined from 46 loans / 82% ($4,415,095) to 41 loans / 74% ($3,847,751). Rating 4 increased from 1 loan / 2% ($90,671) to 4 loans / 6% ($283,774). Rating 5 held at 4 loans but grew from 11% ($572,191) to 14% ($703,510). Overall, the total loan receivable count fell from 53 to 51 and total outstanding principal declined from $5,361,863 to $5,118,941, with the mix moving out of rating 3 and into ratings 4 and 5. Note figures are in thousands as presented.", "cited_ids": [ "t10-2-3", "t10-2-4", "t10-2-7", "t10-2-8", "t10-3-3", "t10-3-4", "t10-3-5", "t10-3-7", "t10-3-8", "t10-4-3", "t10-4-4", "t10-4-5", "t10-4-7", "t10-4-8", "t10-5-3", "t10-5-4", "t10-5-7", "t10-5-8", "t10-6-1", "t10-6-3", "t10-6-5", "t10-6-7", "#/texts/245" ], "seconds": 11.38, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "Between December 31, 2025 and March 31, 2026, the loan portfolio's risk-rating composition shifted toward higher-risk ratings. Risk rating 1 remained at 0 loans and $ \u2014 in both periods. Risk rating 2 held steady at 2 loans, with carrying value moving slightly from $283,816 to $283,870 (outstanding principal $283,906 in both), though its share of outstanding principal rose from 5% to 6%. Risk rating 3 declined from 46 loans (carrying value $4,405,274; outstanding principal $4,415,095; 82%) to 41 loans (carrying value $3,838,553; outstanding principal $3,847,751; 74%). Risk rating 4 increased from 1 loan (carrying value $90,671; outstanding principal $90,671; 2%) to 4 loans (carrying value $284,547; outstanding principal $283,774; 6%). Risk rating 5 stayed at 4 loans but grew in value from carrying value $567,995 (outstanding principal $572,191; 11%) to carrying value $698,926 (outstanding principal $703,510; 14%). Overall, the total loan receivable fell from 53 loans (carrying value $5,347,756; outstanding principal $5,361,863) to 51 loans (carrying value $5,105,896; outstanding principal $5,118,941), the allowance for credit losses rose from $(201,924) to $(258,679), and net loan receivable declined from $5,145,832 to $4,847,217. Consistent with this migration, the average risk rating (weighted by outstanding principal) increased from 3.2 at December 31, 2025 to 3.3 at March 31, 2026.", "cited_ids": [ "#/tables/10", "#/texts/245" ], "seconds": 8.41, "shape_correct": true, "cites_any": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "Find Q1 2026 Balance Sheet Summary: Book Value Per Share of Common Stock. Return the 3/31/2026 value.", "gold_value": "$2.97", "gold_cell_id": "t0-15-1", "chunk_id": "#/tables/0", "page": 5, "unit": "USD per common share", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The Q1 2026 Balance Sheet Summary table on page 5 has a single Book Value Per Share of Common Stock line with one March 31, 2026 column, and no other table in the file reports a per-share book value; the consolidated balance sheet reports only total equity in dollars.", "occurrences_in_document": 2, "retrieved_pages": [ 4, 5, 7, 21, 22 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Book Value Per Share of Common Stock as of March 31, 2026 was $2.97.", "cited_ids": [ "t0-15-1", "t0-15-0" ], "seconds": 2.15, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t0-15-1", "t0-15-0" ], "value": "$2.97", "source_id": "t0-15-1", "seconds": 2.82, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "book_value_per_share_common_stock_q1_2026", "type": "string", "description": "The Book Value Per Share of Common Stock as of 3/31/2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$2.97", "cited_ids": [ "t0-15-1", "t13-6-1" ], "fields": { "book_value_per_share_common_stock_q1_2026": "$2.97", "cited_ids": [ "t0-15-1", "t13-6-1" ], "not_found": null }, "seconds": 6.69, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$2.97", "unit": "per share of common stock", "period": "March 31, 2026", "cited_ids": [ "t0-15-1" ], "not_found": null, "seconds": 2.92, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "Find Consolidated Statement of Income: net interest income. Return the three months ended March 31, 2025 value.", "gold_value": "7,734,534", "gold_cell_id": "t15-9-2", "chunk_id": "#/tables/15", "page": 17, "unit": "USD", "period": "Three months ended March 31, 2025", "style": "terse", "uniqueness_note": "The consolidated statement of income on page 17 has one net interest income row with two period columns, and naming the prior-year quarter selects the March 31, 2025 column; the Summary Income Statement on page 6 shows only the March 31, 2026 quarter, so no other cell reports Q1 2025 net interest income.", "occurrences_in_document": 1, "retrieved_pages": [ 6, 16, 17, 19 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Net interest income for the three months ended March 31, 2025 was $7,734,534.", "cited_ids": [ "t15-9-2" ], "seconds": 2.22, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t15-9-2", "#/tables/15" ], "value": "7,734,534", "source_id": "t15-9-2", "seconds": 2.78, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "net_interest_income_three_months_ended_march_31_2025", "type": "string", "description": "The net interest income figure for the three months ended March 31, 2025 from the Consolidated Statement of Income, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "7,734,534", "cited_ids": [ "t15-9-2" ], "fields": { "net_interest_income_three_months_ended_march_31_2025": "7,734,534", "cited_ids": [ "t15-9-2" ], "not_found": null }, "seconds": 7.51, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "7,734,534", "unit": "USD", "period": "Three Months Ended March 31, 2025", "cited_ids": [ "t15-9-2" ], "not_found": null, "seconds": 2.14, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "Find Floating-Rate Exposure: Net Exposure on assets. Return the 3/31/2026 value.", "gold_value": "$195", "gold_cell_id": "t4-1-2", "chunk_id": "#/tables/4", "page": 12, "unit": "USD millions", "period": "As of March 31, 2026", "style": "terse", "uniqueness_note": "The Floating-Rate Exposure table on page 12 has a single populated Net Exposure cell, on the Assets row; the Liabilities row's Net Exposure cell is blank, and no other table in the file reports a net floating-rate exposure figure.", "occurrences_in_document": 1, "retrieved_pages": [ 12 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Net Exposure on floating-rate assets is $195 million (representing UPB of the floating rate loan portfolio assets net of par value of secured floating rate debt outstanding). Note: the context does not specify a 3/31/2026 date for this figure; it simply reports Net Exposure of $195 million.", "cited_ids": [ "t4-1-2", "#/tables/4" ], "seconds": 5.78, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t4-1-2", "#/tables/4" ], "value": "$195", "source_id": "t4-1-2", "seconds": 2.85, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "floating_rate_net_exposure_assets_2026_03_31", "type": "string", "description": "The net exposure on assets for floating-rate exposure as of 3/31/2026, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": null, "cited_ids": [], "fields": { "floating_rate_net_exposure_assets_2026_03_31": "", "cited_ids": [], "not_found": "The context shows Net Exposure on assets of $195 (in millions) but does not indicate any date, and specifically no 3/31/2026 value is present." }, "seconds": 11.7, "shape_correct": true, "cites_any": false, "exact": false, "numeric": false, "prose_leak": false, "found_gold": false }, { "arm": "declared", "shape": "value", "value": "$195", "unit": "millions (UPB of floating rate loan portfolio assets net of par value of secured floating rate debt outstanding)", "period": null, "cited_ids": [ "t4-1-2" ], "not_found": "The context does not specify a 3/31/2026 date for this figure.", "seconds": 2.6, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "In the Capital Structure Detail table, what is the total capitalization amount reported as of the first quarter of 2026?", "gold_value": "$1,201.7", "gold_cell_id": "t3-10-4", "chunk_id": "#/tables/3", "page": 11, "unit": "USD millions", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Total Capitalization appears once, as the final row of the Capital Structure Detail table on page 11, in the Amount column; it is a non-GAAP measure that no other table in the file restates, and the neighboring totals are Total Debt and Book Value of Common Equity, which are different line items.", "occurrences_in_document": 1, "retrieved_pages": [ 4, 5, 11, 20 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "In the Capital Structure Detail table, total capitalization is reported as $1,201.7 million (i.e., $1,201.7 in millions).", "cited_ids": [ "t3-10-4", "t3-10-0" ], "seconds": 2.94, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t3-10-4", "#/tables/3" ], "value": "$1,201.7", "source_id": "t3-10-4", "seconds": 2.47, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_capitalization_q1_2026", "type": "string", "description": "The total capitalization amount reported in the Capital Structure Detail table as of the first quarter of 2026, exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "$1,201.7", "cited_ids": [ "t3-10-4" ], "fields": { "total_capitalization_q1_2026": "$1,201.7", "cited_ids": [ "t3-10-4" ], "not_found": null }, "seconds": 5.7, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$1,201.7", "unit": "total capitalization", "period": "as of 3/31/2026", "cited_ids": [ "t3-10-4" ], "not_found": null, "seconds": 2.06, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "On the consolidated balance sheets, what were total assets as of December 31, 2025?", "gold_value": "$ 1,215,980,159", "gold_cell_id": "t14-14-2", "chunk_id": "#/tables/14", "page": 16, "unit": "USD", "period": "As of December 31, 2025", "style": "natural", "uniqueness_note": "The consolidated balance sheets on page 16 report one total assets row across two as-of columns, and naming December 31, 2025 selects the prior year-end column; the summary balance sheet on page 5 shows only the March 31, 2026 column, so this is the only December 31, 2025 total assets figure in the file.", "occurrences_in_document": 2, "retrieved_pages": [ 5, 16 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Total assets as of December 31, 2025 were $1,215,980,159.", "cited_ids": [ "t14-14-2" ], "seconds": 2.21, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t14-14-2", "#/tables/14" ], "value": "$ 1,215,980,159", "source_id": "t14-14-2", "seconds": 2.67, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "total_assets_december_31_2025", "type": "string", "description": "The total assets figure as of December 31, 2025, exactly as printed on the consolidated balance sheet.", "required": true } ] }, "shape": "value", "value": "$ 1,215,980,159", "cited_ids": [ "t14-14-2" ], "fields": { "total_assets_december_31_2025": "$ 1,215,980,159", "cited_ids": [ "t14-14-2" ], "not_found": null }, "seconds": 6.09, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "$ 1,215,980,159", "unit": "total assets", "period": "December 31, 2025", "cited_ids": [ "t14-14-2" ], "not_found": null, "seconds": 2.15, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "value", "question": "In the 3/31/2026 CRE Loan Portfolio Details table, what is the unpaid principal balance of Loan 36, the healthcare property in Southlake, TX?", "gold_value": "15,735,000", "gold_cell_id": "t7-6-7", "chunk_id": "#/tables/7", "page": 15, "unit": "USD", "period": "As of March 31, 2026", "style": "natural", "uniqueness_note": "Loan 36 appears on exactly one row of the loan-level portfolio detail table, and that row has a single Unpaid Principal Balance cell; the loan is further pinned by being the only healthcare-property loan in Southlake, TX in the listing.", "occurrences_in_document": 1, "retrieved_pages": [ 4, 5, 14, 15 ], "retrieval_hit": true, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "Loan 36, a Healthcare property in Southlake, TX (closing date 11/21/2022, maturity 12/31/2026), has an Unpaid Principal Balance of $15,735,000.", "cited_ids": [ "t7-6-1", "t7-6-4", "t7-6-5", "t7-6-6", "t7-6-7" ], "seconds": 4.67, "shape_correct": false, "cites_any": true, "exact": false, "numeric": false, "prose_leak": true, "found_gold": true }, { "arm": "fixed", "shape": "scalar", "cited_ids": [ "t7-6-7", "t7-line-6" ], "value": "15,735,000", "source_id": "t7-6-7", "seconds": 4.21, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "planned", "plan": { "wants_value": true, "fields": [ { "name": "unpaid_principal_balance_loan_36", "type": "string", "description": "The unpaid principal balance of Loan 36 (healthcare property in Southlake, TX) from the 3/31/2026 CRE Loan Portfolio Details table, reported exactly as printed in the source.", "required": true } ] }, "shape": "value", "value": "15,735,000", "cited_ids": [ "t7-6-7" ], "fields": { "unpaid_principal_balance_loan_36": "15,735,000", "cited_ids": [ "t7-6-7" ], "not_found": null }, "seconds": 7.02, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true }, { "arm": "declared", "shape": "value", "value": "15,735,000", "unit": "Unpaid Principal Balance", "period": "3/31/2026", "cited_ids": [ "t7-6-7" ], "not_found": null, "seconds": 3.39, "shape_correct": true, "cites_any": true, "exact": true, "numeric": true, "prose_leak": false, "found_gold": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "prose", "question": "How did the Company's debt financing mix change between December 31, 2025 and March 31, 2026, and what transactions does the supplemental cite as the reason for the shift?", "gold_value": null, "gold_cell_id": null, "why_prose": "Answering requires comparing three separate liability balances across two balance sheet columns and then tying the movement to the narrative about redeeming the LMF 2023-1 financing and refinancing assets through secured financing arrangements. No single printed cell states either the change or its cause.", "retrieved_pages": [ 4, 5, 7, 16, 17 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "The Company's debt financing mix shifted meaningfully from securitized debt toward secured financing arrangements between December 31, 2025 and March 31, 2026:\n\n- Securitized debt obligations, net: fell from $748,433,484 at 12/31/2025 to $580,302,828 at 3/31/2026 (a decrease of roughly $168.1 million).\n- Secured financing agreements, net: rose from $191,943,220 at 12/31/2025 to $348,723,957 at 3/31/2026 (an increase of roughly $156.8 million).\n- Secured term loan, net: increased modestly from $47,719,278 to $49,635,956.\n\nOverall total liabilities were essentially flat (from $996,893,441 to $988,754,601), so the change was primarily a re-mixing of the debt away from securitized obligations toward secured financing.\n\nThe supplemental attributes the shift to the Company exercising its redemption option under the LMF 2023-1 Financing during Q1 2026 and repaying all outstanding loans and notes by refinancing the underlying assets through secured financing arrangements. As of March 31, 2026, the floating-rate CRE loan portfolio was financed through $585.0 million of investment grade notes issued through the 2025-FL3 CLO, a master repurchase agreement with $450.0 million borrowing capacity, and a secured lending agreement with $50.0 million borrowing capacity. The income statement also reflects this shift, with new secured financing agreement interest expense of $(3,855,105) in Q1 2026 versus $0 in Q1 2025, and lower securitized debt interest expense of $(10,375,765) versus $(13,636,474).", "cited_ids": [ "t14-18-1", "t14-18-2", "t14-19-1", "t14-19-2", "t14-20-1", "t14-20-2", "t14-25-1", "t14-25-2", "#/docling#/tables/0", "t15-7-1", "t15-7-2", "t15-6-1", "t15-6-2" ], "seconds": 13.89, "shape_correct": true, "cites_any": true }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "t14-line-18", "t14-line-19", "#/tables/0", "#/docling#/tables/0" ], "value": null, "prose": "The Company's debt mix shifted away from securitized debt obligations and toward secured financing agreements. Securitized debt obligations, net fell from $748,433,484 at December 31, 2025 to $580,302,828 at March 31, 2026, while secured financing agreements, net rose from $191,943,220 to $348,723,957 over the same period (the secured term loan was roughly flat, moving from $47,719,278 to $49,635,956). The supplemental attributes this shift to the Company exercising its redemption option under the LMF 2023-1 Financing during Q1 2026 and repaying all outstanding loans and notes through refinancing of the underlying assets via secured financing arrangements.", "seconds": 5.88, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "Between December 31, 2025 and March 31, 2026, the Company shifted away from securitized debt toward secured financing arrangements. Securitized debt obligations, net fell from $748,433,484 to $580,302,828, while secured financing agreements, net rose from $191,943,220 to $348,723,957. The secured term loan, net was roughly stable at $47,719,278 to $49,635,956. The supplemental attributes this shift to the Company exercising its redemption option under the LMF 2023-1 Financing during Q1 2026 and repaying all outstanding loans and notes through refinancing of the underlying assets via secured financing arrangements.", "cited_ids": [ "t14-18-1", "t14-18-2", "t14-19-1", "t14-19-2", "t14-20-1", "t14-20-2", "#/docling#/tables/0" ], "seconds": 6.64, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "The Company's debt financing mix shifted away from securitized debt obligations and toward secured financing agreements. Securitized debt obligations, net fell from $748,433,484 at December 31, 2025 to $580,302,828 at March 31, 2026, while secured financing agreements, net rose from $191,943,220 to $348,723,957 over the same period. (The secured term loan, net was roughly stable at $47,719,278 to $49,635,956.) The supplemental attributes this shift to the Company exercising its redemption option under the LMF 2023-1 Financing during Q1 2026 and repaying all outstanding loans and notes through refinancing of the underlying assets via secured financing arrangements.", "cited_ids": [ "t14-18-1", "t14-18-2", "t14-19-1", "t14-19-2", "t14-20-1", "t14-20-2", "#/docling#/tables/0" ], "seconds": 5.22, "shape_correct": true, "cites_any": true } ] }, { "slug": "lft-2026q1-supplemental-charted", "kind": "prose", "question": "Summarize the credit profile of the loan portfolio as of March 31, 2026, covering collateral concentration, risk ratings, and how much of the book is nearest to maturity.", "gold_value": null, "gold_cell_id": null, "why_prose": "This is a multi-item synthesis drawing on the multifamily concentration percentage, the weighted average risk rating and the share rated 3 or better, and the weighted average remaining initial term plus the loan-level maturity dates. It is a qualitative characterization, not a lookup of one figure.", "retrieved_pages": [ 4, 5, 8, 10, 14, 15, 16 ], "retrieval_hit": null, "arms": [ { "arm": "baseline", "shape": "prose", "value": null, "prose": "As of March 31, 2026, the Company's credit profile can be summarized as follows:\n\n**Collateral concentration:** The investment portfolio consisted of floating-rate CRE loans with a carrying value of $1.1 billion (unpaid principal balance of $1,130,899,067). Approximately 92.6% of the portfolio was collateralized by multifamily assets, with the remainder being a small number of Healthcare loans. The portfolio carried a weighted average note rate of SOFR + 3.31% and a weighted average As-Is LTV at origination of 68.94%. Geographically, exposure is spread across states including TX, FL, NJ, OH, GA, CA and others.\n\n**Risk ratings / performance:** 91.8% of the portfolio was performing, and the loan portfolio had a weighted average risk rating of 3.1, with 76.7% of the portfolio rated '3' (Moderate Risk) or better. The weighted average risk rating improved over the trailing quarters (3.5 at 6/30/2025, 3.6 at 9/30/2025, 3.2 at 12/31/2025, and 3.1 at 3/31/2026).\n\n**Nearest to maturity / term:** The portfolio had a weighted average remaining initial term of only 8 months, indicating a large portion of the book is near maturity. In the loan-level detail, numerous loans mature in early-to-mid 2026 (e.g., loans maturing 3/5/2026, 3/6/2026, 4/3/2026, 4/5/2026, 4/6/2026, 5/5/2026, 6/5/2026, 7/4\u20137/6/2026, and 8/5/2026), reflecting significant near-term maturities. During the quarter the Company saw $47.9 million of loan fundings and $46.8 million of loan payoffs. Unamortized aggregate purchase discounts totaled approximately $1.3 million (($1,255,406)).\n[\"#/texts/67\", \"#/docling#/tables/0\", \"#/texts/47\", \"#/pictures/16\", \"t7-28-7\", \"t7-28-8\", \"t7-28-9\", \"t7-28-10\"]", "cited_ids": [], "seconds": 12.05, "shape_correct": true, "cites_any": false }, { "arm": "fixed", "shape": "prose", "cited_ids": [ "#/texts/67", "#/docling#/tables/0", "#/texts/47", "#/pictures/16", "#/tables/7" ], "value": null, "prose": "As of March 31, 2026, the Company held a $1.1 billion portfolio of floating-rate CRE loans with a weighted average note rate of SOFR + 3.31% and a weighted average remaining initial term of just 8 months. Collateral was heavily concentrated in multifamily assets, with approximately 92.6% of the portfolio collateralized by multifamily properties (the remainder primarily healthcare). On credit quality, 91.8% of the portfolio was performing, and the book carried a weighted average risk rating of 3.1 (improved from 3.5 at 6/30/2025, 3.6 at 9/30/2025 and 3.2 at 12/31/2025), with 76.7% of the portfolio rated '3' (Moderate Risk) or better. Given the 8-month weighted average remaining term, a large share of the book is near maturity: numerous loans in the portfolio detail carry maturity dates in March\u2013August 2026, indicating substantial near-term maturities. The portfolio carried an aggregate unamortized purchase discount of roughly $1.3 million and a weighted average as-is LTV at origination of 68.94%.", "seconds": 7.71, "shape_correct": true, "cites_any": true }, { "arm": "planned", "plan": { "wants_value": false, "fields": [] }, "shape": "prose", "value": null, "prose": "As of March 31, 2026, the Company held a $1.1 billion portfolio of floating-rate CRE loans. Collateral was heavily concentrated in multifamily assets, with approximately 92.6% of the portfolio collateralized by multifamily properties (the remainder being a handful of Healthcare loans). On credit quality, 91.8% of the portfolio was performing, and the loan book carried a weighted average risk rating of 3.1, with 76.7% of the portfolio rated '3' (Moderate Risk) or better. The weighted average risk rating improved over recent quarters (3.5 at 6/30/2025, 3.6 at 9/30/2025, 3.2 at 12/31/2025, and 3.1 at 3/31/2026). The portfolio had a weighted average remaining initial term of just 8 months, a weighted average note rate of SOFR + 3.31%, and a weighted average as-is LTV at origination of 68.94%. Regarding near-term maturities, a substantial portion of the book matures in the first half of 2026 \\u2014 numerous loans carry maturity dates in March, April, May, June, and July 2026 (for example, loans maturing 3/5/2026, 3/6/2026, 4/3/2026, 4/5/2026, 4/6/2026, 5/5/2026, 6/5/2026, 7/4/2026, and 7/6/2026), consistent with the very short 8-month weighted average remaining initial term.", "cited_ids": [ "#/texts/67", "#/docling#/tables/0", "#/texts/47", "#/pictures/16", "#/tables/6", "#/tables/7" ], "seconds": 9.03, "shape_correct": true, "cites_any": true }, { "arm": "declared", "shape": "prose", "value": null, "prose": "As of March 31, 2026, the Company's $1.1 billion portfolio consisted entirely of floating-rate CRE loans, with approximately 92.6% collateralized by multifamily assets (the balance being healthcare loans). On credit quality, 91.8% of the portfolio was performing, and the loan portfolio carried a weighted average risk rating of 3.1, with 76.7% rated '3' (Moderate Risk) or better. The weighted average risk rating had improved over recent quarters (3.5 at 6/30/2025, 3.6 at 9/30/2025, 3.2 at 12/31/2025, and 3.1 at 3/31/2026). The portfolio had a weighted average remaining initial term of just 8 months, indicating a large share of the book is near maturity. Total unpaid principal balance was $1,130,899,067, and the weighted average As-Is LTV at Origination was 68.94%.", "cited_ids": [ "#/texts/67", "#/docling#/tables/0", "#/texts/47", "#/pictures/16", "t7-28-7", "t7-28-10" ], "seconds": 8.5, "shape_correct": true, "cites_any": true } ] } ] }